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COUNCILS TARGETED IN E-MAIL INVESTMENT LETTER

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The Association of British Insurers and the National Association of Pension Funds have been accused of using their ...
The Association of British Insurers and the National Association of Pension Funds have been accused of using their position as trade bodies to influence their members' attitudes to electronic voting for the association's commercial gain, according to The Independent on Sunday (Business, p4).
Manifest, a proxy voting agency and 'corporate government specialist', wrote last week to the UK's top 200 pension funds, local authorities and fund managers. This was in response to a letter from CrestCo, the body responsible for settling trades on the London stock exchange, sent by the ABI and NAPF as well as the Association of Investment Trust Companies, the Association of Unit Trusts and Investment Funds and the Fund Managers' Association.
Manifest managing director Sarah Wilson insisted the letter was inaccurate.
Manifest takes issue with claims in the letter to CrestCo:
that electronic voting suffered a setback when the sponsor of E-vote withdrew;
that registrars and others require require 'encouragement to implement proxy voting and that written instruction pass from fund managers through custodians to the registrar, creating a complex paper chain which can easily break
'It is not right to say that fund managers should vote only in a certain way. E-vote was just one commercial vendor; you just can't write of electronic voting because of its failure'.
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