@prefix rdf: . @prefix xsd: . @prefix dcterms: . @prefix skos: . @prefix rdfs: . @prefix api: . @prefix parl: . skos:prefLabel "House of Lords" . rdfs:label "Biography information for Lord Henley" . parl:answerText "

Asset managers act as agents of investors in their funds. They are required to manage their funds in the best interests of all of their fund investors and to appropriately avoid, manage and disclose conflicts of interests that could, and do arise between different investor groups. This is a requirement of Markets in Financial Instruments Directive II (MiFID II).

Asset managers should have policies, procedures and governance in place to effectively manage any conflicts arising from their stewardship obligations.

The FCA has recently published a Policy Statement (PS 19/13) ‘Proposals to promote shareholder engagement: Feedback to CP 19/7 and final rules.’ This sets out final rules to implement requirements of the Revised Shareholder Rights Directive (SRD II). SRD II introduced new requirements to improve shareholder engagement and increase transparency around stewardship. The rules came into effect on 10 June 2019 requiring asset managers to disclose and make publicly available their policies on how they engage with the companies they invest in. They also require asset managers to provide certain information to institutional investors, including occupational pension schemes. The new rules are designed to foster stewardship, and better stewardship should lead to better decision making in relation to mergers and acquisitions.

" ; parl:answeringMember ; parl:answeringMemberPrinted "Lord Henley" ; parl:dateOfAnswer "2019-06-19"^^xsd:dateTime ; parl:isMinisterialCorrection false ; parl:questionFirstAnswered "2019-06-19T16:42:37.67Z"^^xsd:dateTime . parl:answer ; parl:answeringDeptId "201" ; parl:answeringDeptPrinted "Department for Business, Energy and Industrial Strategy" ; parl:answeringDeptShortName "Business, Energy and Industrial Strategy" ; parl:answeringDeptSortName "Business, Energy and Industrial Strategy" ; parl:hansardHeading "Takeovers: Conflict of Interests" ; parl:houseId "2" ; parl:legislature ; parl:questionText "To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 20 May (HL15640), whether they have reviewed the decision-making processes in investment institutions which hold equity investments in both the offeror and the offeree in a takeover situation but on behalf of different clients and where a particular outcome might favour one group of clients over another ." ; parl:registeredInterest false ; parl:tablingMember ; parl:tablingMemberPrinted "Lord Myners" ; parl:uin "HL16209" ; dcterms:date "2019-06-10"^^xsd:dateTime . rdfs:label "Biography information for Lord Myners" . a api:Page ; "10"^^xsd:long ; "1"^^xsd:long ; "1"^^xsd:long ; dcterms:isPartOf ; api:definition ; api:extendedMetadataVersion ; api:items ( ) ; api:page "0"^^xsd:long ; . a api:ListEndpoint ; dcterms:hasPart ; api:definition .