Myners: Untrustworthy trustees

What is wrong with the British investment industry? John Sunderland, chairman of Cadbury-Schweppes, has a long list of culprits, from short term thinking by hedge funds to poor research by brokers. Paul Myners wants to focus on a narrower target: the quality of pension fund trustees. Myners, chairman of Marks & Spencer, certainly has a point. Trustees are too often blind followers of company managements and consulting actuaries. They take a relaxed, even a lax, approach to the Institutional Shar...