UK - The Co-operative Insurance Society has called on institutional investors to open up their voting records to public scrutiny.
Chief operating officer Finian O’Boyle said the move would create more corporate transparency and help restore trust in business.
O’Boyle said: “Institutions have a duty to fully exercise their voting rights – companies’ annual general meetings provide an invaluable opportunity to express opinion on a wide range of issues and in the interests of transparency, institutions should reveal how and why they have voted on any one issue.”
O’Boyle was speaking at the launch of CIS’s own social accountability report – which shows that during 2002 the organisation voted on 12,043 motions at 1551 general meetings in the UK and overseas – with its additional information on its website showing exactly how it voted at each meeting.
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.