Myners' strike

3 February 2004 By Chris Hughes

The former Gartmore boss is sensibly not calling for compulsory voting. That would lead to unthinking voting. Rather he wants fund managers and trustees to account for their voting behaviour, giving a good shove to the progress already taking place.

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Paul Myners has proposed an overhaul to the way that shareholder votes are processed in the UK. The proposals come in a report for the UK's Shareholder Voting Working Group.

The thrust of his recommendations is to introduce greater accountability and transparency within the voting chain.

His main concrete proposal is that companies, investors, fund managers, custodians and registrars to introduce electronic voting capabilities.

The recommendations include beneficial owners of shares introducing a voting policy, and investors considering requiring custodians to hold their shares in special designated accounts, rather than pooling them together with those of other investors.

Others include greater scrutiny of stocklending, and introducing a new vote withheld box on proxy voting forms.

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