The UK's National Association of Pension Funds can't decide whether it wants to be on or off the fence as far as proxy voting is concerned.

The association abandoned its policy of advising pension schemes to abstain from votes during the recent proxy voting season, in favour of a more definitive approach. However, Geoff Lindy, head of corporate governance, said members had asked for a rethink on abstentions. "We think there is a happy medium to be found. We thought we were doing it too much and now we think we may doing it too little." Perhaps Ros Roberts, head of pensions at GUS and tipped to be the next chairman of the association, will manage to get off the fence once and for all.