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."
Tim Sharp warns the DWP's plans for collective DC risk establishing an inhospitable environment for the lay trustee
This week's edition of Professional Pensions is out now.
The government is in talks with the UK and Irish pensions regulators over how to protect members of cross-border schemes in the event of a no-deal Brexit.
The equalisation of guaranteed minimum pensions (GMPs) is at least two years away from being completed, and could take longer than four years for some schemes, a poll has found.