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Research Report on the Effectiveness of Oversight Committees: Decision-Making, Governance, Costs and Charges

Lookup NU author(s): Dr Anna Tilba

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Abstract

As part of the FCA Asset Management Market Study, the FCA commissioned some exploratory academic work to inform its understanding of the dynamics of, and obstacles to, effective investment decision making by oversight committees, with a focus on pension trustees. This report explores investment decision-making in the asset management industry, focusing on the impact of behavioural biases and herding/group-think on investor decision making. It also considers the role played by asymmetric information and principal agent problems in exacerbating some of these problems. The paper also analyses the extent to which qualifications and education help trustees to make better decisions and/or better understand fees and documentation, and includes an assessment of the quality/standard of discussions at oversight committee meetings.

Publication metadata

Author(s): Tilba A, Baddeley M, Liao Y

Publication type: Report

Publication status: Published

Series Title:

Type: Policy Consultation

Year: 2016

Pages: 113

Print publication date: 07/11/2016

Acceptance date: 28/10/2016

Report Number: MS15/2.2

Institution: Financial Conduct Authority

Place Published: London, UK

URL: https://www.fca.org.uk/publication/research/tilba-baddeley-liao.pdf

Contents: Asset Management Market Study Interim Report

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