UK - Fund managers which neglect their shareholder voting rights have come under fire from corporate governance experts.
Isis Asset Management believes these managers should seek advice from others who are “more active”.
Corporate governance director Richard Singleton said: “There are managers who essentially ride on the work of others who are active. They say that because they are small, they are not going to have much impact and are happy for others to put the effort in.”
But the managing director of proxy voting agency Manifest Information Systems, Sarah Wilson, insists that no votes should simply go to waste.She explained: “Changes are based on the number of votes counted; everyone needs to put their votes in on these issues for it to have maximum impact.”
Insight Investment’s joint head of UK equities, William Claxton-Smith, has offered to help fund managers who lack experience on corporate governance.
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.
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