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Parliamentary Contributory Pension Fund

Volume 507: debated on Thursday 11 March 2010

To ask the Leader of the House what recent discussions she has had with the trustees of the Parliamentary Contributory Pension Fund on its exercise of shareholder voting rights during annual general meetings of those companies in which it invests. (321533)

The Leader has not had any recent discussions with the Trustees on this subject. The investment of the assets of the Parliamentary Contributory Pension Fund is a matter for the Fund's Trustees. The scheme regulations require the Trustees to have in place a Statement of Investment Principles and to consult with the Leader about it.

The current Statement of Investment Principles states that the Trustees have instructed their investment managers

“to exercise the rights attached to the Fund's investments in order to ensure, so far as is consistent with the Trustees' duty to act in the best financial interests of the beneficiaries, that the companies in which the Fund is invested adopt high standards”

in relation to a

“responsible approach to social, ethical and environmental issues”.