The Church of England has sent a warning shot to company bosses, threatening to vote down key appointments if firms fail to tackle excessive executive pay, climate change or promote gender diversity.
The Church Investors Group, whose members manage more than £17 billion of assets, has written to FTSE 350 firms ahead of this year’s annual general meeting (AGM) season, saying it will take a “harder line” against firms who are “out of line with best practice”.
The move will include tightening its voting policy on three issues, including executive pay where it will “withdraw support” for remuneration reports if the company fails to disclose pay ratios, if chief executive pensions are deemed “excessive” or if financial services or pharma firms fail to pay the living wage.
The CIG – which represents a number of organisations including the investing bodies of the Church of England and Methodist Church – is also taking a stance on gender representation on company boards, saying members will vote against the re-election of the nomination committee chair if women make up less than 33% of a company’s board.
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