Britain’s biggest fund management firm opposed proposals tabled by almost 400 UK companies last year, a sharp increase on the previous 12 months, as it pushed to improve corporate governance.
Legal & General Investment Management voted against at least one resolution put to shareholders at 386 British companies in 2018, including one abstention. This marked a 53 per cent increase on the 252 companies where it rebelled in 2017.
LGIM is the fund management division of Legal & General, the insurer. It looks after about £1 trillion of savings and investments and is among the biggest investment firms in Europe.
Sacha Sadan, its director of corporate governance, is an influential figure in the City. Mr Sadan 48, said that there had been a shift last