USS will use its votes to influence companies lacking female directors
The UK’s largest private-sector pension scheme has set its sights on companies that lack boardroom diversity as figures show that men still win three-quarters of directorships at the world’s biggest companies.
The Universities Superannuation Scheme, which manages £64bn on behalf of 420,000 academics and higher education workers, has updated its voting policy for next spring’s season of annual meetings.
The fund said it would vote against or abstain from voting for members of the board’s nomination committee if a company had no female directors and had no time set to introduce them. If the company made no progress in subsequent years, USS said it would vote against board chairs.
The move follows similar policy changes from heavyweight investors such as Legal & General Investment Management and the Church Investors Group, a coalition of 72 religious groups. USS is the first large UK pension investor to take such a stance.
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