Stoneport, the UK consolidator for small defined benefit (DB) schemes, has appointed independent trustees Lisa Mundy, from BESTrustees and Tegs Harding from Independent Trustee Services (ITS) to its board.
The appointments follow the completion of a competitive selection process in preparation for the Trust Deed and Rules-mandated expansion in the number of employers participating in Stoneport. Seven independent trustee businesses submitted bids, which were evaluated based on their capacity to challenge and diversify thinking, as well as their experience dealing with new and innovative problems, sector expertise, and Stoneport knowledge.
Mundy and Harding will increase the governance and diversity of Stoneport’s board, which is now led by Stuart Southall of Punter Southall Governance Services and comprises of three independent professional trustees. They will ensure that Stoneport is supported by the highest levels of knowledge and independence, allowing it to fully consider all issues in an appropriate amount of detail, including those that smaller schemes typically struggle with, such as member communications and ESG, resulting in the best outcomes for members.
Mundy has 30 years of experience in the financial services industry. She joined BESTrustees in 2019 after working as the Service Director for the Life and Pensions Business at LV=. Lisa has been appointed as trustee to a diverse range of customers (a combination of Master Trust, DB, and hybrid DB/DC schemes) ranging in size from £20m to £4.5bn since joining BESTrustees.
Her experience with members and administration will be extremely beneficial to Stoneport’s proposition, as the company plans to use its size to provide a market-leading communication and engagement experience for all of its scheme members.
Mundy says: “I’m delighted to be joining Stoneport as a trustee, where I will be focusing on appropriate governance and aim to improve the long-term security and experience for members.”
Harding is a professional trustee at ITS working with schemes with assets between £100m and £1bn in a range of different sectors. A qualified actuary with over 15 years of experience in the finance industry, she has worked in investment consulting, asset management and retail banking.
Having been an investment consultant, Harding has experience in all aspects of investment strategy and implementation including LDI, alternatives and cashflow driven investment. Harding is also a passionate advocate of ESG and brings great expertise and knowledge in this area being Chair of the Association of Professional Pension Trustees committee on ESG and climate change. One of her notable client achievements is implementing an ESG policy for a £1bn DB scheme.
Harding says: “I’m thrilled to be joining the Stoneport trustee and have the opportunity to use my expertise in ESG to help the board keep abreast of developments, regulation and disclosure requirements in this rapidly developing area. At the same time, I look forward to challenging the board on addressing the risks posed by climate change over Stoneport’s near 25-year investment horizon”
Harding will be supported by her colleague Andy Smith and Lisa will be supported by Zahir Fazal, who also brings governance experience to the board.
Stoneport Pensions Alliance Limited managing director and Punter Southall Group CEO Jonathan Punter says: “We are pleased to welcome Lisa and Tegs to Stoneport’s trustee board. We believe that their complementary skill sets alongside the support available in the area of employer covenant from the client deputies, particularly as part of the centralisation process, will be a huge asset to Stoneport, its members and participating employers.”