P&I: Lothian adopts automatic recall of stock for annual meeting votes

Lothian Pension Fund, Edinburgh, will automatically recall shares out on loan so fund executives can vote the entire holding of any stock at annual general meetings.

The £8 billion ($9.9 billion) local government pension scheme signed up to an automated proxy support service from Northern Trust, the pension fund’s custodian. The move means the recall of Lothian’s outstanding stock on loan will be automatically triggered by company meeting announcements.

The pension fund’s average balance on securities out on loan and collateralized over the past year has been more than £300 million, said Albert Chen, portfolio manager for the pension fund.

The full article is available at https://www.pionline.com/esg/lothian-adopts-automatic-recall-stock-annual-meeting-votes

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