The UK Pensions Investment Research Consultants (PIRC) has issued an updated version of its Shareholder Voting Guidelines. This is the 15th edition of these non-binding guidelines, last updated in March 2010, which aim to set out a statement of best practice regarding shareholder voting.
Revisions include a recommendation that from 2012 listed companies should propose of its directors for re-election on an annual basis, a step further than the recommendation set out in the new UK Corporate Governance Code that, in the interests of greater accountability, all directors of FTSE 350 companies should be subject to annual re-election.
Other codes issued by the PIRC include Proxy Voting and Corporate Governance Advisers: Principles of Best Practice (February 2010) which was issued in response to the recent financial crisis in an attempt to ensure that those in the pensions industry working with institutional shareholders are seen to be as transparent as possible.
A copy of the various PIRC guidelines can be downloaded from the PIRC website