UK - The TUC has published a corporate governance and social responsibility report for its own scheme in line with efforts to promote transparency and accountability.
In the second quarter’s 2003 report, the TUC Superannuation Society trustees suggest it is important that information on how the pension scheme discharges its responsibilities is available to beneficiaries and the public.
The investment management of the scheme is carried out by Standard Life Investments, and decisions, including the exercise of voting rights are delegated to the fund manager.
But trustees have instructed the manager how to vote on some specific issues.
The detailed report opens with principles and guidelines applied to corporate governance and SRI, and goes on to offer an analysis of how shareholders voted.
Of 61 meetings at which the scheme’s shares were voted, 44 were in favour of all resolutions, eight voted against one or more and nine abstained on one or more resolution.
Last month, a TUC survey of fund managers on their voting records brought a very poor response which prompted the organisation to question why there was not greater disclosure.
TUC press officer Tom Powdrill said: “If you take the view that decisions are confidential to clients the only way you can see how a fund manager votes is after you have hired them.”
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