Representatives from Lloyd's met with a sub group of the Trustees of the Lloyd's Pension Scheme in December 2008 to discuss how climate change may impact the investments of the scheme.
Trevor Maynard, manager of emerging risks at Lloyd's presented a brief summary of current climate science. He also illustrated the work of UNEPFI, legal firm Freshfields and benefits consultants Mercer whose work concluded that Trustees would not be breaching their fiduciary duties to consider climate risk. He highlighted the work of Acclimatise a specialist risk management company who have considered the impact of climate change on many industries.
Linda Zuberi then outlined the options that had been explored in seeking to build climate change into the investment strategy of the Central Fund. The Trustees were advised that as a result of this work, F&C Investments had been appointed to use the shareholder power of the Central Fund to promote the adoption of better environmental, social and governance practices via their Responsible Engagement Overlay (REO)
