Commenting on the issue of Barclays and Libor, David Paterson, Head of Corporate Governance at the National Association of Pension Funds (NAPF), said:
“The impact of Libor manipulation on pension funds is hard to pin down, and could have happened through a range of financial instruments. Pension fund trustees should ask their fund managers to tell them if and how their assets have been affected.
“This issue raises doubts about previous remuneration which need to be answered. Barclays should use its clawback rules to penalise those involved by recovering bonuses and pay.
“Institutional investors like pension funds should be concerned about whether the commitment to improved risk controls has any real meaning. Shareholders should also ask why the Board was apparently unable to carry out its oversight duties effectively.”
Notes to editors:
1.The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,200 pension schemes with some 15 million members and assets of around £800 billion. NAPF members also include over 400 businesses providing essential services to the pensions sector.
Paul Platt, Head of Media, NAPF, 020 7601 1717 or 07917 506 683, [email protected]
Christian Zarro, Press Officer, NAPF, 020 7601 1718 or 07825 171 446, [email protected]