Member

I echo the wise words of the noble Lord, Lord Pitt-Watson—it is a pleasure to hear him participating for the first time in the Committee, and I am sure we look forward to many more constructive contributions from him—about the issues relating to Amendment 218C and the realities of pension fund investing, where the vast majority is in passive investments. I also caution about the uncertainties involved in making judgments about what international law does and does not say, and about temporary or more serious findings. There is often an indicative finding, which is undone later. It seems to me that expecting the Government or trustees to be able to assess what international law says when there is so much uncertainty could be the thin end of the wedge in terms of putting extra duties on trustees—they already have so many—and may cause significant difficulties or extra costs. That is not to say that I disrespect or have concerns about responsible investing per se. I think there is a role, and it will be up to trustees to make their own decisions in this arena, rather than for those to be mandated. I look forward to hearing other noble Lords speaking and to the response from the Minister.