Season 3 Episode 21:
What you need to know about the new governance single code
Our viewpoint
16 February 2022
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This week we speak to governance expert Rachika Cooray. We delve into the forthcoming single code of practice applying to UK pension schemes, covering the what, why, and when. We reflect on Rachika’s experience working with many trustee and committee groups on what gets done well, and the common pitfalls.
Links mentioned:
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LCP’s upcoming webinar - The Single Code of Practice: ESOG's Fables
- Understanding the Single Code of Practice: Guide to the ESOG
We discuss:
- A quick thumbnail overview of the new single code requirements – what is it, when is it coming into force, who is it for?
- A sense of why this is coming in, and why now?
- Which parts Rachika thinks might go underappreciated, and if any of the new requirements are surprising.
- Some practical first steps to get started.
- Observations from Rachika's experiences working with a range of schemes/asset owners, things that tend to get done well, things that are hard, and things that get missed.
- The next 12-18 months, what Rachika is focused on, and anything else people should be watching out for.
What's one thing to take away?
It’s the year of governance! It's worth getting started and thinking about where your gaps are to good governance.
The most underappreciated thing about investing?
The importance of governance as a real practical pursuit not just a tick box paperwork exercise.
Recommendations:
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Each LCP investment uncut podcast is for information and marketing purposes only and does not constitute any form of investment or financial advice or a financial promotion (under the Financial Services and Markets Act 2000). All views expressed by the podcast hosts and guests are purely their own opinions and do not represent those of LCP, its clients or affiliates. Our podcast listeners should always seek independent financial or legal advice before making any financial or investment decisions. Please refer to the Legal Notices section on the LCP website for further information.
Understanding the Single Code of Practice: Guide to ESOG
Take a look at our guide which simplifies the new Effective System of Governance requirements and highlights the policies, procedures and processes governing bodies will need to establish and document.
Explore the guide