The former Labour financial services minister, Lord Myners, is to renew his call that shareholders – and not fund managers – take sole responsibility for their investments, arguing that their reward will be higher returns.

In a speech tonight at Yale School of Management, Myners, who oversaw the City of London's financial institutions until the last election, will argue that end-owners of companies, such as pension scheme and endowment trustees, should take responsibility for holding company directors to account, and not the fund managers who make the investment decisions.