Press Release

IMA EXPLODES TUC MYTH ON PUBLIC VOTING DISCLOSURE

22 June 2007

Responding to the TUC survey claiming that the number of fund managers disclosing voting records voluntarily was falling, Richard Saunders, Chief Executive of the Investment Management Association, said:

"The TUC are promoting myths.  The fact is that investment managers have become steadily more transparent over the last four years.  Disclosure to clients is universal and public disclosure is continuing to increase.  The voluntary approach is working.

Our own annual survey into fund managers engagement, due to be published shortly, shows that in 2006 16 fund managers, holding over £340 billion worth of shares in UK companies, made details of how they voted public by putting them on their website - an increase of over 100% from two years ago."

The investment management industry is fully committed to meeting the Government's aim of improving transparency and accountability and we are working with the Institutional Shareholders' Committee on a "comply or explain" framework so fund managers disclose publicly how they have voted or explain why they do not. 

Key findings from IMA's annual survey of fund manager engagement are:-

As at 30th June 2006 15 firms put voting information on their websites compared to 10 in 2004 and 7 in 2003 - since last June this has increased to 16 firms;  
Other firms have indicated that they plan to disclose publicly in the future and this upward momentum is expected to continue. 

The remainder of the survey's findings will be published shortly.