A clutch of UK asset managers have been accused of backing executive proposals in controversial areas too often, instead of joining opposition.
ShareAction, the investor rights charity, claims Blackrock, Aberdeen and Schroders have sided “too often with company management on controversial votes [at annual meetings], even when there is a clear case for challenging company management,” according to the Financial Times.
ShareAction looked at the voting records of 33 UK asset managers during events in which at least 30% of investors voted against a company proposal.
HSBC Global Asset Management, Hermes and M&G were also accused of siding with managers.
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