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.
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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