Hedge fund managers have backed the guidelines issued by an industry working group chaired by former deputy governor of the Bank of England Sir Andrew Large, including a recommendation that they do not borrow stock to vote on shareholders' resolutions at public companies.

The Hedge Fund Working Group's final report, just published, follows a detailed consultation process with about 300 investors, hedge fund managers and prime brokers, the banks that finance hedge funds' trading positions. These broadly endorsed the group's calls.