Friday, 4 January 2008

Follow the money...

I'm still digging around to see which fund managers voted in favour of Caledonia Investments giving £60K to the Tories at the investment trust's AGM back in July. See previous posts here and here.

My latest discovery is that M&G (the Pru's retail fund management business) ABSTAINED on the proposal. See page 93 here, proposal number 15.

The list so far -

Co-operative Insurance - AGAINST
Insight Investment - FOR

I've also looked at the records of Hendersons and Standard Life, but neither feature it in their reports. However because these two report votes by exception (ie they don't report votes cast in favour of management) it's impossible to tell if they voted for the resolution or whether they simply didn't have an investment in Caledonia at the time. Yet another example of why a voluntarist approach to voting disclosure does not work effectively.

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