THE level of transparency is increasing according to IMA's latest annual survey on fund manager engagement with companies.
The survey covered 33 firms, managing 640bn of UK equities and representing 68% of the market. According to the survey, the trend is increasingly for engagement to be integrated into the investment process, complemented by regular dialogue with senior management and monitoring which allow firms to vote and engage objectively on an informed basis. All 33 firms in the survey have a policy to vote all their UK shares. All now report to clients providing explanations of their decisions especially when they have voted against the Board together with details of engagement other than voting....
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