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AUM in Action

GMPF Adopts Pass-through Voting

Greater Manchester Pension Fund (GMPF), one of the UK’s largest local government pension schemes with assets under management (AUM) of £30 billion (US$ 37.9 billion), has adopted pass-through voting – calling this a “significant step” towards enhancing its responsible investment strategy. Pass-through voting allows pension schemes to enforce their voting preferences on shareholder resolutions at AGMs within their pooled-fund investments. By using this method, they can uniformly apply their voting policy across both segregated and pooled funds, allowing them to directly influence decisions on critical issues such as CEO remuneration and climate change. This was recently exemplified when GMPF, a member of Climate Action 100+, supported the resolution filed by NGO Follow This at Shell’s AGM, urging the oil major to align its medium-term emissions reduction targets with the Paris Agreement. Historically, GMPF’s segregated mandates were voted according to its values through a policy managed by Pensions & Investment Research Consultants (PIRC), while Legal & General Investment Management (LGIM) controlled votes for its pooled funds. The introduction of pass-through voting now bridges this gap, providing the fund with greater influence and consistency. GMPF partnered with fintech Tumelo to implement the capability. “Pension funds are increasingly aware of their potential to impact the companies they invest in,” said Georgia Stewart, CEO of Tumelo. “Customising stewardship is crucial in amplifying this influence, ensuring investments reflect their goals.” GMPF’s adoption of pass-through voting also aligns with a growing trend among pension schemes, as evidenced by similar decisions from the £2 billion pension pool for Camden, and the £3 billion Superannuation Arrangements of the University of London (SAUL). “These moves signify a collective effort to harmonise voting policies across equities, ensuring that investments reflect the schemes’ responsible investment values,” GMPF said.


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