Member

This is probably as good a point as any to address some of the concerns of the noble Lord, Lord Fuller, about the definition of responsible investment and it leading to herd behaviour, groupthink and the potential for bubbles. I am not sure whether this will reassure him but, as shareholders of their pool, administering authorities continue to exercise control and drive performance. As part of this, pools and administering authorities will need to work together to achieve a common approach to ESG and responsible investment matters. We expect that funds will continue to meet their fiduciary duties and explain their decision-making and their overall approach to ESG investments, and have good reason to think that pension scheme members would support their decisions.