Legal & General and investment group to ‘vote against’ non-diverse boards
Both Legal & General Investment Management and The Investment Association have fired warning shots at FTSE 350 boards to improve gender diversity, or face the consequences.
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The heat has been put on boards that fail to manage compliance with diversity targets, after key investor representatives issued broadsides against those with too few women in place.
Legal & General Investment Management’s (LGIM) 2017 Corporate Governance Report shows that the institutional investor has set a tougher outcome for boards that fail to manage female representation.
From 2018 it will vote against chairs of FTSE 350 companies if they have failed to achieve 25% of women at board level. LGIM had previously set its stall out to vote against chairs that showed a “lack of diversity”.
It will also vote against “ill-c
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