LGIM to vote against FTSE 350 boards that do not have 25% female representation

Voted against 37 board chairs in 2017 on poor diversity

L&G Investment Management (LGIM) is to begin voting against the chairs of boards of FTSE 350 companies if they do not have a 25% female representation at board level, as it revealed it voted against 37 board chairs in the UK in 2017 due to the lack of diversity.

In its annual Corporate Governance report, the firm said overall it had increased its votes against management last year, opposing the reappointment of 2,807 company directors and voted against at least one resolution at 59% of companies in a bid to promote positive change in issues such as climate change, diversity, long-term strategy and shareholder rights. Within this it voted against 37 board chairs or chairs of nomination committees in the UK due to poor diversity, the highest number since 2015.  Diversity blog: Which countries have the highest female representation in senior rol...