Shareholders should follow the likes of Fidelity and M&G by appointing "a named individual" who can represent their interests when issuers are planning rights issues, pricing and sub-underwriting, in a bid to help reduce overall fees, an influential investor body has recommended.

The Institutional Investor Council this morning published the results of its rights issues fees inquiry, in which it said there was widespread concern among institutional investors about the high level of underwriting fees charged by banks.