GLOBAL - Asset manager F&C nearly doubled its votes against company management in shareholder resolutions last year, reflecting a tougher stance on corporate governance, the firm said.
F&C revealed it voted in nearly 72,000 resolutions worldwide on issues including board elections and remuneration last year, 18% of which were opposed to management. This was up from 10% in 2009.
The biggest increase came in votes on board elections, jumping from 13% against management proposals in 2009 to 26% last year.
F&C said companies needed to learn stewardship lessons from the financial crash three years ago.
Head of governance and sustainable investment Karina Litvack said: "If the 2008 crisis taught us one lesson, it is that a passive focus on a narrow set of short-term value drivers carries an unacceptable price.
"Investors have a critical role to play in "re-setting" our business culture - understanding what drives the long-term sustainability of companies and ensuring that they manage their businesses accordingly."
PTL has appointed Karein Davie as a client director in its Birmingham office.
The level of interest rate hedging increased to £29.5bn of liabilities in the second quarter as pension funds continued to de-risk, according to BMO Global Asset Management's research.
UK inflation has risen for the first time since November to 2.5% in July, up from 2.4% in June, thanks to rising fuel costs and the price of computer games.
The number of DB pension scheme trustees targeting a buyout with an insurer has increased significantly in the past five years, latest research from Willis Towers Watson shows.