Morgan Stanley, AIM, Dreyfus, AllianceBernstein and OppenheimerFunds are the worst offenders among US mutual funds for their uncritical view of executive remuneration and their lack of support for shareholder efforts to limit excessive pay.

The study examined the proxy voting records of 18 of the 25 largest mutual fund groups by the Corporate Library, a research firm, and the American Federation of State, County and Municipal Employees, a union representing 1.4 million state and local employees.