View more on these topics

TUC wants fund managers to reveal their AGM votes

TUC has called on the Government to activate legislation that will force fund managers to disclose how they vote at company AGMs, following over half of managers not revealing voting methods, in the TUC annual survey.

Only 45 per cent of the organisations surveyed this year responded in full or in part to the TUC’s survey, a drop from 61 per cent last year and 68 per cent in 2005.

TUC general secretary Brendan Barber says when the Government was considering enforcing disclosure legislation, fund managers were much more ready to publish their voting record and insistent that a change in the law was not needed.

She says: “Now that they seem to have judged that the threat has gone away, more than half of fund managers have decided to go back to ticking the secrecy box.

“Yet the government already has the power in the 2006 Companies Act to introduce regulations to force disclosure. It is a relatively easy task for ministers to activate these clauses. It now looks like they will have to.”

But Investment Management Association chief executive Richard Saunders says the TUC is “promoting myths” and investment managers have become steadily more transparent over the last four years.

He says: “Disclosure to clients is universal and public disclosure is continuing to increase. The voluntary approach is working.

“Our own annual survey into fund managers’ engagement, due to be published shortly, shows that in 2006 16 fund managers, holding over £340bn worth of shares in UK companies, made details of how they voted public by putting them on their website – an increase of over 100 per cent from two years ago.”


Strong rise for Focus Solutions’ profits

Focus Solutions made a profit of £1.04m for the year ended March 31, up from £110,000 in 2006. Sales revenue rose by 20 per cent from £6.58m to £7.91m. Growth is attributed to new contracts with HSBC, St James’s Place, Irish Life, Lincoln Financial Group and BT.

New wave of products is on the way

The fund of hedge legislation will spark a flurry of new products hitting the investment market as most current products would still fall outside the current remit.New Star director Ravi Anand believes that master/ feeder amalgamated approach would make the most sense as it would allow clients to invest 75 per cent of the regulated […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm