Prince Charles calls for end to short-termism

PRINCE Charles yesterday said pension funds’ focus on quarterly results is “increasingly unfit for purpose” and called for the industry to adopt a longer-term outlook.

The Prince of Wales said longer life expectancy means pension funds should help design an economic system “for the 21st and not the 19th century” that is aware of environmental risks.

“Pension funds have a need and arguably a duty to ensure that these emerging environmental, economic and social risks are identified and managed,” the heir to the throne said in a pre-recorded video message to the National Association of Pension Funds’ annual conference.

“I know that old habits die hard and that it is difficult to make the first move, but is there not a case for ensuring your portfolios are resilient in the long term?” the Prince added.