Two dozen pension fund senior managers, advisors and academics gathered in London on 19 March 2012 for the first NSFM Roundtable on Fiduciary Duty to be held in Europe. The event was co-sponsored by the Rotman International Centre for Pension Management at the University of Toronto. Participants discussed various scenarios to help identify practices that pension fiduciaries could use to better balance their fiduciary duty of prudence with obligations of loyalty to, and impartiality between, the interests of fund participants.
Roundtable discussions highlighted the need for governing pension plan fiduciaries to increase their focus on several areas, including:
1. Identification and Understanding of Beneficiary Interests
2. Improved Fund Governance Practices
3. Selection and Alignment of Service Providers
4. Enterprise Risk Management and Enhanced Reporting Practices
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Results of this and future NSFM fiduciary duty roundtables will be aggregated and reported in a future paper, along with recommendations for practical approaches that pension fund governing fiduciaries can take to balance their fiduciary obligations of prudence, loyalty and impartiality. Comments and observations on this initiative can be submitted to the NSFM Fiduciary Duty Working Group via kjohnson[at]reinhartlaw.com