Paul Myners, author of the Myners review on institutional investment in the United Kingdom, today chided money managers for not making enough progress in complying with proposals he made last March. He said money managers may "duck their responsibilities in corporate activism for U.K. clients and that they were not dealing with providing transparency on transactions costs and soft commissions.
He warned that money managers "may fail the test on these issues next March when the U.K. government reviews progress made by the nations pensions industry in meeting the Myners proposals. He also praised the government and U.K. pension plan trustees for following many of his proposals. The U.K. government has hinted that it may force pension plan trustees, consultants and money managers to comply with the Myners proposals if there has not been sufficient voluntary compliance by next March.