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Responding to news that The Pensions Regulator has launched a new campaign to ensure pension trustees are meeting their environmental, social and governance reporting duties, Tim Smith, a professional support consultant within Herbert Smith Freehills' employment, pensions and incentives practice, said:

"Trustees will be hoping that the Pensions Regulator's spotlight does not shine on them or result in penalties being handed out for minor, technical breaches of the disclosure requirements as has happened in other contexts."

"Any review should focus on substance rather than syntax to avoid sending the message that compliance with the statutory ESG risk management requirements is primarily a box ticking exercise.

"After all, the purpose of the ESG disclosure requirements for pension schemes is to focus trustees' minds on identifying and managing ESG risks within their scheme and it is critical the Regulator's review supports this and promotes best practice rather than getting hung up on minor issues." 

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