Europe's most powerful pension fund managers have warned US regulators that shareholders' rights need to be strengthened in order to maintain confidence in the US equity market.
Norges Bank Investment Management, Hermes of the UK and Dutch duo ABP and PGGM, which collectively manage assets of $765bn (€590bn, £388bn) - more than $100bn of which is invested in the US - have told the Securities and Exchange Commission that a lack of shareholders' rights on Wall Street is a factor in the growing popularity of non-US markets.
The quartet is pressing for the SEC to allow shareholders more access to company proxies to nominate and elect boards of directors.
The pension funds, the four biggest in Europe, said in a letter delivered to the SEC last week: "We consider the ability of shareholders of US issuers to nominate individuals for election to the board in a cost-effective way as an issue of major importance in the development of the integrity of American capital markets.
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