23 November 2022
Today we’re talking decision-making with Chris Martin who is an independent trustee and Executive Chair at ITS with over 30 years of experience working with pensions boards and committees to make better decisions for members’ best interests.
Chris shares some of the key ingredients to good decision-making in this setting drawing on his experience of advising schemes, particularly those in stressed situations. We cover the need to think live in the room, be mission-driven and prioritise functional working groups focused on outcomes rather than grand set-piece meetings. Chris also covers his key asks of consultants and asset managers.
- ITS's thirty year website
- Chris Martin’s profile
- Insurance Uncut football episode
- Panic Shack on Instagram
- ITS celebrated 30 years this year! We discuss some of Chris's reflections on the journey over that period
- Chris has worked a lot with pension schemes in stressed situations – we discuss how this impacts decision-making and how boards need to operate
- Decision-making under pressure: Chris shares his thoughts on:
- Group dynamics
- The role of sub-committees and group size
- The role of the Chair
- Pitfalls to watch for
- Some of Chris’s top tips:
- Do your thinking live in the room
- Focus on pragmatic solutions
- Be mission-driven and leave your ego at the door
- Prioritise working groups with key stakeholders over grand set-piece meetings, and outputs over standing agendas
- Set expectations around behaviours
- How Professional corporate sole trustee can be made to work well
- Think about board composition
- When saying less is more
- We discuss the subtle art of managing competing stakeholders and tips to ensure all stakeholders are represented at key stages
- We talk about how to get the most out of expert advisers without totally giving over the decision-making framework to them
- Chris shares his key asks of consultants and asset managers based on his experience: bring all your ideas don’t apply too strong a filter of what you think will work, don’t bring ideas just because they are flavour of the month and don’t spend too long on backward looking information, work more in real time
What’s one thing you would like listeners to take away from this:
Stakeholders working together with an agreed strategy, with the advisers working together to help execute it.
What is the most underappreciated thing about investing?
There’s not a single right way of doing it and not a single right way that’s an easy solution across all situations.
Any recommendations for good books or podcasts:
- Bands: Panic Shack
- The legendary cricket genius Sydney F. Barnes
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