18 November 2014

First mastertrust annual general meeting

The Trustees of the Legal & General Mastertrust held their first ever Annual General Meeting in September.

The aim of the AGM was to provide a forum for Mastertrust members to hear from their trustees about how their retirement savings are invested and governed, and give them the opportunity to question the board of trustees on any issues affecting them.

Chair of the trustees Paul Trickett commented: "We are delighted that our inaugural Mastertrust members' AGM was such a success. Although attendance was low, at around 15 members, those present represented a broad community from our 31 employers. The reports from the Board of Trustees were well received and followed by a lively

Paul Trickett, new independent chairman of Legal & General's WorkSave Mastertrust.

Q&A session, which covered a wide range of issues including;

  • The impact of the new pension bill
  • Our approach to ethical investing
  • How to best communicate with members

Clearly our AGM has delivered a valuable new forum for communication with our members. I would like to thank all those who came to the AGM and their employers for promoting the event and giving them the time off, and am pleased to say that we plan to make this a regular event."

Catherine Howarth, CEO of ShareAction, says:"While AGMs are not yet required for Master Trusts, we applaud the Legal & General Mastertrust for holding the first AGM in this growing sector.

Catherine Howarth

We hope employers choosing a pensions provider will select those with accountable governance practices, as exemplified here. ShareAction has been a vocal champion of accountable governance practices in Britain's changing pensions landscape. We came up with the concept of the pension fund AGM and were delighted when Legal & General Mastertrust chose to adopt the idea."

The meeting was hosted by the Mastertrust fund management group, Legal & General Investment Management at their Head Office in London.