LAPFF History

Formed in 1990 with just seven members

Formed in 1990 with just seven members

LAPFF has grown to become one of the leading voices in corporate governance and responsible investment in the UK

LAPFF has a rich and fascinating history. From filing the first ever shareholder resolution with a consortium of UK pension funds at British Gas in 1995 to the first social issue shareholder proposal in the UK at Royal Dutch Shell in 1997; from leading high profile investor advocacy campaigns at Mark’s & Spencer, News Corporation and National Express in 2010, 2012 and 2014, to strategic resilience shareholder resolutions to extractive companies in 2015 and 2016 which received board support and shareholder votes of over 96%.

2016

LAPFF funds again co-file strategic resilience resolutions, this time with Anglo American, Glencore and Rio Tinto, supported by between 96% and 99% of voting shareholders; support a shareholder resolution with Sports Direct calling for an independent assessment of the Company’s human capital management strategy – this resolution garners support from over half of independent shareholders; attends a record 22 company AGMs resulting in a number of engagement meetings.

2015

LAPFF funds co-file strategic resilience resolutions to Shell and BP AGMs supported by the boards and 98% of voting shareholders. The Forum presses forward on reliable accounts with a new legal opinion questioning the IFRS framework, and continues to extend its global reach by attending AGMs in Switzerland and France.

2014

Forum extends its reach, engaging with companies in 16 jurisdictions, presses on board diversity, with Glencore the last FTSE company with an all-male board appointing a female director, LAPFF executive members attend 19 AGMs.

2013

Whilst LGPS reform rises up the agenda, LAPFF continues to press on media standards and executive pay, engages with companies on climate risk and continues to raise its profile by attending more AGMs.

2012

LAPFF members co-file for an independent chair at News Corporation AGM. LAPFF issues a voting alert at Barclays on CEO remuneration. The introduction of mandatory corporate carbon reporting and a binding shareholder vote on company remuneration policies implemented after years of Forum pressure.

2011

Forum research is published indicating international financial reporting standards contributed to the financial crisis. The issue of phone hacking, media standards and corporate governance are raised in meetings with News Corporation and BSkyB.

2010

Marks & Spencer appoints an independent Chair. The Forum meets the Chair of BP over the Gulf of Mexico oil spill and with Vedanta regarding its operations in India.  Morrisons publishes an ethical trading policy after seven years of engagement.

2009

LAPFF members file a shareholder resolution at the Marks & Spencer AGM asking the company to appoint an independent Chair, resulting in 38% shareholder support. The Forum tackles remuneration at meetings with the UK banks.

2008

BG Group discloses a carbon target, FirstGroup appoints an independent monitor of its freedom of association policy following engagement. LAPFF questions 30 companies about auditor independence following the financial crisis.

2007

Voting alerts to oppose remuneration at BP and Shell due to poor links between pay and health and safety performance. LAPFF writes to 101 companies raising concerns about audit practices and proposes tougher carbon reduction targets to government.

2006

Letters sent to the FTSE 350 to promote equal pay for women employees as part of the Forum’s campaign to improve company workforce practices. Publication of updated investor guide ‘Delegating shareholder engagement: Holding fund managers to account’.

2005

Membership grows to 36 pension fund members. After two years of engagement on supply chain labour standards, Wm Morrison agrees to appoint a CSR Manager. The CEO’s remuneration was addressed at a meeting with Royal Bank of Scotland (RBS).

2004

Research on the investment impact of climate change is commissioned by LAPFF and following a meeting, the UK Environment Minister congratulates the Forum for playing an important role in furthering good environmental standards with the FTSE 100.

2003

Nineteen voting alerts are issued for the first ‘say on pay’ votes in the UK. A study is commissioned to examine how retailers implement supply chain codes of conduct. Dixons publishes a labour standards supplier code after three years of engagement.

2002

Regulations are approved in the UK giving shareholders the ability to vote on directors’ pay policies, which the Forum had been lobbying for since 1994. The Forum is involved in drawing up a statement of institutional investor concern over Burma.

2001

The AGMs of Carleton Communications, Cable and Wireless, RBS and Boots are attended by LAPFF to raise concerns about executive pay.  LAPFF engages with 36 companies in high impact sectors on environmental management and performance.

2000

New regulations require companies to submit political donations to a shareholder vote, representing the culmination of a ten year campaign by LAPFF.  14 companies respond to pressure to toughen performance targets in long-term incentive schemes.

1999

LAPFF advocates for a shareholder vote on executive pay in response to a government consultation. Letters are sent to 55 retailers on supply chain labour standards and child labour.

1998

A new LAPFF constitution is approved and the first elected Chair is Cllr John McCallum from West Midlands Pension Fund. The Forum publishes a study tracing the rise of non-executive directors on boards, but challenges their degree of independence.

1997

After controversy over Nigerian operations, LAPFF members submit the first UK social issue shareholder proposal to Royal Dutch Shell on corporate responsibility governance. Within a few months most of the resolution’s criteria had been met.

1996

The inaugural LAPFF conference “Challenges and Choices: New Perspectives for Local Authority Pension Funds” is held.  Meetings continued with Yorkshire Water on accountability, environmental standards improved and new directors were appointed.

1995

LAPFF meets with Richard Giordano of British Gas regarding controversial pay awards and submits the first ever shareholder proposal on corporate governance issues. After the AGM, Giordano stands down from the remuneration committee.

1994

LAPFF supports an independently appointed non-executive at Yorkshire Water.  Lobbying is carried out to promote one-year contracts for directors.  Rank, Kingfisher and Great Portland Estates provide shareholders with votes on political donations.

1993

LAPFF facilitates a ground-breaking meeting between Grand Metropolitan and Mexican maquiladora workers on labour standards. Legal & General is amongst the first UK companies to hold a shareholder vote on political donations.

1992

LIMPA is renamed the Local Authority Pension Fund Forum (LAPFF), with 13 members. PIRC is retained to provide research, policy and analysis. Following engagement on corporate political donations, BET commits to putting them to shareholder vote.

1991

LIMPA attends AGMs of British Steel to raise concerns about the controversial closure of the Ravenscraig plant and Fisons to seek a commitment to a reduction in peat production in environmentally sensitive areas. Lewisham joins LIMPA.

1990

LIMPA (Like Minded Pensions Authorities) group formed. First meeting attended by Tameside, South Tyneside, Wirral, Wolverhampton, Tyne & Wear, Strathclyde and Wiltshire. Its scope was defined as responsible investment and collective shareholder action.

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