Dalriada Trustees selects Minerva for implementation statements reporting

Dalriada Trustees, one of the UK’s largest independent trustee firms, has selected Minerva Analytics to carry out vital duties for its pension fund clients related to the newly introduced implementation statement.

Dalriada, which operates out of seven UK offices, has appointed Minerva to assess its external asset managers’ environmental, social and governance voting and stewardship, in line with new pensions legislation that requires schemes to report their activities.

David Fogarty, director at Dalriada, said: “We look forward to working with Minerva and ensuring that right across our client base our trustee responsibilities relating to implementation statements are carried out fully and that we use the analysis to drive better engagement going forward rather than just seeing this as a reporting exercise.”

The new rules come into force alongside the integration of the Shareholder Rights Directive II into UK law. This compels both DB and DC pension schemes to produce an annual account of how trustees have followed their scheme’s investment policy, as set out in their Statement of Investment Principles.

Minerva will work with Dalriada to ensure the implementation statements for the pension schemes they serve comply fully with the new legislation.

Minerva’s support allows Dalriada to assess whether investment managers are acting in line with the agreed voting and engagement policy and enable trustees to adapt their policies or enhance their engagement with investment managers on these important topics.

“For many pension schemes approaching ESG and stewardship for the first time, the range of issues can be potentially overwhelming,” said Sarah Wilson, founder and CEO of Minerva. “Our mission is to help trustees cut through the complexity to provide clear, objective and independent analysis of good practice in their funds. Better insight makes for better stewardship – and that’s a win:win for savers.”

Last week, the Pensions and Lifetime Savings Association launched a trustee guide to completing the implement statement. As active participants in the PLSA’s expert group, which worked to shape the guide, Minerva welcomed its publication.

Last Updated: 6 August 2020
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