William Eichler 07 October 2024

Council pension funds criticise listing rule reforms

Council pension funds criticise listing rule reforms  image
Image: PeopleImages.com - Yuri A / Shutterstock.com.

An alliance of council pension schemes has criticised the London Stock Exchange (LSE) over proposed changes to Financial Conduct Authority listing rules.

The Local Authority Pension Fund Forum voiced concerns about the reforms on two occasions in May, arguing they could undermine boardroom standards and investor protections.

The forum, which is made up of 87 council pension schemes collectively managing assets worth £350bn, urged Don Robert, chairman of the parent London Stock Exchange Group (LSEG plc), to justify claims that the old listing rules were damaging London.

The forum also raised concerns about the influence of the Capital Markets Industry Taskforce (CMIT) on corporate governance rules, particularly regarding boardroom pay and shareholder engagement.

In a letter in August following up on the first two, the forum’s chair Cllr Doug McMurdo said the composition of the CMIT was ‘wholly unrepresentative of investor (asset owners) interests’, adding that it would like to understand ‘how—or whether—the board of LSEG plc could have considered otherwise.’

‘It is a case study in how governance of capital markets should not be conducted,’ he added.

SIGN UP
For your free daily news bulletin
Highways jobs

Director of Public Health

Royal Borough of Greenwich
Up to £131,210
The Public Health department is at the heart of the council’s business. Greenwich, London (Greater)
Recuriter: Royal Borough of Greenwich

Head of Regeneration and Growth

Plymouth City Council
£68,387 - £74,411 (MFS and relocation available, pay award pending)
This is a unique opportunity to lead our award-winning development team and directly deliver hundreds of millions of pounds of projects. Plymouth, Devon
Recuriter: Plymouth City Council

Director of Adult Social Care

Wiltshire Council
£119,390 - £127,137
Join us as the Director of Adult Social Care and make a real difference to people’s lives. Wiltshire
Recuriter: Wiltshire Council

Assistant Director Planning, Performance & Engagement

East Sussex County Council
up to £97,700
With strong local communities, unspoilt countryside and vibrant coastal towns, East Sussex offers an exceptional quality of life to many. East Sussex
Recuriter: East Sussex County Council

Director of Finance & Commerce

Lancashire County Council
Up to £114,339
You will play a critical role in driving the organisation through complex change and innovation. Lancashire
Recuriter: Lancashire County Council
Linkedin Banner