A group of local council pension funds has launched a fresh attack on the London Stock Exchange (LSE) for what it sees as a push to lower boardroom standards for listed firms. The Local Authority Pension Fund Forum (LAPFF), which represents 87 local authority schemes, said it was “resolute” in its concerns about the stock exchange boss Dame Julia Hoggett’s recent push to reforming listing rules. Dame Julia has also publicly complained that chief executives on the stock exchange are not paid enough to attract the best candidates for top jobs, compared to outsized salaries and bonuses in the US. This has led to concerns that governance rules on pay could be watered down, such as a requirement for companies to engage with investors when more than one-fifth of them revolt over directors’ remuneration. Doug McMurdo, chairman of the group of local authority funds, wrote that the push “does not present the requisite analysis and/or evidence that would stand up to market rigour.

Source: Express October 07, 2024 10:31 UTC