Isis Asset Management, the £63.5bn (€94.8bn) UK fund manager, will vote in favour of GlaxoSmithKline's executive pay policy at the pharmaceutical group's annual meeting next week.

The decision by Isis, which has taken a tough stance on generous director pay packages, comes as a significant boost for GlaxoSmithKline, which last year became the first UK company to see its remuneration policy voted down by shareholders.