David Paterson, Head of Corporate Governance at the UK’s powerful National Association of Pension Funds (NAPF), who held the post during the so-called Shareholder Spring of institutional investor action in 2012, is to retire from the role later this year.
Paterson, who joined the NAPF in 2006 to lead its corporate governance policy development and high-level engagement with companies, will step down in mid October after the association’s Annual Conference & Exhibition. The NAPF told RI that it would be looking to recruit a replacement for Paterson in due course.
Paterson, a respected corporate governance professional, has been a vocal supporter of the NAPF’s backing of the UK Stewardship Code on voting and engagement with companies, encouraging pension schemes to sign up.
The NAPF covers over 1,300 pension schemes with combined assets of £900bn (€1.1trn).
Before joining the NAPF, Paterson led corporate governance at JP Morgan Asset Management in London, where he held the title of Investment Director. Prior to that he enjoyed a long investment career with Robert Fleming, the UK fund management house.The departure comes as the NAPF is working with fellow industry trade groups the Investment Management Association and the Association of British Insurers on an investor forum, one of the key requirements of last year’s Kay Review.
The groups have announced that the ‘Investor Working Group on Collective Engagement’ has begun its work. It expects to present its recommendations by the end of November.
Working group members:
- James Anderson, Baillie Gifford (Chairman)
- Peter Harrison, Schroders
- Claudia Kruse, APG
- Ida Levine, Capital International
- Michelle McGregor Smith, British Airways Pensions Investment Management
- Richard McIndoe, Strathclyde Pension Fund
- Jeff Molitor, Vanguard Asset Management
- Sacha Sadan, LGIM
- Victoria Sant, Wellcome Trust
- Robert Talbut, Royal London Asset Management