Peak Season for Share Voting Professionals – in Westminster

Never mind the peak meeting season, the past few days has seen a flurry of activity in Westminster which will have a bearing on aspects of shareholder voting and corporate governance in the UK.

On Tuesday, the Treasury Select Committee heard evidence from Baroness Hogg, Chairman, and Peter Montagnon, Senior Investment Adviser, both of the Financial Reporting Council, as well as from Sir David Walker, as part of the inquiry into corporate governance and remuneration. The role of shareholders and their behaviour was one of the topics covered on Tuesday, during what was a wide ranging discussion.

The Enterprise and Regulatory Reform Bill received its first reading on Wednesday, which includes making approval of the Remuneration Report a binding resolution. No debate was undertaken, but the Bill is expected to have its second reading debate on 11 June.

Wednesday also saw the first reading of the Financial Services Bill, which will also have a second reading (with debate) on the 11th June, and may touch on the regulation of institutional investor stewardship practices through the Financial Conduct Authority, in particular should proposed Labour amendments (so far rejected) be later incorporated.

Manifest has submitted written evidence to the inquiry, and has also done so to the All-Party Parliamentary Group on Responsible Investment.

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