Tuesday, 22 January 2008

Still following the money - update

A quick update on how fund managers voted on Caledonia Investments giving £60K to the Tories at the investment trust's AGM back in July.

Now I've found that Newton also voted AGAINST, see the bottom of the first column on page 4 of this report. Their explanation for the decision is worth repeating:

"Newton felt that the company's shareholders should not be funding such a cause and that it should a matter for individuals to decide on the personal level of support that they want to provide to political parties."

Exactly. If individual directors of Caledonia - or Fidelity - want to give the Tories their hard-earned then that is up to them. But they should not use the company's money to provide partisan financial support.

The updated list of voting decisions so far -

Baillie Gifford - AGAINST
Co-operative Insurance - AGAINST
Insight Investment - FOR
Newton - AGAINST

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