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We recognise that as a single largest investor in the FTSE 350, we have a strong responsibility to influence and improve standards amongst others.
One of the big debates in 2008, which, I believe, will come to fruition in 2009, is whether there is a role for pension trustees, who have significant influence on the FTSE, to get further involved in important debates, such as economic prosperity and climate change, as highlighted in the ABI 2008 ClimateWise Report.
Our commercial property business will endeavour to continue to lead the industry debate in 'green leases' and to help our occupiers of commercial properties to manage their energy costs and environmental impact. This helps us to retain their custom in the short term and to prepare them for carbon trading in the long term, which is an issue that is on the horizon for the commercial sector as a whole.
We also see some interesting new models of business setting up in the third sector, which we need to understand. In particular, social enterprises, as an area of entrepreneurialism, which we would like to understand as a halfway house between traditional 100% shareholding businesses and charities with profits and social need at their core.