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Client: Verity Trustees Limited (VTL)
Background
VTL is the corporate trustee of The Pensions Trust and The Pensions Trust 2016. It provides trustee services for TPT Retirement Solutions’ (TPT’s) award-winning DB and DC Master Trust pension schemes.
The Trustee Board is responsible for ensuring that the schemes are being run properly, and in the best interests of more than 448,000 members.
The FRC’s UK Stewardship Code 2020 came into effect on 1 January 2020, setting a new standard for those investing on behalf of savers and pensioners in the UK.
Stewardship is the responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries, leading to sustainable benefits for the economy, the environment and society.
Those who are accepted as signatories of the Code must demonstrate their role as a responsible steward in the management and oversight of capital, and are more accountable for aligning their actions with the Code’s objectives.
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Objective
VTL’s aim, following the introduction of the Code, was to demonstrate its work to date, and ongoing commitment, to being a responsible steward.
As fiduciary manager for VTL, TPT Investment Management (TPTIM) played an instrumental role in achieving signatory status of the Stewardship Code.
Requirement
Signatories to the Code, including asset managers and asset owners, are expected to integrate environmental, social, and governance (ESG) considerations into their investment decision-making processes, and ensure their investment decisions are aligned with the needs of their clients.
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Actions
As fiduciary manager for VTL, TPT Investment Management (TPTIM) conducted a thorough review of VTL’s responsible investment policies and practices. We worked closely with VTL’s Trustee Board to enhance the existing reporting framework and ensure it met the FRC’s expectations on transparency and accountability. TPTIM’s day-to-day management included increased monitoring of ESG performance indicators, engaging with external managers, and refining due diligence practices.
In addition to this, we were able to promote our positive ways of working throughout the report, including:
- our responsible investment practices, ensuring that clients' assets are not only managed to achieve competitive financial returns, but also positioned to create positive, long-term societal and environmental impacts;
- the ESG considerations we have embedded in our investment process. From conducting comprehensive due diligence on external managers to constructing portfolios and continuous monitoring, we work to ensure alignment with our ESG policies. Moreover, ongoing education and training are key elements of our approach, helping to keep us, and our clients, at the forefront of responsible investment practices;
- our experience and scale, which we leverage to engage with external managers, companies, and policymakers. This approach is crucial for driving long-term value creation while ensuring our clients benefit from sustainable market practices. We are committed to upholding our role as responsible stewards of capital, promoting the integration of ESG factors into the financial ecosystem.
The result
Regular communication with VTL throughout the process ensured that the trustees were fully informed and involved in key decisions. This collaborative approach allowed us to submit a robust report to the FRC.
VTL was listed as a signatory of the Stewardship Code on 22 July 2024.
Being accepted as a signatory showcases our commitment to working closely with clients to integrate their responsible investment objectives into our broader investment framework. Our approach emphasises a tailored partnership where client priorities are embedded into our services