Railpen to Pre-declare Voting Intentions in 2023

UK pension scheme Railpen said it will “consider pre-declaring voting intentions on specific resolutions” at the AGMs of investee firms next year. The £35 billion AUM scheme said pre-declaring “sends an important signal to the company and the market”, but added that it would notify priority holdings of its voting intentions in advance to support effective engagement. Railpen made the announcement in its 2023 Global Voting Policy, which includes new voting policies on cybersecurity, climate transition plans and biodiversity, and mental health, while also enhancing its existing voting and engagement positions on dual-class share structures, fair pay and the treatment of gig economy workers, and modern slavery. “Laying out a clear, defined voting policy allows us to highlight our expectations of performance on key ESG risks in a way that is accessible to our portfolio companies, our external managers and our beneficiaries,” said Michael Marshall, Head of Sustainable Ownership at Railpen.

 

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