Press release: Billions invested by pension schemes to be used for social good under new regulations

Under new government regulations published today, trustees will be required to produce a policy which includes an assessment of the sustainability of their investment decisions.

This policy will need to be available to members so that they can make their own assessment of efforts to combat various risks, including climate change, poor corporate governance and socially harmful practices.

The government is bringing forward reforms to take account of how people put their values at the heart of the things they choose to buy, the places they live and visit, and the jobs they do. They care about the impact that their choices have on our environment and humankind.

Under these proposals pension scheme members will be able to see how their money is being put to work, and to make their views heard. Defined contribution schemes will need to make this policy available to the wider public.
More than £1.5 trillion is invested by occupational pension schemes on behalf of millions of savers across the UK and an additional £40 billion was invested in 2016/17 and under automatic enrolment.

With more and more young people saving into a workplace pension – 77% of eligible 22 to 29 year olds working in the private sector are now enrolled in a workplace pension – it is important that their views are reflected in the investment decisions made on their behalf.

Rt Hon Esther McVey, Secretary of State for Work and Pensions said:

These new regulations will empower savers all over Britain, ensuring that their voices are heard when their savings are invested.

As we see the younger generation who care more about where their money is going, they are also increasingly questioning that their pensions are invested in a way that aligns with their values. This money can now be used to build a more sustainable, fairer and equal society for future generations.

Minister for Sport and Civil Society, Tracey Crouch said:

This is an exciting opportunity for social impact investment, giving pensions trustees a chance to have a resoundingly positive effect on the global issues that matter to savers.

Consultation

Read the consultation on clarifying and strengthening investment duties of pension trustees.

Final response to the Law Commission’s report

Read the government’s final response to the Law Commission’s report: Pension funds and social investment.

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Link: Press release: Billions invested by pension schemes to be used for social good under new regulations
Source: Gov Press Releases

Press release: Wales’ compound semiconductor tech prowess must go global”

The time has come to promote Wales’ pioneering prowess in compound semiconductor technology on a global scale. That will be the message from the UK Government today as the Office of the Secretary of State for Wales gather leaders from Wales’ own ‘Silicon Valley’ for progress talks in Newport (18 June).

Compound semiconductors are at the heart of the high-tech devices we use today. From smartphones to tablets to satellite communications to GPS, the technology will continue to impact the way we live, work and spend our leisure time.

Wales already has a wealth of advanced semiconductor expertise in the form of IQE, SPTS Technologies, Newport Wafer Fab and Microsemi, who, along with academic partners and the UK Government’s £50million compound semiconductor applications Catapult, form the world’s first Compound Semiconductor cluster, CS-Connected.

The UK Government will host the meeting at Newport Wafer Fab – the UK’s largest semiconductor centre and the chip Foundry of the CS Cluster – where the industry experts in Wales will be challenged to explore and to capitalise on international opportunities for the sector. Officials will also seek to find out how the UK Government can work with the cluster to market Wales’ expertise in the technology around the globe.

The meeting will be attended by HM Trade Commissioner for China, Richard Burn who is visiting Wales to see first-hand the nation’s growing expertise in the sector following his meeting with Secretary of State at the GREAT Festival of Innovation in Hong Kong. As the UK prepares for future trade agreements with countries around the world, the Department of International Trade has appointed Trade Commissioners for nine geographical areas around the world to champion British trade with some of the UK’s biggest economic partners.

Secretary of State for Wales Alun Cairns said:

If we want Wales to be at the vanguard of the high-tech revolution, we need to up our stakes – and our vision must be global. That is why I’m delighted that the HM Trade Commissioner for China will attend today’s meeting in Newport.

During our meeting at the GREAT Festival of Innovation in Hong Kong earlier this year, I had the opportunity to showcase how Wales’ reputation for innovation excellence can put the UK on a firm trading footing for a post Brexit future.

But the challenge now is to seize those opportunities and to capitalise on the skills right here in south Wales that sets us apart. The UK Government wants to hear strong ideas today on how we develop this cluster and how we market the expertise we have in abundance on a global stage.

Dr Drew Nelson, President and CEO, IQE plc commented:

Compound Semiconductor technologies are fast becoming a critical part of the entire global semiconductor industry (worth over USD400 billion pa), enabling faster, more power efficient and higher functionality chips to be made, and which also harness the incredible properties of light. The UK has always had a strong position in early stage development of CS technologies, but over recent years we have been building the World’s first Compound Semiconductor Cluster (CS-Connected) to fully exploit the commercial potential for the UK.

The CS Connected companies are therefore delighted that the UK Government has recognised the importance of the sector, not only for the future of the UKs new Industrial Strategy, but on a global basis across almost all major industrial, consumer , healthcare and communications industries. The Government’s involvement in helping promote the World’s first CS Cluster on an International basis is greatly welcomed , demonstrating the major benefits of Industry and Government working hand in hand. The full strategic support of the UK , Welsh and Local Governments, will be a critical enabler for the expansion of the cluster.

We are developing breakthrough IP in technologies which will form the foundation of the fourth industrial revolution .Working as a unique collective we firmly believe we can create many thousands of high tech jobs in Wales and throughout the United Kingdom, driving up GVA significantly , and enabling many of our industrial partner companies to introduce innovative products based on Compound Semiconductors to the global marketplace , thereby accelerating the UK’s international competitiveness.

Alun Cairns added:

To realise our global ambitions for the compound semiconductor sector, Government and businesses need to work hand in hand. That is what our Modern Industrial Strategy is all about.

The UK Government will continue to lay the foundations and develop the international relationships – opening doors and taking down barriers.

But it is ultimately our enterprising businesspeople like those around the table today who will make the most of those new opportunities.

NOTES TO EDITORS

About HM Trade Commissioners

All of the new HMTCs will cooperate closely with HM Ambassadors and High Commissioners, the wider diplomatic network, and other HM Government colleagues based in countries in their region, in a joined-up and coordinated government effort overseas to promote UK trade and prosperity.

In total, there will be 9 geographical areas that the HM Trade Commissioners will cover:

  • Africa
  • Asia-Pacific
  • China
  • Eastern Europe and Central Asia Network
  • Europe
  • Latin America
  • Middle East
  • North America
  • South Asia

Link: Press release: Wales’ compound semiconductor tech prowess must go global”
Source: Gov Press Releases

ISO 15638-21:2018 Intelligent transport systems. Framework for cooperative telematics applications for regulated commercial freight vehicles (TARV) Monitoring of regulated vehicles using roadside sensors and data collected from the vehicle for enforcement and other purposes

Link: ISO 15638-21:2018 Intelligent transport systems. Framework for cooperative telematics applications for regulated commercial freight vehicles (TARV) Monitoring of regulated vehicles using roadside sensors and data collected from the vehicle for enforcement and other purposes
Source: BSI Standards