"Take Northern Rock for example, how many fund managers had conversations with board directors about Northern Rock about the risks it was running; how many asked to speak to their non-executive directors? All these sorts of responsibility issues are the ones that pension funds should be asking their fund managers about."
He's absolutely right of course, but have any trustees been asking these questions? Fund managers these days all claim to take corporate governance and ownership responsibilities very seriously. So what were they doing in relation to Northern Rock? All you have to do is ask...
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