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

Grounds Maintenance & Street Cleansing Manager

Essex County Council
Up to £20.60 per hour
Grounds Maintenance & Street Cleansing Operative Manager Full-Time, Temporary*37 Hours per Week£20.60 per hour* Closing Date
Recuriter: Essex County Council

Director of People

Bolton Cares
£80,287
Bolton Cares is on an exciting journey of transformation and growth and we’re looking for a dynamic, people-focused leader to help shape our future. Bolton, Greater Manchester
Recuriter: Bolton Cares

Director of Care

Bolton Cares
£81,974
Bolton Cares is entering an exciting new chapter and we’re looking for a visionary leader to help shape it. Bolton, Greater Manchester
Recuriter: Bolton Cares

Director of Asset Investment & Growth

Bournville Village Trust
£115,000
A new chapter in a legacy that’s over 125 years in the making. Bournville, Birmingham
Recuriter: Bournville Village Trust

Assistant Director – Integrated Commissioning and Contracts

Suffolk County Council
£85,289 - £102,448 per annum
We are seeking a dynamic and strategic Assistant Director Suffolk
Recuriter: Suffolk County Council
Linkedin Banner