UK pension funds worth £750bn have filed a complaint with the Financial Conduct Authority, calling out fund managers’ “failure to act” on climate change, gender diversity and fat-cat chief executive pay.

The Association of Member Nominated Trustees, which represents shop-floor staff who sit on pension fund boards, said in a May 30 statement that “only a few” asset managers have “best practice” policies for casting their votes at company annual general meetings on these issues.