CBI opposes AGM voting transparency
New rules could see investors targeted by lobby groups, claims business body
Rules on disclosure that would force institutional investors to reveal how
they voted at AGMs have been attacked by the CBI.
The business body claims proposals in the company law reform bill could end
up politicising the voting process, as lobby groups may start to target
investors that do not vote in favour of their particular viewpoint.
The move by the CBI will be welcomed by many investor groups, who have been
campaigning against the new legislation for some time. However, there is
significant support for the moves from trade unions, environmental pressure
groups and backbench Labour MPs, according to the Financial Times.