The site says that the axing comes following pressure from corporate lobbyists who objected to leading companies and their directors being put on the 'naughty step' over issues such as ballooning executive pay because it harmed their reputation:
In 2017, Prime Minister Theresa May ordered the Investment Association (IA), a trade body that represents fund managers, to keep track of quoted firms where at least a fifth of investors had rebelled at their annual meeting.
The list was meant to improve transparency for shareholders, staff and public by pressuring quoted firms to curb executive excess, as protest votes generally are themselves not binding.
But in a surprise move Business Minister Blair McDougall has told the IA to drop the register 'to remove duplication' as part of a series of 'pro-growth' measures designed to cut red tape for firms.
The IA confirmed the register was no longer being updated.
'This is another small but significant nail in the coffin of our reputation for high standards of corporate governance,' said Catherine Howarth of campaign group ShareAction.
'For the last year, corporate lobbyists have been chipping away all too successfully at standards and structures which protect the investing public, both retail investors and the UK's vast number of pension savers.'
The decision was 'disappointing from a government displaying a concerning pattern of disregard for shareholder rights,' she said.
Corporate governance expert Tom Powdrill said: 'It is a bit odd to see Labour scrap an initiative intended to restrain executive pay by taking a position less radical than the Conservatives who introduced it.'
What are Labour playing at?
Labour seem weak and are desperate to get growth, and to say how good they have been in getting it, The lobby groups therefore will find it easy to put pressure on Labour, who urgently need growth and will sacrifice good practices to get it..
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