Ratio Decidendi
Pension fund trustees must exercise their investment powers in the best financial interests of the beneficiaries. They must not allow their personal views (including political or moral beliefs) to influence investment decisions to the detriment of the fund.
Hechos
The NUM-nominated trustees of the Mineworkers' Pension Scheme opposed investments in overseas companies and companies competing with the coal industry, on political and industrial grounds.
Resumen de la sentencia
Megarry VC held that trustees must put the financial interests of beneficiaries first. While ethical considerations may be relevant where investments are equally advantageous, trustees cannot sacrifice financial return for non-financial objectives.
Citas clave
"Trustees must exercise their powers in the best interests of the present and future beneficiaries of the trust."
— Megarry VC
Tratamiento posterior
Foundational authority on pension trustee investment duties.