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A significant number of investors have expressed concern over boardroom pay in their voting at company annual meetings, according to a new report. The TUC said boardroom pay policies were backed by only 27% of fund managers in 2014, the first year that new rules were put in place for binding votes on the subject.

The union organisation said it welcomed the message being sent to boardrooms by the votes, adding that if other shareholders had voted the same way, most remuneration policies covered in its survey would have been rejected.

TUC general secretary Frances O’Grady said: “The public’s unhappiness about excess boardroom pay is being represented at company AGMs by at least some of the people who manage their savings, investments and pension funds.

“We hope that their influence will extend to more shareholders. AGMs should not be rubber-stamping sessions and all shareholders should recognise the responsibility they have in holding boardrooms to account.”

The study covered 61 resolutions on voting and other data.

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