Monday, 23 June 2008

More TUC bits

Firstly, hats off to John for his excellent photomosaic in support of Zimbabwean trade unionists.

Secondly here's the TUC response to the latest consultation on Myners. Sounds good to me:

The TUC is a strong supporter of the original Myners principles, and its submission says the terms of reference for the new IGG should include:

'a more explicit acknowledgement of the role of the IGG in promoting active and engaged ownership in line with the spirit of the original Myners principles. The group's mandate should include the promotion of good governance practice in encouraging shareholders to use their rights and duties as investors to engage with investee companies.'

Finally, the piece below is from today's FTFM. The voting survey should be out on Friday (to co-incide with the trustee conference).

TUC to call for voting records to be disclosed
By Ruth Sullivan

Published: June 23 2008 03:00 | Last updated: June 23 2008 03:00

The Trades Union Congress will renew its calls on the government this week to make it compulsory for UK fund managers to disclose how they cast votes in company meetings.

The call comes as the TUC reveals the findings of a report showing some investment fund managers still refuse to reveal their voting records despite pressure from government, consumer groups and trade bodies.

Fewer than half the 47 institutions surveyed responded. Non-respondents included leading fund managers that do not make any voting disclosures.

"The voluntary approach is not working effectively and unless this hard core of managers that refuse to disclose change their behaviour, the government should now consider using its reserve power and make disclosure compulsory," said Brendan Barber, TUC general secretary. "They should remember that this is not their own money but that of ordinary pension scheme members and other savers."

The companies that disclose do so in different ways, making comparison difficult.

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