A free toolkit has launched to help trustees improve oversight of their charity’s asset managers.

It aims to help boards “assess whether the culture and conduct of their asset managers align with their charity’s purpose, values and long-term responsibilities”, said think tank City Hive, which has published the ACT Toolkit for Charity Trustees.

A focus of the resource is to help trustees to asset managers, carry out ongoing monitoring and advice around investment governance.

Helping trustees monitor managers' “internal culture” is also a theme of the toolkit.

“Charity trustees are responsible not only for where their charity’s money is invested, but for ensuring those investments continue to support its purpose, values and long-term interests,” said City Hive, co-CEO Bev Shah.

“Financial performance is clearly central to manager oversight, but it does not provide a complete picture. The culture of an asset management firm shapes how decisions are made, how risks are challenged, how people are supported and how openly the firm responds when problems arise.”

City Hive co-CEO Mandy Kirby added: “Trustees do not need to become culture specialists. They need access to the right questions, consistent information and evidence that supports informed challenge.”

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