– The National Association of Pension Funds’ annual Engagement Survey found 55% of 40 funds polled have signed up to the Stewardship Code, with a further 20% committed to doing so in the future. Local authority pension funds account for the majority of signatories, which are predominantly larger schemes.
– Legal &General Investment Management said it may oppose directors if they fail to appoint more women, minorities and foreign candidates to British boards. Sacha Sadan, director of corporate governance, said diversity is “inextricably linked to the long-term value of the business”.
– Spencer Stuart, meanwhile, found the proportion of boardrooms appointing foreign directors rose 33% compared to last year as 40% of FTSE 100 chief executives and 27% of chairmen are non-UK nationals. Female director appointments rose only 0.8%, now comprising 17.5% of non-executives.
– The Local Authority Pension Fund Forum (LAPFF) says IFRS accounting standards contributed to £150bn banking losses during the financial crisis by painting a false picture of solvency at financial institutions and having a negative impact on financial governance and regulatory oversight.
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