ESG issues such as diversity and climate are becoming critical issues for shareholder engagement, according to a report from Legal and General Investment Management.
If you are a company chair and fail to ensure your board is diverse you can bet some significant shareholders will now vote against your reappointment.
That’s the message this week from Legal and General Investment Management (LGIM) in a report disclosing its voting activity in 2018.
The report reveals that while LGIM voted against the reappointment of 13 chairs based on a lack of diversity in 2016, last year saw the fund manager vote against more than 100.
“Diversity of thought is crucial for the long-term success of the businesses in which we invest on behalf of our clients,” LGIM says. “We believe that creating gender-bala
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