The Association of Unit Trusts and Investment Funds (AUTIF) has introduced a voluntary code calling on UK fund managers to maintain a dialogue with companies they invest in and to vote actively.
The code also recommends fund managers inform investors of their policy on corporate governance. Alan Ainsworth, AUTIF's chairman, said: "AUTIF believes corporate governance is a key issue for the investment funds industry. Fund managers act as stewards of the money of others and it is important investors know what policy the fund manager will implement in its role as shareholder on their behalf."
