UK Treasury’s Myners: UK Needs New Corporate Governance Body

by Adam Bradbery, for NASDAQ, February 9, 2010.

LONDON -(Dow Jones)- The U.K. needs a new body to represent investors in their efforts to force better management of the companies in which they hold stakes, Paul Myners, financial services secretary to the U.K. Treasury, said Tuesday.

Myners’ comments come as he ramps up pressure on institutional shareholders to influence and veto management decisions on such areas as executive pay and bonuses.

“I am…keen to further the debate on establishing an independent industry body with a mandate to represent the institutional investor community and raise the profile of governance and engagement,” said Myners at a seminar run by the National Association of Pension Funds.

Myners said the body should be made up largely of the representatives of traditional “long-only” funds which are long-term investors in U.K. companies…(continue reading)

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