The mallowstreet Trustee Report

Janus Henderson Investors commissions new research to understand pension schemes’ ESG implementation and covenant management.

Regulatory complexity in the pensions industry shows no sign of abating, while the pressure to take climate action has become greater than ever before. Against this backdrop, we commissioned new research with mallowstreet to help understand some of the challenges the industry and in particular trustees face.


  • 79% of trustees said growing regulatory complexity is a top challenge
  • Just 12% of schemes see covenant risk as material to their endgame
  • 85% of large schemes report major issues with data availability to meet ESG reporting

Our detailed study surveyed the views of over 160 trustees and pension professionals across 156 schemes. The research focused on identifying ways in which managers and advisers can better support trustees, especially when it comes to ESG implementation and covenant management.

The extensive survey also explores the link between the strength of the employer’s covenant with a scheme’s investment strategy and ESG implementation.

We are delighted to work with the expert team at mallowstreet to design this survey to help the industry better understand the pressures facing trustees, particularly around ESG implementation and covenant management.

As an active fund manager, Janus Henderson Investors analyses individual companies at a fundamental level, taking account of a variety of different factors such as changing regulation, technological advances, competitive dynamics and ESG risks. The influence of these factors varies on a sector-by-sector basis and the pace and potential for change has accelerated since the pandemic.

This has increased the risk of an unexpected deterioration of a particular employer’s covenant and this survey highlights the importance of ensuring this risk is carefully monitored.”

- Anil Shenoy, Head of UK Institutional at Janus Henderson Investors

About the report

mallowstreet surveyed over 160 trustees and pensions professionals in Q4 2021. The report has been produced in partnership with Janus Henderson Investors and in association with the Pensions Management Institute, the Association of Member Nominated Trustees, the Association of Professional Pension Trustees and the Pensions and Lifetime Savings Association.

The roles of trustees and pension boards have changed significantly in the past two years. Macroeconomic, geopolitical and climate risks have increased dramatically, confronting trustees with new challenges they have not faced before. As a result, we developed the mallowstreet Trustee Survey in partnership with Janus Henderson to understand the current trustee landscape. Together with the APPT, PLSA, PMI and AMNT, we have collected over 160 responses across the industry, which we have collated into a free downloadable report.

We hope that by making this research accessible on to all industry professionals, we can stimulate discussion on the challenges they face. And together, we can work towards a better retirement for everyone.”

- Stuart Breyer, CEO at mallowstreet

These are the views of the author at the time of publication and may differ from the views of other individuals/teams at Janus Henderson Investors. Any securities, funds, sectors and indices mentioned within this article do not constitute or form part of any offer or solicitation to buy or sell them.


Past performance does not predict future returns. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested.


The information in this article does not qualify as an investment recommendation.


Marketing Communication.