The M&SPS is governed by a corporate Trustee (Marks and Spencer Pension Trust Limited) whose Directors are ultimately responsible for agreeing and overseeing the Scheme's RI policy. The Trustee Board comprises 9 Directors, 4 of whom are appointed by the Company (Marks & Spencer PLC as sponsoring employer), 3 of whom are member nominated and 2 of whom are independent. The Chairs of the Board and Committees are typically drawn from the independent Directors. The independent Directors include a corporate professional Trustee, The Law Debenture Pension Trust Limited plc.
The Trustee Board meets at least four times annually.
The high level responsibility for monitoring adherence to the agreed RI policy is delegated to the Investment Committee, which has wide ranging responsibilities relating to setting and monitoring the Scheme's investment strategy and asset allocation. This group typically meets four times per annum.
The detailed responsibility for monitoring adherence to the RI policy rests with the Trustee Executive Team, which includes three investment professionals, who cover all asset classes and the external investment managers employed by the Scheme. Due to the wide ranging responsibilities of this team, it was recognised that there was a need for additional external support to be devoted to reviewing managers' adherence to the Scheme's RI policies and as a consequence the Trustee has appointed Hermes Equity Ownership Services Limited to provide an ESG overlay service to aid the Scheme in its monitoring of and engagement with ESG issues including voting for the Scheme’s listed equity investments.