9 Jul 2026
Podcast Episode 23: Better Boards, Better Outcomes: Governance and Decision-Making in Pension Investing
In this episode, SBAI’s Brian Digney is joined by Stuart White, Board Director at the National Employment Savings Trust (NEST), Executive Director – Business Development at Impax Asset Management, and former CEO of HSBC Global Asset Management (UK). Drawing on more than 25 years in investment management and pensions, Stuart reflects on governance, long-term asset allocation and the evolving role of diversity in financial performance.
Stuart begins by outlining what effective governance looks like in large, complex organisations. He discusses the importance of clear delineation between executive and non-executive roles, the value of continuous improvement at board level, and why cognitive diversity is central to better long-term decision-making.
The conversation then turns to NEST’s public service mandate. As a trust-based workplace pension scheme serving millions of UK members, NEST must balance fiduciary duty with broader policy objectives. Stuart explains how financial outcomes remain paramount, while long-term investment in UK assets, infrastructure and sustainable themes can align with member interests rather than conflict with them.
Private markets form a significant part of the discussion. Stuart shares NEST’s perspective on allocating to alternatives, the importance of long-term partnerships, transparency in valuation and reporting, and maintaining cost discipline for members. He reflects on liquidity risk, the retailisation of private assets and the need for strong guardrails as private market exposure expands across default pension strategies.
Drawing on his experience at HSBC through multiple market cycles, Stuart offers a measured assessment of current risks, including elevated valuations, liquidity considerations and innovation in product structures. He emphasises that democratising private markets can be positive when supported by robust governance and client understanding.
The episode also explores diversity, equity and inclusion from an investment and fiduciary perspective. Stuart discusses his work with the Diversity Project and the Asset Owner Diversity Charter, highlighting the growing evidence linking cognitive diversity to stronger financial outcomes. He argues that diversity of thought, supported by effective leadership, is fundamental to good governance and long-term performance.
Finally, Stuart offers practical advice for senior professionals aspiring to board roles. He encourages building governance experience early, seeking diverse responsibilities, and aligning career choices with long-term purpose and values.
Key takeaways include:
• Effective governance depends on clear role definition, strong leadership and cognitive diversity at board level.
• NEST balances fiduciary duty with long-term investment in the UK economy and sustainable themes without compromising returns.
• Private market allocations require transparency, disciplined cost management and robust risk frameworks.
• The democratisation of private assets must be accompanied by strong regulatory guardrails and investor understanding.
• Cognitive diversity is increasingly supported by evidence as a driver of better financial outcomes and long-term value creation.
Whether you are a pension trustee, asset manager, board member or investment professional, this episode provides practical insights into governance, alternative investments and the evolving standards shaping long-term capital stewardship.
About the SBAI:
We are an active alliance of asset managers and allocators dedicated to responsible practice, partnership and knowledge. We do this by setting Standards, providing industry guidance and facilitating collaboration and exchange of ideas through our community of over 250 institutional investors and asset manager signatories responsible for approximately US$ 11 trillion in assets.
For more information, visit https://www.sbai.org/
For more information visit https://www.sbai.org/
