Rathbones' Crossman warns it will vote against or abstain at AGMs where trusts fail to meet diversity targets

Investment trusts warned on inertia over board diversity

Rathbone Investment Management has warned investment companies it will vote against or abstain at AGMs where trusts fail to meet diversity targets in 2021.

Regulation in recent years has generally improved diversity on the boards of the UK's largest listed firms, with the Hampton-Alexander Review helping to ensure women account for at least a third of the board of directors of FTSE 350 companies, a target that was achieved in September. Despite that, Rathbones' stewardship director Matt Crossman said a number of investment trusts lagged in regard to female board representation, while more needed to be done to broaden out the diversity debate to include racial and socio-economic factors. In November 2019, for instance, a report from analy...