Janice Turner, Co-chair of the Association of Member Nominated Trustees (AMNT), has warmly welcomed the announcement by Guy Opperman, Minister for Pensions and Inclusion, that a Taskforce will be established to investigate the barriers preventing client voting policies from being implemented by fund managers in pooled funds.
This was the main recommendation in AMNTs recent published report[1] Bringing Shareholder Voting into the 21st Century and the formation of the Taskforce marks a substantial success for the AMNTs continuing Red Lines Voting Campaign.
“The establishment of the Taskforce is a huge step forward and I am proud that AMNT's Red Line Voting Campaign helped to alert the Minister to the problem” said Turner. “The appointment of Simon Howard as Chair and Sarah Wilson as Vice-chair demonstrates just how seriously the Minister wants to see a resolution to the current situation.
“The Taskforce has been asked to recommend ‘regulatory and non-regulatory measures’ to solve this issue, so it will have real teeth.
“The current situation, where Trustees are disenfranchised as fund managers ignore their wishes and frequently take weak or contrary positions cannot continue. It is not right, it is not fair and it is in conflict with the regulatory requirements placed upon trustees.
“We believe that the barriers presented by fund managers to split voting in pooled funds are not insurmountable and we are confident that by working together on the Taskforce we should be able to reach a more equitable position for all."
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