The Investment Association, a trade body that represents fund managers investing £7.7tn, has unveiled a set of harder-edged policies on board diversity and bosses’ pension packages. This could lead to more defeats for UK companies at annual general meetings in 2019.

The IA’s move, which comes as the peak season for company shareholder meetings gets under way, adds to recent pressure from shareholders, regulators and the government to improve female representation at the top levels of UK companies.