Inbrief

Fund managers in Britain are to issue a voluntary code of practice on the public disclosure of their voting record at company annual meetings. The Institutional Shareholders’ Committee, which represents the UK’s largest investment and pension fund managers, will produce the code this summer. The decision follows new powers given to UK government ministers in the Companies Act to require disclosure of proxy voting records if they feel that it is necessary. Proponents of ethical investment believe that increased disclosure of voting practices would probably prompt fund managers to take more account of social and environmental issues in investment decisions.