News

Law

Asset Management

Investment Banking

Wealth

Hedge Funds

People

Newsletters

Events

Lists

Myners rejects calls for curbs on stock lending

Corporate governance adviser says treating the borrowing shares to acquire voting rights as market abuse is unworkable

One of the UK's most prominent businessmen has condemned the practice of borrowing shares to acquire voting rights, but said banning such transactions would be unworkable.

Paul Myners, chairman of UK retailer Marks & Spencer and head of a cross-industry body on shareholder voting, said abuses of share lending should be tackled via a more forward-thinking approach on the part of fund managers and by a better understanding of lending by pension fund trustees.

WSJ Logo