Wednesday, 29 October 2008

Mutual funds backed bank pay

Another plug for the ace website. It's just published this report (PDF) on mutual fund voting on say-on-pay resolutions at the banks that the Government has taken stakes in. No surprise (to me anyway) to see that a number of the big houses (Putnam, Fidelity, Vanguard) didn't back any of the resolutions.

It's not a smoking gun. Voting decisions don't tell us too much about the interaction between between companies and there shareholders. But it does suggest that only a few months ago the big mutual funds apparently did not see any serious issues with pay at the banks.

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