In a letter published in The Times today NSFM participants Catherine Howarth, Steve Waygood, Jeremy Leggett, Charles Scanlan and Raj Thamotheram, along with other experts, have called for legislative changes around fiduciary duties. The letter calls for legal clarification at a time when investors are being called upon to tackle so-called ‘crony capitalism' and excessive executive pay:
"If the hopes being pinned on investors are to be fulfilled, attention must turn to an aspect of the law which is pushing in precisely the wrong direction."
The full text of the letter can be read here.
The letter coincides with the release of a paper by FairPensions which calls for investors' duties to the people whose money they manage to be clarified in order to overcome narrow interpretations of the law. Further details can be found on the FairPensions website.