Asset Owners Join Forces Against Dual-Class Shares

By: Pensions & Investment

Date: June 14, 2022

Asset owners in the U.S. and U.K. are joining forces to address dual-class share structures, with the launch Tuesday of the Investor Coalition for Equal Votes.

Led by RPMI Railpen, London, which runs £37 billion ($46.2 billion) of assets on behalf of the railway pension funds, and the Council of Institutional Investors in Washington, the new initiative is backed by investors with a collective $1 trillion in assets, with more asset owners and possibly money managers expected to sign on.

Founding members include the $279.7 billion New York State Common Retirement Fund, Albany; New York City Comptroller Brad Lander, fiduciary of the $265.9 billion New York City Retirement Systems; Washington State Investment Board, Olympia, overseeing $193.8 billion in assets; $123.8 billion Ohio Public Employees Retirement System, Columbus; and Minnesota State Board of Investment, St. Paul, with $94.1 billion in defined benefit plan assets.

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