The Myners Report on UK institutional investment has blasted pension funds and their advisers for encouraging investment managers to copy one another, take short-term views and ignore corporate underperformance.

Paul Myners, chairman of Gartmore Investment Management, was charged by the government last year with the job of scrutinising the UK investment industry. He is now calling on pension funds and other institutions to adopt a new voluntary code of basic principles to investment decision-making.