Legal & General to break silence on corporate governance investment issues |
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Published
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Fri, 12 Jan 2007 12:10
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LONDON (AFX) - Insurer Legal & General, one of the largest shareholders in UK companies, is poised to break its long silence on corporate governance issues at the firms in which it invests.A spokesman said Legal & General will become more open on how it deals with governance issues, marking a shift in emphasis for the insurer which has so far preferred to work behind the scenes with company directors.Legal & General is unlikely to take the more strident approach adopted by shareholders such as Standard Life and Hermes, both of which have been vociferous about changes in company strategies that conflict with their governance standards.The insurer has so far voiced its concern on very rare occasions -- the appointment of James Murdoch as chairman of satellite broadcaster BSkyB was one such instance. But now it wants to set out its vision more consistently and engage more publicly with the market.The company, which holds around 4 pct in the FTSE All Share Index, is currently working out a plan to clearly outline and explain its corporate governance strategy.The Legal & General spokesman said: 'We have always taken corporate governance issues seriously, but we are considering becoming more communicative about how we go about it.'There is an increase in interest in corporate governance and we want to make it clear that we do take these issues seriously.'By Raji Menon: +44 (0) 20 7422 4954; raji.menon@thomson.comraj/jad/nesCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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