12 th March 2019 Mercer Boston, 99 High Street, Financial District, - - PowerPoint PPT Presentation

12th March 2019 Mercer Boston, 99 High Street, Financial District, Boston, MA 02110, USA.

Welcome to

Jeremy France, Partner – US Wealth Chief Operating Officer, Mercer

• n

"How can we accelerate the rebuilding

• f trust and confidence in Financial

Services?”

Welcome to

Andy Agathangelou,

Founding Chair, Transparency Task Force

• n

"How can we accelerate the rebuilding

• f trust and confidence in Financial

Services?”

Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org

andy.agathangelou@transparencytaskforce.org Mobile: +44 (0)7501 460308

About

• We are the collaborative, campaigning community, dedicated to

driving up the levels of transparency in financial services, right around the world

• We believe that higher levels of transparency are a pre-requisite for

fairer, safer, more stable and more efficient markets that will deliver better value for money and better outcomes

• Furthermore, because of the correlation between transparency,

truthfulness and trustworthiness, we expect our work will help to repair the reputational damage the sector has been suffering for decades

andy.agathangelou@transparencytaskforce.org Mobile: +44 (0)7501 460308

About mission

• We are an informal but increasingly influential forum of ethically-

minded people that care about the financial services sector and the people it serves

• We are collaborative, collegiate and consensus-building; focusing on

solutions not blame

• We believe the financial ecosystem is profoundly important to the

wellbeing of society, the global economy and political stability; but there’s a great deal wrong with it that needs fixing ➢ Our mission: “To help Fix Financial Services by harnessing the transformational power of transparency”

• The Engagement Deficit
• The Understanding Deficit
• Hidden costs
• Hidden risks
• Opportunistic opacity
• Opportunistic obfuscation
• Short-termism
• Inadequate client-centricity
• Scams and scandals
• Harmful incentive structures

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What is

• Asymmetries of information
• Regulatory Capture (USA?)
• A ‘profit before principle’ mindset
• Reputational damage
• Conflicts of interest
• Financial instability
• Malpractice, Malfeasance, Misconduct
• A general lack of market integrity
• Miss-selling; and so on

➢ The Trust Deficit

helping to fix?

➢ How? - by shining a light into the darkness ➢ “Sunlight is said to be the best of disinfectants; electric light the most efficient policeman” (Justice Louis D. Brandeis, Other People’s Money and How the Bankers Use It, 1914)

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Why is

so concerned about the Trust Deficit?

Key Insights from the 2108 Edelman Trust Barometer:

• An annual global study in its 18th year; 28 countries; 33,000 respondents
• Bad news: The Financial Services sector scores a very poor 15th out of 15

(i.e. last) in terms of general levels of trust

• This is a systemic problem for a sector that needs to be trusted to function

successfully

• “If you take trust out of financial services, what do you have left?”
• The problem manifests in many ways; for example the UK’s Savings Ratio is

the lowest since records began, way back in 1963 – is that partly because people are predisposed to distrust the sector? ➢ What does the worst case scenario look like if low levels of trust in financial services persists? ➢Something needs to change!

http://cms.edelman.com/sites/default/files/2018-03/Edelman_Trust_Barometer_Financial_Services_2018.pdf

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strategy for driving change:

Our Strategy for Driving Change is all about bringing togethor two groups of people: #1, those with a sense of passion & purpose about what needs to be changed; such as the members of our SIGs #2, those with the power & position to make change happen; such as the financial regulators We do this in many ways, for example through our Transparency Symposia; and through our Special Events Here are three very good examples of our Special Events:

‘The First Transparency Strategy Summit in the World’

‘The primary purpose of the first Transparency Strategy Summit in

the world is to begin to build consensus on the best way to protect the interests of the UK’s pensions-saving public through full disclosure on all the costs and charges they are paying but not being told about’.

• 12th September 2016 at the Houses of Parliament

……which may have led to the

• pening of the Work & Pensions

Select Committee’s Enquiry on Pensions Costs Transparency 5th Sept 2018 at the Commons: x 110 (99 in the UK+ 11 overseas) 13th Jan 2017

‘Launch of the TTF Banking Team’s White Paper on Current Accounts’

• 26th June 2017 at the Houses of Parliament

‘Sensible recommendations about the lack of transparency around charges for Free-If-In-Credit personal current accounts’

“Ideas to help reduce the chance of another Global Financial Crisis”

• 7th February 2018 at the Houses of Parliament

‘A special meeting at which we presented our White Paper on the topic and initiated the launch of a new All Party Parliamentary Group

• n Financial Stability’; the inaugural meeting is on 23rd May

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About today…

1. We have run 26 Transparency Symposia; London x24, Boston x1, Hague x1 2. The Transparency Times goes to many thousands of people, monthly 3. We have awarded 26 Transparency Trophies 4. We have held 3 special meetings at the House of Commons 5. We have over 400 volunteers; organised and mobilised into 18 Teams 6. We have responded to 15 formal Government/Industry Consultations 7. Have had dozens of meetings & calls with Regulators & Government Officials 8. We have produced 8 Thought Leadership White Papers 9. We have gathered over 100 Transparency Statements

• 10. Have had 100’s of articles/comments published; on Radio 4 three times
• 11. Spoken at dozens of conferences and events
• 12. We are growing our presence in 18 countries
• 13. We have recruited 78 Ambassadors; many of whom are subject-matter experts

TTF Ambassadors: UK

David Pitt-Watson Executive Fellow London Business School Daniel Godfrey Co-Founder The People’s Trust Catherine Howarth Chief Executive Officer ShareAction Con Keating Head of Research Brighton Rock Group Ralph Frank CEO DC (UK) Cardano Steve Conley Founder Values Based Adviser Henry Tapper, Founder, Pension PlayPen; Director, First Actuarial Markus Krebsz, The United Nations Group

• f Experts on

Risk Management in Regulatory Systems

TTF Ambassadors: UK continued

Philip Meadowcroft Independent Shareholder Activist Rory Maguire CEO Fundhouse Ian Peacock Chief Client Officer IG Group

• Dr. Anna Tilba

Associate Professor in Strategy and Governance, Durham University Business School JB Beckett UK Lead, Association of Professional Fund Investors Robin Powell Founder Evidence-Based Investor Jackie Beard Director of Manager Research, EMEA Morningstar Mark Polson Founder and Principal the lang cat

TTF Ambassadors: UK continued

Mike Barrett Consulting Director the lang cat Julia Dreblow Founder SRI Services & Fund EcoMarket Helen Scott, Chief Executive Officer, Eris FX Andrew Parry, Head of Sustainable Investing Hermes Investment Management James Daley Managing Director Fairer Finance Will Price Global Pensions Consultant The World Bank David Stripp Proposition Manager David Stripp Ltd Jon Spain Treasurer Law for Life

TTF Ambassadors: UK continued

Sunil Chadda Advisory Board Member Association of Professional Fund Investors Ruston Smith, Chairman, Tesco Pension Fund Trustee Board, Tesco DC Governance Committee, Tesco Pension Investment Limited Mark Falcon, Founder and Director, Zephyre Bob Compton Managing Director ARC Benefits Limited Wendy Addison CEO SpeakOut SpeakUp Andrew Mills Founder and Director, Insight Financial Research Joe St Clair UK Director World Sustainability Development Forum Professor Michael Mainelli Executive Chairman Z/Yen Group

TTF Ambassadors: UK continued

Johan Cras Managing Director Kempen Capital Management Terry Webster Professional Trustee Lindis Consulting Sital Cheema Sustainability Investment Consultant Jaanu Consulting Peter Uhlenbruch AODP Investor Engagement Officer ShareAction

TTF Ambassadors: Italy

Francesco Briganti, Secretary General, Cross Border Benefits Alliance - Europe

TTF Ambassadors: Belgium

Benoît Lallemand, Secretary General, Finance Watch

TTF Ambassadors: Netherlands

Tomas Wijffels, Senior Policy Advisor, Pensioen Federatie Eric Veldpaus, Founder, Institutional Benchmarking Institute Peter Kolthof, Partner and Head of the Netherlands, Avida International Pascal Hogenboom, Associate Director, Strategia Worldwide Marlon Sahetapy Head of Delegated Solutions Aon

TTF Ambassadors: USA

Paul Secunda, Professor of Law and Director, Labor and Employment Law Program Marquette University Bernie Nelson, President, Style Research, North America

• Dr. Kara Tan Bhala,

President and Founder, Seven Pillars Institute for Global Finance and Ethics Matthew Murray, Co-founder, The Center for Business Ethics and Corporate Governance George Kinder, Founder, The Kinder Institute

• f Life Planning

Stephen Davis Associate Director and Senior Fellow, Programs on Corporate Governance and Institutional Investors, Harvard Law School Jon Lukomnik, Executive Director, Investor Responsibility Research Institute Richard Field, Founder, The Institute for Financial Transparency

TTF Ambassadors: USA continued

Darby Hobbs Founder Social 3 Chris Tobe Founder Stable Value Investments Lorelei Graye Founder Leodoran Financial Adam Choppin Investment Director FIS Group Greg Rogers Co-founder Eratosthenes Charlie Atkins Co-founder Envonet John Spoto, President and Founder, Sentry Financial Planning Helene Spoto, Co-Owner, Sentry Financial Planning

TTF Ambassadors: USA continued

David Rowe, President, David M. Rowe Risk Advisory Michael Erlanger, Founder and Managing Principal, Marketcore.com Joseph Hosler CFA Managing Principal Auour Investments Erik Conley CEO Conley Investment Group, Inc. Aivars Lode Chairman IT Capital Aaron Bernstein, Editor Global Proxywatch & Senior Research Fellow, Harvard Law School Pensions Project Thom Young President FARCapital Rohanna Wise Founder & CEO Wise Trading Technologies

TTF Ambassadors: USA continued

Sander Eijkenduijn COO SCORPEO US LLC

TTF Ambassadors: Canada

Larry Elford Founder, Investor Advocates Larry Bates Founder, The Wealth Game Paul Bates, Senior Counsel, Paul Bates Barrister John Degoey Portfolio Manager Wellington Altus

TTF Ambassadors: Australia

Ian Fryer, Head of Research, Chant West, Sydney David Knox, Senior Partner, Mercer Melbourne

• Dr. Nicholas Morris,

Adjunct Professor, University of New South Wales, Sydney

TTF Ambassadors: Ireland

Paddy Delaney, Founder, Informed Decisions Blog and Podcast John Nolan Chief Commercial Officer Visible Thread

TTF Ambassadors: Poland

Krzysztof Grabowski Ph.D Securities Broker

TTF Ambassadors: Germany

Paolo Sironi Industry Academy and Author, Watson Financial Services IBM

andy.agathangelou@transparencytaskforce.org

Time for a little thought experiment:

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Context:

• The UK is currently experiencing a major knife crime problem
• Teenagers being killed; boys and girls, it’s a horrific problem
• Imagine you are all part of a new Steering Committee specially

appointed to tackle the problem Let’s quickly brainstorm around 3 questions:

• #1 How would you describe the nature of the problem?
• #2 What would your be your approach to solving the problem?
• #3 What ideas do you have about solving the problem?

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If solving large, complex and serious problems, I believe it is important to:

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• Know that there is a problem
• Be brave enough to admit that there is a problem
• Believe that the problem can be solved; and should be solved
• Really understand all the problem’s many facets and root causes
• Learn from the past but resist the temptation to focus on just apportioning blame
• Be future-orientated and solution orientated
• Bring all the stakeholders together; multi-agency
• Operate collaboratively and cohesively in a coordinated manner
• Secure the resource necessary
• Track progress: measure, monitor, manage

➢ Build a platform to solve the problem by asking the right question…

andy.agathangelou@transparencytaskforce.org

Now let’s take a look at our question:

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“How can we accelerate the rebuilding of trust and confidence in financial services?”

The question:

• Reframes the finance reform agenda in a way that is palatable to everybody
• Is future-orientated and solution-orientated; it is not about apportioning blame
• Acts like a “universal connector” - all stakeholders can coalesce around it
• All stakeholders can see relevance and value in the question; they can see upside
• Works like a “watering hole”, bringing people together

Posing this question

• Creates the possibility of a multi-stakeholder approach to solving the problem
• Builds a platform for collaborative, cohesive and coordinated action, internationally

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• There needs to be a coordinated international approach because the

financial ecosystem is global in nature

• Each country involved with the project will have a Steering Committee
• All Steering Committees will liaise, sharing knowledge, insight, experience and

best practice

• All countries will move in the same general direction
• Some will move fast, some slow
• Most will be very similar; but some can be very different
• The approach will be highly agile and highly adaptive

My vision for the project: A Coordinated, international approach

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Upcoming TTF Events about this project

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• New York on 14th March
• Amsterdam on 1st May
• London on 16th May - this will be a major summit
• Dublin on 29th May
• Hong Kong on 10th October
• Melbourne on 17th October
• Singapore on 22nd October
• New York on 9th September
• Boston on 12th September - please make a note!
• Plus dates to be confirmed for Chicago, Washington D.C, Brussels,

Zurich, Frankfurt, Toronto and Paris.

Venues wanted for events in:

The Americas Boston New York Washington D.C. Chicago San Francisco Los Angeles Santa Monica Toronto Ontario Montreal Vancouver EMEA London Paris Brussels Frankfurt The Hague Amsterdam Berlin Dublin Zurich Geneva Dubai Cape Town Johannesburg APAC Sydney Melbourne Auckland Tokyo Singapore Hong Kong Beijing Shanghai

➢ Do you or any of your contacts have a venue we can use that seats 20+?

andy.agathangelou@transparencytaskforce.org

My vision for the project: Multi-Stakeholder

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• Because the trust deficit problem has many complex and interconnected

underlying causes, solving it will require a multi-stakeholder approach

• All key stakeholders need to be involved and aligned, including:
• Academics, Researchers, Think Tanks, Thought Leaders
• Regulators, Policymakers and Politicians
• Trade Bodies, Professional Associations and Standards Boards
• All types of Commercial Organisations and Market Participants
• Consumer Organisations
• Civil Society, Advocacy and Campaign Groups
• The Media
• Consumers

➢ Are there any stakeholder types missing?

andy.agathangelou@transparencytaskforce.org

My vision for the project: Multi-Themed; through separate workstreams

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Building “A Global Dream Team” of subject-matter experts on:

• Thought Leadership: Academic, Research, and Evidence Base
• Culture: Ethics, Values, Professionalism, “Principle Before Profit”, Values-Based Leadership, MQ, Cultural

Transfusion and Leadership Development

• Market Integrity: Codes of Conduct, Professional Oaths, Trade Bodies, Professional Associations and

Standard Boards

• Governance: Compliance, Regulatory, Legal, Audit, Custodianship, Risk Management and Stewardship,

Litigation

• Technology: Fintech, Online Data Integrity & Privacy, Cyber Security, Data Analytics and Reporting, Reform
• f the Credit Rating Agencies
• Product Design: Asymmetries of Information, Product Accreditation and Transparency Accreditation
• Communications: Consumer Engagement, PR, Reputation Management
• Metrics: Measurement, Monitor and Management
• Human Capital Strategy: Incentive Design, Responsible Reward, Inclusion and Diversity
• Purposefulness: Impact Investing, Sustainability, Climate Change, ESG, Socially Responsible Investing and

Social Finance

• Consumer Protection: Whistleblowing, Scam Prevention and Support
• Alignment of Interests: Progressive fee structures, symmetries of information
• The Economic System: Financial Stability, Shareholder Primacy/ Stakeholder Primacy, Diversity of

Ownership Structures

➢ Anything missing?

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Will I and the Transparency Task Force ultimately lead the project?

• No, because there are many individuals and organisations better equipped, better resourced

and better suited to lead it than me/the Transparency Task Force

• But, “A spark can become a flame, a flame a fire” – Kathryn Lasky
• The idea of the 5-year project is to transition the project from spark to flame
• Thereafter, it will be about going from flame to fire

Which organisation(s) could be the flame?

• Maybe it will be one existing organisation?
• Maybe it will be a combination of two or more existing organisations collaborating?
• Maybe a brand new organisation will be created to be the flame?
• After the flame, it will be about going from flame to fire

What will be the fire?

• The financial services sector as a whole, with all stakeholders engaged and aligned

in an ongoing pan-industry project

My vision for the project: The role of the Transparency Task Force

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• The overall aim is to drive positive, progressive and purposeful reform
• f the world’s financial ecosystem
• It is all about accelerating the transition from “medicine dependency”

(regulatory and government interventions)

• …to “healing from within” whereby all stakeholders take shared and

collective responsibility to operate as the financial ecosystem’s own immune system, fighting the “virus” through its own anti-bodies

• I believe the initiative to be both noble and necessary
• I am committed to spending the rest of my career (15 years, hopefully)

helping to make this happen

My vision for the project: The overall Aim

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What do you see?

andy.agathangelou@transparencytaskforce.org

Today’s programme:

10:30 AM Registration, refreshments and networking. 11:00 AM Welcome to the event by Jeremy France, Partner – US Wealth Chief Operating Officer, Mercer 11:15 AM Andy Agathangelou, Founding Chair of the Transparency Task Force to introduce the Transparency Task Force and set the scene for the event, explaining the overall intent behind the 5-year international project and how we plan to make it work

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Today’s programme continued:

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12:10 AM Presentation delivered by Sander Eijkenduijn, Co-Founder at Scorpeo and Jonny Ruck, CEO at Scorpeo 12:30 PM Presentation of the Transparency Trophy; a special trophy is awarded to a champion of transparency and finance reform at each of our symposia around the world ➢ Plus “Team Photo” 12:40 Lunch and networking

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Today’s programme continued:

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13:40 "Short & snappy speaking slots" Several attendees, with a wide range of perspectives will be sharing their thoughts and reflections on the topic, contextualised as: “If I had just 10 minutes to comment on how we can accelerate the rebuilding of trust and confidence in financial services, this is what I’d say…” The line-up for this part of the programme features the following individuals so far:

• Dan di Bartolomeo, President, Northfield Information Services, Inc
• Bernie Nelson, President, North America, Style Analytics

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“Short & snappy speaking slots” continued:

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• Eric Muraven, Vice President, Strategic Alliances, Visible Thread
• Joseph Hosler, Managing Principal, Auour Investments
• Rohanna Wise, Founder & President, Wise Trading Technologies
• Andrew Eschtruth, Associate Director of External Relations, Center for

Retirement Research at Boston College.

• Darby Hobbs, CEO/Founder SOCIAL3, Co-Founder & Chairperson

Conscious Capitalism Boston Chapter; and Professor Boston University.

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Today’s programme continued:

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15:15 Refreshments and further networking 15:45 Presentation delivered by George Kinder, Founder, The Kinder Institute

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Today’s programme continued:

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16:15 The Great Big Open Debate; where all attendees and speakers will have the

• pportunity to freely discuss the key issues raised and explore what action to take

in relation to the challenge to accelerate the rebuilding of trust and confidence in financial services. This is perhaps the most important part of the whole event! Ultimately, we shall seek to build consensus on the best way to make our 5-year plan to accelerate the rebuilding of trust and confidence in financial services work successfully in the USA; with the idea of driving progress in a constructive, collegiate, collaborative and civilised way. Every attendee will have the opportunity to share their thoughts on which workstream (if any) they are most aligned to; and whether they want to play a part in leading the project in the USA, by becoming part of the USA Steering Committee.

andy.agathangelou@transparencytaskforce.org

Today’s programme continued:

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17:00 Further networking over drinks and nibbles. Immediately after the event you can enjoy further networking at a nearby bar (Society on High) which is conveniently located in the same building as Mercer's offices. Post-event networking is actually more important than it might seem. Having run many Transparency Symposia so far we know that there is nothing better for the creation of lasting connections and the formulation of compelling campaign ideas than relaxed, sociable discussion after a full-on event. Who knows what your post-event networking and conversations might lead to! 18:00 Final close

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Let’s please show our appreciation for today’s sponsors:

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But before we go any further…

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Sander Eijkenduijn,

Co-Founder, Scorpeo; and

Jonny Ruck,

CEO, Scorpeo

20minutes + 5 minutes Q&A

Corporate Actions: Th The Case of th the Mis issing Bill illio ions

Jonny Ruck Sander Eijkenduijn

Agenda

• Introduction
• Voluntary corporate actions
• Missed value in scrip dividends
• Why is this money being lost?
• White paper – Corporate Actions: The case of the missing

billions

• Q&A

In Intr troduction

• Scorpeo has been collecting data on voluntary corporate actions since

2011;

• Every year an average of $1.1 billion is being lost by sup-optimal

elections in scrip dividends alone – over $9 billion since 2011!

• The problem is well known in the asset management industry;
• Problem is not well known by fund investors, pension funds and pension

fund beneficiaries due to a lack of transparency;

• In November 2017 Greenberg Traurig and Berkeley Research in New

York published a Scorpeo commissioned white paper concluding that the systematic failure by asset managers to optimize corporate actions decisions is a breach of their fiduciary responsibility.

Vol

• luntary cor
• rporate ac

actions

• Voluntary corporate actions require the controller of the asset to make a
• decision. These decisions will generally result in more or less value being

added to the underlying asset.

• There are many types of voluntary corporate actions, for example,
• Elective dividends (Scrips and Drips)
• Rights issue
• Tender Offers
• Dutch auctions
• Takeovers
• The easiest and most Vanilla of these is the Scrip Dividend.
• This is basically a cash dividend but allows the asset owner the opportunity to

accept their dividend in the form of shares in lieu of their cash.

Vol

• luntary cor
• rporate ac

actions, con

• ntinued
• The company will set a price that will allow for the value of the allocated

shares to be equal to the cash dividend. After the announcement of this price the shareholder will generally then be given 30 days to decide what they would like to take. Whilst the cash dividend value will always remain static, if the value of the underlying shares increases during that 30 days then the value of the new shares received from the dividend will also increase. Therefore, at deadline for election if the stock dividend is worth more than the cash dividend then optimal decision is to take the shares (even if only to monetize them with immediate effect) so that the total cash is greater than the cash that would have been received by electing to take the cash dividend.

Vol

• luntary cor
• rporate ac

actions, con

• ntinued
• In most cases there is a provision for a DEFAULT election (i.e. what you

will basically receive if you make no election) and this is generally cash. Furthermore there are also provisions to have a standing instruction so that the shareholder always gives the same election irrespective of value.

• These are generally used when the asset control has no interest in

maximizing the value or is looking to reduce workload.

• Either way they generally result in large amounts of missed value for

portfolios.

Miss issed valu alue in in scri scrip divid ividends

Source: Scorpeo US LLC

Miss issed valu alue in in scri scrip divid ividends – Ho How do

• th

the ass asset man anagers com

• mpar

are?

Source: Berkeley Research LLC

Cash 146 10% 114 2% Stock 410 28% 3,322 54% Total Suboptimal 556 38% 3,436 56% Total Events 1,460 100% 6,124 100% Global The Asset Managers in The Sample Optimal Election Number of Events Majority was Suboptimal % of Events Majority was Suboptimal Number of Events The Asset Managers Were Suboptimal % of Events The Asset Managers Were Suboptimal

• Elective corporate events require knowledge and understanding of the
• event. Mangers that are being paid by shareholders to manage portfolios
• ften don’t have these and therefore take the easiest option.
• Also, it is not always large amounts of money per event but over a 12

month period it can add up.

• E.g. There are about 130 global scrips annually. If each manager misses

$1,000 per event then that is $130,000. If there are 100 managers at a particular Asset management firm that is collectively $13,000,000 per annum being missed at just one Asset management firm, in just one type of Elective event.

• These numbers can add up very quickly to become huge sums of money.
• Without some form of regulation and automation these sums will

continue to be lost on a regular basis, value that adds to the bottom-line for underlying investors.

Why is is th this mon

• ney bei

eing lo lost?

Ho How bad ad is is it it an and why y do

• we

e nee eed mor

• re tr

transparency?

• Scorpeo has spoken to over 150 asset managers and done value analysis for 26 of

them (all missing significant value). Their responses are shocking:

• “We are all over this so we do not need to check if we are missing value”
• “We are comfortable with this”
• “Our traders do not want to do anything about it”
• “The problem is that we cannot increase our fees and all the extra money will only benefit our investors”
• “$13 million is less than the CEO makes so will not get him interested. $13 million a year is not enough to do

something about it”

• The value missed is often seen as too small to care about. However invest $13

million a year in the S&P 500 for 40 years (pension build up period from the age of 25 to 65) and you would have made over $4.4 billion.

• With most public pension funds being massively underfunded, they should check

their asset managers are taking this serious and do not simply dismiss the amounts lost as too small.

• Given the responses from asset managers, the regulator should step in and

demand asset managers set up proper controls and procedures to capture this lost value and report their performance on an annual basis.

Q&A

• Asset Management
• Pensions Team
• Communications
• Financial Planning
• PISCES
• Fintech
• APAC

➢ Americas

• EMEA
• GTI
• Banking
• Market Integrity
• Costs & Charges
• Financial Stability
• Investment Consulting & Fiduciary Management
• Governance, Compliance, Risk, Legal & Regulatory

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➢ For more information including a list of all our 400+ volunteers see: https://www.transparencytaskforce.org/teams-of-volunteers/

About

Special Interest Groups

✓ 500+ valiant volunteers ✓ Organised & mobilised into 21 Special Interest Groups ✓ Small groups of people working together ✓ Subject-matter experts ‘that want to stand up, not stand by’ ✓ Building consensus on how to solve known problems ✓ Not just ‘a talking shop’ ✓ One or more campaign objectives per team

• Foreign Exchange
• Anti-Scams
• Hedge Funds
• Private Equity
• Whistleblowing

andy.agathangelou@transparencytaskforce.org

• As well as shining a light on bad market practice the Transparency Task

Force wants to shine a light on good practice and exemplary behaviour

• The Transparency Trophy is a top-quality transparent star, that winners

keep

• The star-shape is significant - people can navigate using the stars so the

star shape has been chosen to symbolise the idea that the winners are helping to navigate the industry towards a more transparent, and enlightened state.

• The winners are those that are leading the way for others to follow
• The Transparency Trophy is awarded to a winner at each of our

Transparency Symposia

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About

andy.agathangelou@transparencytaskforce.org

• February 2016: Tomas Wijffels, Pensioen Federatie
• April 2016: Rachel Haworth, ShareAction
• June 2016: Jackie Beard, Morningstar
• September 2016: Gina & Alan Miller, the True & Fair Campaign
• October 2016: Robin Powell, Evidence-Based Investor
• November 2016: Daniel Godfrey, The People’s Trust
• December 2016: Ralph Frank, Cardano Risk Management
• February 2017: Con Keating, Brighton Rock Group
• May 2017: David Pitt-Watson, London Business School
• July 2017: Mike Barrett, The Lang Cat
• September 13th 2017: Steve Conley, Founder, Values Based Adviser
• September 28th 2017: George Kinder, Founder, The Kinder Institute
• November 15th 2017: Angela Brooks, Founder, Pension Life

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Previous winners of

andy.agathangelou@transparencytaskforce.org

• November 23rd 2017: Dr. Chris Sier, Independent Chair, FCA’s IDWG
• November 30th 2017: Dan Brocklebank, Head of UK, Orbis Investments
• March 8th 2018; Henry Tapper, Pension PlayPen, First Actuarial & AgeWage
• March 14th 2018; Bob Compton, Director, ARC Benefits Ltd
• May 24th 2018: Susan Flood, Vice Chair, Ark Campaign Group
• May 24th 2018: Nicholas Morris, Adjunct Professor, Faculty of Law, UNSW
• July 11th 2018: John Howard, Director, Consumer Insights
• July 26th 2018: JB Beckett, UK Lead, Association of Professional Fund Investors
• September 20th 2018: Heather Buchanan, Dir. of Pol. APPG/Fairer Business Bk’g
• 6th November 2018: Lesley Curwen, Reporter, BBC Freelance
• 14th November 2018: Dr. Kara Tan Bhala, President and Founder, Seven Pillars

Institute for Global Finance and Ethics

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Previous winners of continued

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• 17th December 2018: Julia Dreblow, Director, SRI Services & Founder, The Fund

EcoMarket

• 16th January 2019: Norma Cohen, Former Financial Times Demography

Correspondent ➢12th March 2019 ?

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Previous winners of continued

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Lunch & networking break

We restart at 13:40

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Short & snappy speaking slots:

“If I had just 10 minutes to comment on how we can accelerate the rebuilding of trust and confidence in financial services, this is what I’d say…”

Dan di Bartolomeo, President, Northfield Information Services, Inc Bernie Nelson, President, North America, Style Analytics Eric Muraven, VP, Strategic Alliances, Visible Thread Joseph Hosler, Managing Principal, Auour Investments Rohanna Wise, Founder & President, Wise Trading Technologies Andrew Eschtruth, Associate Director of External Relations, Center for Retirement Research at Boston College. Darby Hobbs, CEO/Founder SOCIAL3, Co-Founder & Chairperson Conscious Capitalism Boston Chapter and Professor Boston University.

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Refreshments & networking break

We restart at 15:45

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My vision for the project: Multi-Themed; through separate workstreams

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Building “A Global Dream Team” of subject-matter experts on:

• Thought Leadership: Academic, Research, and Evidence Base
• Culture: Ethics, Values, Professionalism, “Principle Before Profit”, Values-Based Leadership, MQ, Cultural

Transfusion and Leadership Development

• Market Integrity: Codes of Conduct, Professional Oaths, Trade Bodies, Professional Associations and

Standard Boards

• Governance: Compliance, Regulatory, Legal, Audit, Custodianship, Risk Management and Stewardship,

Litigation

• Technology: Fintech, Online Data Integrity & Privacy, Cyber Security, Data Analytics and Reporting, Reform
• f the Credit Rating Agencies
• Product Design: Asymmetries of Information, Product Accreditation and Transparency Accreditation
• Communications: Consumer Engagement, PR, Reputation Management
• Metrics: Measurement, Monitor and Management
• Human Capital Strategy: Incentive Design, Responsible Reward, Inclusion and Diversity
• Purposefulness: Impact Investing, Sustainability, Climate Change, ESG, Socially Responsible Investing and

Social Finance

• Consumer Protection: Whistleblowing, Scam Prevention and Support
• Alignment of Interests: Progressive fee structures, symmetries of information
• The Economic System: Financial Stability, Shareholder Primacy/ Stakeholder Primacy, Diversity of

Ownership Structures

➢ Anything missing?

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George Kinder,

Founder, The Kinder Institute

20minutes + 5 minutes Q&A

A Golden Civilization: Rebuilding Trust wit ith Conversations

George Kinder presents

Tuesday, March 12, 3:45pm-4:15pm EDT

What is your vision of A Golden Civilization?

Map of Mindfulness

Action Steps:

• Lead or participate in Golden Civilization

Conversations

• Visit www.AGoldenCivilization.com for more

information

• I’m available for speaking engagements over the

next two years.

• Contact: Lora Woodward, Publicity & Program

Manager, lora.woodward@kinderinstitute.com

• r 978-486-8053
• Purchase a copy of A Golden Civilization & The Map
• f Mindfulness – available in paperback and e-book
• n Amazon
• Become a Registered Life Planner. Visit

www.kinderinstitute.com for more details

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The Great Big Open Debate

• n

"How can we accelerate the rebuilding of trust and confidence in Financial Services?”

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Key conclusions, wrap-up & close to the proceedings

• We’ll organise follow-up debrief calls

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Our work is done, for today!

Thank you for your attendance, input and ongoing support! Optional networking and refreshments until 18:00 at Society on High

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Andy Agathangelou

Founding Chair Transparency Task Force

andy.agathangelou@transparencytaskforce.org Mobile: +44 (0)7501 460308

Many thanks again to today’s sponsors and everybody else for taking part so fully!