The Forum has given its support to efforts to improve corporate governance and strengthen shareholder engagement in the wake of the financial crisis. As part of its ongoing work in respect of public policy, LAPFF has recently made submissions to both the Walker Review and to the Financial Reporting Council.

On remuneration policy the Forum is supportive of the direction taken by Walker, but has emphasised the need for a focus on non-financial performance indicators. LAPFF has also suggested to the FRC that the Combined Code could be amended to encourage greater disclosure of directors’ pension entitlements.

LAPFF has broadly backed the approach taken by the Walker Review regarding board structure and competence, board evaluation and the role of shareholders stressing the need for shareholders to receive better disclosure on past board performance if they are to be in a position to take a view about the future. The Forum also argues that it is time to consider annual elections for all directors.

The Forum has supported the creation of a new set of Principles of Stewardship for investors and strongly welcomes the Review’s recommendation that shareholder voting records should be made publicly available and encourages the Government to exercise the reserve power in the Companies Act 2006 to achieve this.

In addition to its submissions to the Walker Review and the FRC, LAPFF was one of only a handful of institutional investors to respond to the Financial Services Authority’s consultation on remuneration. The Forum has also made submissions to the Climate Disclosure Standards Board, the Personal Accounts Delivery Authority’s investment consultation and the Department for Communities and Local Government Consultation on scheme governance.