UK social taskforce members revealed

9 March 2023

Membership of the UK’s new social taskforce has been revealed, with Minerva Analytics part of this founding group.

Fifteen senior industry figures from across the pensions and engagement spaces have been named as part of the Taskforce on Social Factors.

Announced last year, the taskforce is being established to support how investors manage social factors.

Founding members include Minerva Analytics CEO Sarah Wilson, Association of British Insurers chief sustainability officer Ben Howarth, and Pension Protection Fund stewardship manager Daniel Jarman.

In addition, Pensions and Lifetime Savings Association deputy director of policy Joe Dabrowski, Aegon head of responsible investment Hilkka Komulainen, and Phoenix Group head of stewardship Valeria Piani are members of the taskforce.

The initiative will support pension scheme trustees and the wider industry with the key challenges around managing social factors.

This includes the identification of reliable data and metrics.

The taskforce has been formed following a consultation by the Department for Work and Pensions (DWP), the government department that oversees the UK’s £2.5trn pension industry.

The DWP has assigned the taskforce three objectives: to identify reliable social factor data sources for schemes, to monitor and report on developments around international standards like the International Sustainability Standards Board, and to develop thinking about how schemes can better engage with social factors.

With this last point, the DWP wants the taskforce to provide guidance around how trustees can identify, assess, and manage the financial risks posed by modern slavery and supply chain issues.

“The importance of understanding and integrating social factors into the investment process has come to the top of the agenda for investors in recent years,” said Jarman. “However, the range and quality of data on social factors continues to be a challenge.

“That’s why I am thrilled to be a part of this initiative that aims to boost understanding of the risks and opportunities presented by social factors, increase transparency and promote best practice across the pensions industry on these important issues.”

Operating for one year, the taskforce will be observed by government departments and regulators, including HM Treasury and The Pensions Regulator. The DWP will provide secretariat support.