Audit & Risk

Institutional investors flout code on vote disclosure

Only 15 per cent of asset managers that have made a statement under the stewardship code have published full details of how they voted at shareholders’ meetings, a survey of institutional investors has found.

in News.

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Of the 175 asset managers that signed up to the Financial Reporting Council’s stewardship code, only 50 revealed any information on their voting decisions, according to the poll, conducted by Pensions and Investment Research Consultants (Pirc). A further 18 made headline statistics available, but Pirc claimed that that these figures were largely useless for comparative analysis.

Pirc believes that the remaining two-thirds of asset managers have failed to comply with the code they pledged to follow, which states that “institutional investors should disclose publicly voting records and, if they do not, explain why”.

Visit www.pirc.co.uk for more information.

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