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.
ITM has announced it has acquired Faraday Tracing Bureau (FTB) for an undisclosed sum.
Stena Line UK Group has chosen not-for-profit master trust Ensign to be its main defined contribution (DC) pension provider for the majority of its employees.
The government is "in daily contact" with industry figures over the pensions dashboard as it prepares for the roll-out and its feasibility report, Guy Opperman has said.