UK - A leading fund manager has criticised the government for choosing Derek Higgs to head the review into the role of non-executive directors.
F&C Management believes the government should have picked someone “less tainted”. And it has urged schemes to take more responsibility for ensuring their votes are cast.
Director of client services David Manning said that while Higgs was a non-executive director of British Land Company, he was also employed by SG Warburg Group as a corporate adviser and in that role worked on the plan to split British Land.
He said: “It might have been better to have someone less tainted, but we cannot dwell on that now. Clients should tell their fund managers to vote on issues that concern them.”
But he dismissed the idea of compulsory voting as too complicated and too costly.
Manning also highlighted the separation of executive and non-executive positions as another key issue.
“It is important that you separate the roles, because it is too much power to hold in one hand,” he added.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.