Legal & General is offering a new ‘expression of wish’ service with Tumelo, allowing trustees to identify the ESG issues that matter most to their members.
It says this new digital service should encourage dialogue between trustees, members and Legal & General Investment Management’s investment stewardship team.
This first service will be launched via the Tumelo platform with NatWest, one of Legal & General’s largest trust-based clients with almost 70,000 members.
After an initial three-month period, the service should be available to LGIM’s DC trustee client base, which represents 2.15m scheme members in the UK, as well as other interested LGIM clients.
This latest launched follows the launch of the Tumelo partnership in September 2020, when LGIM was the first corporate pension provider to roll out their platform across its DC pension schemes.
The service currently enables members to see which companies they have in their pension, as well as have a say on issues they care most about such as diversity and inclusion, biodiversity and climate change, executive remuneration and human rights.
Tumelo chief executive Georgia Stewart says: “We are already seeing the benefits of better member engagement on various issues since launch. The new service will allow trustees to engage more directly with LGIM’s Stewardship team and better represent members views through an expression of wish.”
The latest development, initially aimed at DC pension schemes, will enable pension scheme trustees to express their views and trustee policies on upcoming AGM votes, informed by the views of their members, directly to the LGIM stewardship team and streamline the dialogue between the two.
The service, specifically designed for trustees, will facilitate two-way communication, allowing them to feed views into LGIM’s voting experts and understand how and why LGIM voted. The creation of a digital feedback loop provides trustees with real time updates of how LGIM voted and detailed rationale of why, shortly after the vote.
L&G co-head of defined contribution Stuart Murphy says: “Expression of wish makes feedback seamless and will support pension scheme trustees with their additional regulatory reporting and decision-making responsibilities in an easy, navigable way. Most exciting is that it allows for a more direct dialogue with the LGIM investment stewardship team, ensuring they can feed in members’ views into their voting and engagement process.”
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