Fund managers have been criticised for failing to take action on executive pay at the companies they invest in.
A new report from the Association of Member Nominated Trustees finds that less than a quarter have a specific policy on voting against excessive pay.
Meanwhile, over half of managers failed to disclose a clear policy for tackling climate change failures at their holdings.
More than 30 per cent did not include any reference to board diversity.
The AMNT is calling for fund managers to disclose their voting policies publicly.
Pensions minister Guy Opperman says: “It’s utterly unacceptable that most pension fund managers don’t have published policies and practices to combat climate change, and public commitments to tackle excessive pay and promote gender and ethnic diversity are all too rare.
“Being vague or secretive with the trustees and savers they represent is out of order. These obstructive fund managers need to take action now as effective and responsible shareholders.”