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Technology & Data

Tumelo, LGIM Partner on Pass-through Voting

Shareholder voting fintech Tumelo has enabled a new pass-through voting solution offered by UK-based asset manager Legal & General Investment Management (LGIM). Through the partnership, LGIM clients, such as pension schemes, will be able to apply their preferred voting policy to shareholder proposals across their pooled fund holdings. This will also apply to a number of LGIM funds on launch. Tumelo’s pass-through solution enables pooled-fund investors to vote their shares in proportion to the value of their investment in the fund, offering flexibility to engage in voting for the first time or opt for continued delegation of voting activity to fund managers. The London Borough of Camden’s £2 billion (US$2.48 billion) local government pension scheme has become the first LGIM client to use the partnership, which means it can vote directly in line with its responsible investment values including on climate change and executive pay. Georgia Stewart, CEO at Tumelo, said: “Investors, whether retail or institutional, are becoming increasingly aware of the power they have to make a difference with the companies they invest in. Particularly for institutional investors like pension funds, stewardship is absolutely vital and our technology helps them exercise the pooled voting power they have to make a real difference on behalf of their members.” 

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