Insurer Legal & General, one of the largest shareholders in UK companies, is poised to break its long silence on corporate governance issues at the firms in which it invests.
A spokesman said Legal & General will become more open on how it deals with governance issues, marking a shift in emphasis for the insurer which has so far preferred to work behind the scenes with company directors.
Legal & General is unlikely to take the more strident approach adopted by shareholders such as Standard Life and Hermes, both of which have been vociferous about changes in company strategies that conflict with their governance standards.
The insurer has so far voiced its concern on very rare occasions -- the appointment of James Murdoch as chairman of satellite broadcaster BSkyB was one such instance. But now it wants to set out its vision more consistently and engage more publicly with the market.
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