PIRC publishes 2015 shareholder voting guidelines

 

Pensions Investment Research Consultants, an independent advisor to institutional investors in listed companies, has published the 19th edition of its voting guidelines. These guidelines represent PIRC’s judgement of good corporate practice in accordance with the law.

Changes from the previous edition of the guidelines include:

  • the guidance that, before allocating capital within a company, directors should consider whether it may be more appropriate to return that capital to shareholders; and
  • the removal of the statement, included in the previous guidelines, that PIRC will normally consider general authorities for share buybacks up to 15% of the issued capital to be acceptable. No replacement figure is included in the guidelines.

A more detailed review of the guidelines will follow in due course.