Corporate governance: trade union voting and engagement guidelines
The TUC, Unison and UNITE recently announced they had formed the Trade Union Share Owners group and published the Trade Union Voting and Engagement Guidelines.
The three organisations have pension funds in aggregate representing more than £1 billion of assets, and delegate decisions on voting and shareholder engagement to their fund managers. Concerned that pension fund managers do not always vote in line with trade union policies, the guidelines were developed to encourage fund managers voting at AGMs of FTSE 350 companies to take a common position on a variety of corporate governance issues.
Where companies do not act in accordance with trade union policies or aims highlighted in the guidelines, funds are encouraged to take specific action, including voting against certain policies, resolutions or re-elections proposed by the company…
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