e-petition

This e-petition is now closed

Enfranchise those who own shares through funds (eg pension funds)

Responsible department: Her Majesty's Treasury

Ultimate shareholders should be given the votes they have the rights to as shareholders that fundmanagers currently exercise on their behalf.

Currently, those who own shares through funds (necessary for most as they need the fundmanagers expertise) are disenfranchised from voting as shareholders as the fundmanagers get the vote. This is analagous to union leaders voting on behalf of union members (union block vote). Fund managers should have their "block" vote removed from them and be forced to give the option to the ultimate shareholder.

This would improve corporate governance and would break the "Faustian pact" between fundmanagers and corporate management whereby the small shareholder that often ultimately owns the shares has no say. In particular, they could vote down remuneration packages that provide huge rewards for executives of publically owned companies who take huge risks with shareholders funds and employees jobs, but little personal risk themselves.


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Number of signatures:
22
Created by:
Chris Ramsden
Closing:
17/08/2012 15:21