Pension giants form working group to tackle dual-class share disclosure

voting rights – in the UK market for the first time, as well as other moves by global policymakers to dilute shareholder voting rights.

Asset owners were pleased that the FCA, in its PS24/6 Policy Statement (p. 55) announcing the rule changes, recognised the potential benefits of disaggregated, or class-by-class, vote disclosures when launching its new rules. Class-by-class vote disclosure entails companies with multiple classes of shares being required to separately disclose vote tallies for each class, providing better visibility to both investors and to the boards and management of companies, as to the preferences of both insider and independent shareholders. The FCA said it would “welcome a market-led working group” to consider the costs and benefits of such disclosure, including a standardised methodology for the tabulation of votes.

Recognising the benefits of such disclosures to the entire capital markets ecosystem – which aligns with their shared focus on supporting more effective capital markets – the GGIC and ICGN have today launched this cross-industry working group. The working group will be UK-focused, but aims to provide guidance that is globally relevant, to enable use of the guidance in a wide range of capital markets.

The working group will bring together participants from across the investment chain, including representatives from GGIC, ICGN, the Council of Institutional Investors (CII), ICEV, the Chartered Governance Institute UK & Ireland (CGI), Florida State Board of Administration, Railpen and Nest. The Investor and Issuer Forum will also join as an observer. The group will be chaired by Caroline Escott, Chair of the GGIC and Head of Investment Stewardship & Co-Head of Sustainable Ownership at Railpen, with Jen Sisson, CEO of the ICGN serving as Vice-Chair. The group is intentionally focused and practitioner-led, and it will engage in wider market consultation later in 2026 on the draft guidance to ensure it is as useful and accessible as possible for companies and investors alike.

Caroline Escott, Chair of the GGIC, commented: “Effective disclosure underpins the confidence and trust on which healthy capital markets depend. By convening this working group, we are taking a step towards developing clear, globally relevant guidance that will be of use to both companies and investors. Disaggregated vote disclosure will support better discussions between firms and their shareholders, strengthen market discipline, and ultimately contribute to sustainable long-term growth in the interests of companies, investors and everyday savers.”

Jen Sisson, CEO of the ICGN, said: “It is hugely encouraging to see all parts of the investment chain coming together to deliver a practical market-led solution on such an important issue. Transparent disclosure of dual class voting outcomes is critical to investor confidence and market integrity, and this new template has the potential to become a valuable global resource for improving transparency, accountability and trust across capital markets.”

Today’s announcement marks a further step in the GGIC’s ongoing engagement with policymakers and market participants. It follows a period of continued momentum, including the launch of its 2026 policy priorities in December 2025, the expansion of the campaign’s membership and supporter base in May 2026 , and comes ahead of the keenly anticipated Modernisation of Corporate Reporting consultation.

The GGIC will continue to engage constructively with this consultation process, highlighting the role that clear disclosure, strong governance frameworks, and effective investor-company dialogue play in supporting resilient companies, well-functioning capital markets, and long-term economic growth.