TUC aims to turn trusteesApril 2003
The Trades Union Congress is to encourage greater shareholder activism by making UK pension fund trustees more aware of corporate social responsibility matters.
The TUC says it wants to ‘turn trustees into activists’ who will influence voting on issues such as director pay, corporate governance, labour standards and equal opportunities.
It will also encourage trustees to engage with companies, in particular to improve social and environmental reporting and on operations in Burma.
In Working Capital, which outlines its position on shareholder activism, the TUC says it will work through its existing Member Trustees Network of more than 1000 trustees of UK occupational pension schemes who are trade union members.
It is sending alerts to trustees on shareholder votes and will develop ‘specific events’ for them in 2003. The TUC recently helped to produce a report which found that trustees with investment training were more likely to believe SRI factors would influence the financial performance of companies.
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