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Press Release

For Immediate Release:  Wednesday 26 January 2005


The results of the IMA's second survey on engagement between fund managers and companies, released today, highlights that fund managers are more transparent about their engagement and increasingly seek to engage with the companies in which they invest.

34 UK fund managers, representing 55% of all UK equities managed within the UK, participated in the survey which aims to measure the extent to which IMA members are engaging and adhering to the Institutional Shareholders' Committee's (ISC) Statement of Principles.

The survey's results show an increase in the number of managers who make their engagement policies publicly available, with 21 of the 34 managers putting them on their website in 2004 compared to 14 out of 33 in 2003. In addition, the number of direct communications with investee companies' executive management has risen by nearly two thirds compared to last year. 

The results also demonstrate that engagement is integrated into the investment process. That said, with one exception, all of the managers surveyed employ staff dedicated to corporate governance and/or SRI issues with the numbers of staff in this role having increased by 10% from 2003.

Richard Saunders, Chief Executive of the IMA commented:

"The survey clearly shows that solid progress has been made in a number of areas and that members are adhering to the ISC's Statement of Principles.It is encouraging to see IMA members continuing to strengthen their engagement with investee companies by devoting more resources, improving transparency and continuing to integrate engagement within their investment process."

A copy of the survey is attached.



 For further information, please contact:

Helen Stephenson, Communications Officer, IMA, +44 (0)20 7831 0898
Liz Murrall, , Senior Adviser, Corporate Governance, IMA, +44 (0)20 7831 0898

Richard Saunders, Chief Executive, IMA, +44 (0)20 7831 0898

Out of hours contact:
Mona Patel, Head of Communications IMA, 07834 089332

 Notes to Editors:
1. The Institutional Shareholders' Committee (ISC) consists of representatives of the Association of British Insurers (ABI), Association of Investment Trust Companies (AITC), Investment Management Association (IMA) and National Association of Pension Funds (NAPF).  It is currently chaired by NAPF.  The ISC's Statement of Principles is Appendix 1 of the attached survey.

Investment management association