Large asset managers have continued to campaign on executive pay despite Legal & General Investment Management’s (LGIM) decision to no longer consult on renumeration and instead focus on its “wider ESG work”. Commentators have acknowledged the need to prioritise stewardship activities, but noted that renumeration remains an important area of discussion.
Last month the Financial Times saw a letter in which Legal & General noted that, for over a decade, its asset management arm has responded to companies consulting with the firm about proposed changes to executive pay. "History has shown us that a majority of companies do not act on the feedback we provide to these remuneration consultations," the letter said. Investment Week approached large asset managers, including abrdn, Aviva Investors, Columbia Threadneedle and Schroders, all of which said they would continue to engage on renumeration. Nathan Leclerq, head of corporate governa...
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