Global investment groups back UK shareholder code

by Miles Johnson for Financial Times, October 18th, 2010.

Some of the world’s largest investment groups have backed the UK’s first formalised code of shareholder responsibility in what regulators hope will be a key step in reforming corporate governance in the wake of the financial crisis.

The UK’s Financial Reporting Council will on Tuesday release a list of 68 leading investment institutions who have submitted to the Stewardship Code, a set of seven principles designed to encourage greater scrutiny of companies by their investors.

Alongside 48 asset managers backing the new code, including BlackRock, Axa, and Capital International, the Californian state pension fund Calpers has written a letter supporting the code, which all UK-regulated institutional investors will be expected to adhere to, or face having to explain in public why they do not. (continue reading… )

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