ClientEarth and ShareAction are delighted to invite you to an event to celebrate the two-year anniversary of the Law Commission’s 2014 review, Fiduciary Duties of Investment Intermediaries. In this report, the Law Commission examined the fiduciary duties of investment intermediaries. A central concern was the legal duties of pension trustees when they make investment decisions. In particular, how far may (or must) trustees consider the financial implications of environmental, social and governance factors?

The focus will be on the implications of the Law Commission’s review for trustees and fund managers, particularly in relation to their ability to incorporate the financial risks associated with climate change in investment decisions. Speakers will discuss the progress made in the two years following the review, whether the recommendations made should receive legislative attention and next steps in terms of achieving clarity on trustees’ legal duties and climate risk.

Baroness Altmann CBE, Minister of State for Pensions, will be speaking from 4.30pm, with a short Q&A. This will be followed by a keynote speech from David Hertzell, the former Law Commissioner who led the 2014 review. We will then hold a panel discussion between Janice Turner (Founding Co-Chair, Association of Member-Nominated Trustees), Mike Clark (Director of Responsible Investment, Russell Investments), George Latham (Managing Partner and Chief Investment Officer, WHEB), Catherine Howarth (Chief Executive, ShareAction) and Frances Lawson (Barrister, 6 Pump Court). The panel will be chaired by James Thornton (Chief Executive Officer, ClientEarth). We will conclude with drinks and networking.

Agenda

4.00pm: Registration (tea and coffee)

4.25pm: Welcome address

Stuart O’Brien - Partner, Sacker & Partners LLP

4.30pm: Guest speaker

Baroness Altmann CBE, Minister of State for Pensions

5.00pm: Keynote speaker

David Hertzell - Former Law Commissioner for Commercial and Common Law

5.30pm: Panel discussion

Chair: James Thornton - Chief Executive Officer, ClientEarth

Janice Turner - Founding Co-Chair, Association of Member Nominated Trustees

Mike Clark - Director of Responsible Investment, Russell Investments

George Latham - Managing Partner and Chief Investment Officer, WHEB

Catherine Howarth - Chief Executive, ShareAction

Frances Lawson - Barrister, Six Pump Court

6.30pm: Q&A

7.00pm: Networking (drinks and canapés)

8.00pm: Close

This event is kindly hosted by Sacker & Partners LLP.

Clarifying legal duties: the implications for pensions and climate risk