US - The New York City pension funds have urged six US companies to change their board of directors election process so that they take place an annual basis.
Speaking on behalf of the funds, comptroller William Thompson criticised the companies’ three-yearly elections as "limiting to shareholders’ evaluation of performance".
He added: “The ability to elect directors is the single most important use of the shareholder franchise.
“The election of directors by classes, for three-year terms, precludes the full exercise of the rights of shareholders to approve or disapprove annually the performance of a director or directors.”
The five funds have $21.4m invested in the companies.
The top stories this week were the High Court's decision to block the £12bn annuity transfer from Prudential to Rothesay Life, and a separate court ruling that 'raises the bar' for pension rectification exercises.
Guaranteed minimum pension (GMP) equalisation has soared to the top of pension schemes' to-do lists, with 58% stating it is a priority project, research from Equiniti has revealed.
Professional Pensions is holding its defined contribution (DC) conference on 4 September.