Woodford: I am exception to an industry failing on activism

Invesco Perpetual's Neil Woodford has said the fund management industry is "failing" on corporate engagement as he defended his own investment style to MPs this morning.

Giving evidence at the Business, Innovation and Skills Committee's inquiry into the Kay Review report on equity markets and long-term decision making, Woodford said his stance on corporate engagement marks him out from most of his peers. Woodford criticised the emphasis on "price over value" as a basis for investment decisions. He also said short-termism means investors are opting for "sale not voice" when it comes to struggling companies, preferring to sell the stock rather than open a dialogue with the management team. The manager of Invesco Perpetual's income funds is renowned for ...