Just spotted that PwC also suggest that the IIC opposes mandatory auditor rotation, rather than saying some investors support the policy and some oppose it.
One of the most hotly debated issues is mandatory firm rotation (MFR). There is a divergence of view between MEPs: from those that do not favour MFR to those who support it for periods ranging from seven to 25 years. Supporters were influenced, in part, by a letter to the Financial Times by a group of minority investors. However, more recently the Institutional Investor Committee (IIC), comprising investors from the IMA, ABI and NAPF, has published a memo setting out its opposition to MFR.