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11 February 2019
The Pensions and Lifetime Savings Association ("PLSA"), representing the occupational pensions industry, has published guidance on market best practice to assist its members when exercising their vote at AGMs in 2019. The revised version of its Corporate Governance Policy and Voting Guidelines ("Guidance") reflects the introduction of the 2018 UK Corporate Governance Code which applies to financial years beginning on or after 1 January 2019 ("Code"). Interestingly, the Guidance does not follow the format and order of a typical AGM agenda but instead highlights those issues which the PLSA believes are significant to investors. In particular, this change has resulted in greater prominence for resolutions regarding approval of the remuneration policy and remuneration report, and the principle of sustainability.
Whilst the PLSA's corporate governance principles remain largely unchanged, the Guidance includes the following additions:
The PLSA encourages shareholders to make systematic use of all of the powers at their disposal, particularly their voting powers, at AGMs. The Voting Guidelines have been updated in light of the revised Code and the following are new items introduced in the Guidance:
For further information on this topic please contact Hannah Kendrick at Squire Patton Boggs by telephone (+44 161 830 5000) or email (firstname.lastname@example.org). The Squire Patton Boggs website can be accessed at www.squirepattonboggs.com.
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