Trustee boards show financial literacy but lack diversity

A new report, based on research from Leeds University Business School and Aon Hewitt suggests trustee boards show high levels of financial literacy but lack diversity.

The first report on the research findings entitled ‘Mapping the Trustee Landscape’ sheds fresh light on the factors affecting decision making by pension scheme trustees.  

The report was led by Associate Professor in Accounting and Finance, Dr Iain Clacher. He commented: “One obvious thing our survey group revealed was that trustees are overwhelmingly male and have an average age of 54 - which suggests a lack of diversity among DB trustees. This concentrated demographic is a concern given studies have found that gender diversity on corporate boards helps strengthen governance and is beneficial for monitoring and the board decision-making process. The current profile of trustees may also create an environment where ‘groupthink’ could emerge.”

Details of the research were reported by Aon on 9 February. Read more

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