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Stoneport strengthens governance by appointing BESTrustees and ITS to its trustee board

Stoneport, the UK consolidator for small defined benefit (DB) schemes, has appointed two new independent trustees to its board – Lisa Mundy, from BESTrustees and Tegs Harding from Independent Trustee Services (ITS).

The appointments follow the completion of a competitive selection process in preparation for the increase in the number of employers participating in Stoneport as required under the Trust Deed and Rules. Seven independent trustee companies submitted proposals that were assessed on their ability to challenge and diversity of thinking, and experience of dealing with new and innovative situations, as well as their sector expertise and knowledge of Stoneport.

Lisa and Tegs will strengthen the governance and diversity of Stoneport’s board which now consists of three independent professional trustees and is chaired by Stuart Southall of Punter Southall Governance Services. They will ensure the highest standards of knowledge and independence underpin Stoneport enabling it to fully consider all issues in an appropriate amount of detail, including those such as member communications and ESG that smaller schemes typically struggle with, delivering the best outcomes for members.

Lisa has worked in financial services for 30 years. She joined BESTrustees in 2019 from insurance firm LV=, where she was Service Director for the Life and Pensions Business. Since joining BESTrustees, Lisa has been appointed as trustee to wide range of clients (with a mix of Master Trust, DB and hybrid DB/DC schemes) varying in size from £20m to £4.5bn.

Her member and administration experience will be hugely valuable for Stoneport’s proposition as the organisation will use its scale to deliver a market leading communication and engagement experience for all its scheme members.

Lisa says, “I’m delighted to be joining the Stoneport as a trustee, where I will be focusing on appropriate governance and aim to improve the long-term security and experience for members.”

Tegs is a professional trustee at ITS working with schemes with assets between £100m and £1bn in a range of different sectors. A qualified actuary with over 15 years’ experience in the finance industry, she has worked in investment consulting, asset management and retail banking.

Having been an investment consultant, Tegs has experience in all aspects of investment strategy and implementation including LDI, alternatives and cashflow driven investment.  Tegs is also a passionate advocate of ESG and brings great expertise and knowledge in this area being Chair of the Association of Professional Pension Trustees committee on ESG and climate change. One of her notable client achievements is implementing an ESG policy for a £1bn DB scheme.

Commenting on her appointment, Tegs says, “I’m thrilled to be joining the Stoneport trustee and have the opportunity to use my expertise in ESG to help the board keep abreast of developments, regulation and disclosure requirements in this rapidly developing area. At the same time, I look forward to challenging the board on addressing the risks posed by climate change over Stoneport’s near 25-year investment horizon”

Tegs will be supported by her colleague Andy Smith and Lisa will be supported by Zahir Fazal, who also bring strong governance experience to the board.

Jonathan Punter, Managing Director of Stoneport Pensions Alliance Limited and CEO at Punter Southall Group says, “We are pleased to welcome Lisa and Tegs to Stoneport’s trustee board. We believe that their complementary skill sets alongside the support available in the area of employer covenant from the client deputies, particularly as part of the centralisation process, will be a huge asset to Stoneport, its members and participating employers.”

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