A coalition of 15 institutional investors controlling £2.37 trillion (US$2.93 trillion) in AuM have called on UK companies to take action this AGM season to protect their lowest paid workers from the impacts of the cost-of-living crisis. Investors including the UK’s largest asset manager Legal and General Management, Aviva Investors, AXA Investment Managers and workplace pension scheme Nest have signed a ShareAction’s Good Work Coalition investor statement urging businesses to target low-paid workers in pay rewards that meet the current rate of inflation, as well as commit to paying a real living wage to all employees across supply chains, and provide secure work through guaranteed working hours and fair contracts. “With workers currently experiencing the longest pay squeeze in more than 200 years, there is a risk that the current crisis will further widen disparities in income and wealth that create systemic risks for our wider economy and society as a whole,” said Dan Howard, Head of Good Work at ShareAction. “This is why investors are calling on companies to pay fair wages throughout their supply chains and provide decent contracts, which not only protect their workers in the immediate cost-of-living crisis but also serve the long-term interests of the business and society. Businesses that fail to listen can expect to feel more heat from shareholders next year.”
Companies must take decisive action to protect workers against the #CostOfLivingCrisis.@ShareAction's Good Work Coalition have signed our latest investor statement to make sure they do.
See the statement for our key asks this #AGM season⏬https://t.co/Iow57kispf
— Catherine Howarth OBE (@ca_howarth) April 17, 2023