UK - The National Association of Pension Funds (NAPF) has given its broad support to proposals which will help institutional investors on issues such as voting and the obligations of proxies.
In particular, the changes supported by the NAPF include obliging proxies to act in accordance with instructions given by the members by whom the proxy is appointed.
The proposals also included the requirement to provide "electronic means accessible to all shareholders" which the NAPF said should, if properly defined, act as an important spur to the reform of the voting system in the UK.
NAPF added it also supported the requirement - subject to certain conditions - for the asking and answering of questions at company meetings of traded companies.
NAPF head of corporate governance David Paterson said: "There is a need for greater transparency around voting at general meetings and these proposals will add to this process. The Directive and the proposed changes to company law will strengthen the voice of institutional investors and other shareholders."
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