With some $200 billion wiped off superannuation books in the last 12 months, an average of $20,000 per working individual, the industry needs to bounce back from the financial crisis and shareholder empowerment is the key, says Colin Melvin, one of Britain’s leading pension experts.
“As a result of this global crisis, pension funds are showing a growing appreciation of the value a constructive dialogue can bring,” says the chief executive of Hermes Equity Ownership. “We are seeing more pension funds starting to engage with their portfolio companies, working to establish transparency and accountability. This active involvement is essential if we are to emerge from this crisis and avoid another one.”
Melvin believes that if super funds collaborate, they can exert positive pressure on the market. “Working together pension funds can set the course to a new shore of accountability, responsibility and stability.”
Melvin will visit Melbourne and Sydney later this month.
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