A group representing almost 50 UK pension schemes has put pressure on T Rowe Price over the way it pays its executives and has warned that the US-listed asset manager, which holds it annual general meeting today, is just the first of many companies that can expect to feel its displeasure as it launches an international corporate governance campaign.

The Local Authority Pension Fund Forum, better known as LAPFF, a voluntary association of 49 UK public sector pension schemes with combined assets of £75bn (€83.3bn), said it has called on its members to withhold their support from T Rowe Price's compensation committee.