Governance And Building A Community

1. E2: Governance and building a communityRobert Gardner, Redington Ltd.Pensions Conference 201011th June 2010

2. Governance and building a community Let’s get creative…Pensions governance todayCollaboration and Kindness of StrangersSocial MediaGovernance 2.0- Building a community1© 2010 The Actuarial Profession www.actuaries.org.uk

4. Draw your neighbour very quickly...

5. 30 Seconds...

6. ...Lets GO

7. Bob McKim

8. Stanford University

9. A Creativity researcher in 60s and 70s

12. ...solve these problems?Multi-Dimensional Decision MakingGovernance: Responsibility of the TrusteesComplex Decision Making ProcessThe pension fund industry faces tough times Multiple insolvencies have added to the problemCompanies are reactingFiltering through the information noiseHow are trustees reacting:5© 2010 The Actuarial Profession www.actuaries.org.uk

17. Filtering through the noise10ActuariesAsset ManagersEmployer nominatedChairmanCIOCorporate SponsorLawyersEmployee nominatedInvestment ConsultantInvestment BanksIndependentRegulatorProduct Providers© 2010 The Actuarial Profession www.actuaries.org.uk

18. How are trustees reacting100 trustees...11Lack of expertiseMakingdecisions takes too longFocus on past, not future strategyToo much information...lonely...Lack of accountabilityNot enough timeImplementingdecisions takes too long© 2010 The Actuarial Profession www.actuaries.org.uk

20. Globalization 3.0 and an Exciting Future“In the technology industry people always overestimate what you can do in one year and underestimate what you can do in one decade.”Marc Benioff, Founder and CEO salesforce.com13© 2010 The Actuarial Profession www.actuaries.org.uk

21. The rise of collaborationYochaiBenkler dubs it “the wealth of networks" Howard Rheingold's term is "smart mobs." It's the idea of technology-enabled collaboration … and it's making us all smarter.14The collective action of beehives, photographed by Ted Horowitz. © 2010 The Actuarial Profession www.actuaries.org.uk

22. THIN “GEEKY” LINE15WHY?

23. Octavius Black - A calling

25. The free encyclopaedia16Jimmy Wales began Wikipedia on 2001 based on the willingness of people to share their knowledge.

26. …one of the most-referenced, most-used repositories of knowledge on the planet, with more than one million articles in English (compared with the Britannica's 80,000)

27. The "wiki" in the name refers to software that allows anyone with Internet access to add, delete or edit entries. This has led to controversies about the reliability of the information, prompting the Wikimedia Foundation to set tighter rules for editors, while still keeping Wikipedia open-source.

28. "Wikipedia represents a belief in the supremacy of reason and the goodness of others.

29. "...From the respectful clash of opposing viewpoints and thecombined wisdom of the many, something resembling the truth will emerge. Most of the time."http://www.wikipedia.org/© 2010 The Actuarial Profession www.actuaries.org.uk

30. Wikipedia: Counter-Vandalism Unit17© 2010 The Actuarial Profession www.actuaries.org.ukCivility, Maturity, Responsibility”Shortcut:WP:CVU The Counter-Vandalism Unit (CVU) aims to help in cleaning up vandalism on Wikipedia by producing tools to assist in removing vandalism, providing advice on dealing with vandals, and sharing information with other Wikipedians dealing with the same issues. Removing vandalism is a task open to all members of the Wikipedia community, and the CVU intends to make that task easier. In other words, anyone who wants to help with reverting vandalism is welcome to join.Identifying with the CVU's role by one of the methods above does not grant you any special rights or privileges on Wikipedia. The CVU is not, and has not requested to be, sanctioned as an official project of the Wikimedia Foundation. It is merely a collection of individuals dedicated to removing vandalism and does not seek to represent itself as anything more. "Unit" is simply a little snappier than "WikiProject".

35. Social Media: The Growth of Facebook22Stage 1 - 2004 Stage 2 - 2005Stage 3 - 2006Stage 4 - 2010Harvard OnlyHigh School Networks Everyone400+ million users© 2010 The Actuarial Profession www.actuaries.org.uk

38. Twitter: Business Applications

46. What trustees are saying33© 2010 The Actuarial Profession www.actuaries.org.ukWe want one place to access all informationWe each have defined rolesI can share experiences withother trusteesWe have more regular meetings so spend more time looking forward than recapping the pastI can see what others think about solutionsI can work at my own pace, when I have timeWe use independent trustees to challenge the board, advisors, managers etcWe have a small working group that focuses on implementationI feel better informed to makedecisions

49. Be responsive to change“It is not the strongest of the species that survive, nor the most intelligent, but the most responsive to change”Charles Darwin – Origin of the Species (1809 – 1882)

50. The Kindness of strangersThe Kindenss of strangers

51. ....explosion of social media and online work will continue to blur geographic boundaries

52. ...continuous improvements in communication and technology.

53. ...actuaries will be even more globalised.

54. Actuaries have the opportunity to help their clients (and each other) with their skills and experience – need to adapt to changing landscape.

56. 38© 2010 The Actuarial Profession www.actuaries.org.uk...mail, phone and emailIn addition...http://twitter.com/robertjgardnerhttp://uk.linkedin.com/in/robertjgardnerRedington13-15 Mallow StreetLondon EC1Y 8RDDirect Line: +44 (0) 20 7250 3416Telephone: +44 (0) 20 7250 3331Robert GardnerFounder &Co-CEOrobert.gardner@redington.co.ukwww.redington.co.ukContactsFeel free to connect, share and discuss

57. Disclaimer39Disclaimer For professional investors only. Not suitable for private customers. The information herein was obtained from various sources. We do not guarantee every aspect of its accuracy. The information is for your private information and is for discussion purposes only. A variety of market factors and assumptions may affect this analysis, and this analysis does not reflect all possible loss scenarios. There is no certainty that the parameters and assumptions used in this analysis can be duplicated with actual trades. Any historical exchange rates, interest rates or other reference rates or prices which appear above are not necessarily indicative of future exchange rates, interest rates, or other reference rates or prices. Neither the information, recommendations or opinions expressed herein constitutes an offer to buy or sell any securities, futures, options, or investment products on your behalf. Unless otherwise stated, any pricing information in this message is indicative only, is subject to change and is not an offer to transact. Where relevant, the price quoted is exclusive of tax and delivery costs. Any reference to the terms of executed transactions should be treated as preliminary and subject to further due diligence . Please note, the accurate calculation of the liability profile used as the basis for implementing any capital markets transactions is the sole responsibility of the Trustees' actuarial advisors. Redington Ltd will estimate the liabilities if required but will not be held responsible for any loss or damage howsoever sustained as a result of inaccuracies in that estimation. Additionally, the client recognizes that Redington Ltd does not owe any party a duty of care in this respect.Redington Ltd are investment consultants regulated by the Financial Services Authority. We do not advise on all implications of the transactions described herein. This information is for discussion purposes and prior to undertaking any trade, you should also discuss with your professional tax, accounting and / or other relevant advisers how such particular trade(s) affect you. All analysis (whether in respect of tax, accounting, law or of any other nature), should be treated as illustrative only and not relied upon as accurate.© 2010 The Actuarial Profession www.actuaries.org.uk

Governance And Building A Community

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