Four officers to sit on London CIV shareholder committee
0A new streamlined committee to represent funds’ interests at the London Collective Asset Vehicle (LCIV) will include eight pension committee chairs and four treasurers. In a letter to council chief executives, LCIV chief executive Mark Hyde-Harrison and John O’Brien, chief executive of London Councils, said that appointments would take effect from 1 August.
The new shareholder committee will replace the Pensions CIV Sectoral Joint Committee, which has representation from all 32 funds participating in the pool.
The governance group will meet twice a year, once to approve the budget, and also at an annual general meeting.
Karen Shackleton, senior adviser at asset management firm MJ Hudson Allenbridge, said London CIV expected to face “harder” governance challenges because of the number of funds involved.
“It simply wasn’t going to be practical to have a governance structure where decision-making rested with all 32 funds. The new, proposed arrangements do seem to be a step in the right direction, I think the new structure is a far more robust one,” said Shakleton.
