The TUC has sharply criticised institutional investors in the wake of this year’s passive AGM season compared to the repeated rebellions over pay seen in the 2012 “shareholder spring”.
As the organisation releases its annual fund manager survey, general secretary Frances O’Grady said 2013 had “failed to live up to expectations” with few big investor rebellions compared to a string of revolts the previous year.
Voting adviser Pirc has made similar criticisms, and the National Association of Pension Fund recently released tougher voting guidelines of issues such as pay and director contracts.
The 11th annual survey – published the day before the TUC’s pension trustee conference takes place at Congress House – found that while in 2011 three respondents supported more than 80 per cent of remuneration reports, only one did so last year.
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