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Investors Target Governance at Belgian Bank

Global Glimpses | April 24, 2009

A group of public sector U.K. pension funds has called for a shareholder rebellion over poor governance practices at Belgian banking and life assurance group KBC. The move is part of the Local Authority Pension Fund Forum’s plan to take a tougher stance on governance issues at international companies.

The forum, whose 49 member funds have $110.3 billion under management, has long been an active voice on U.K. governance matters. But the financial crisis has convinced it to push foreign companies to improve their governance practices too.

Earlier this year it compiled a list of 15 companies where it felt governance could improve. So far it has gone public with its concerns about two of them: KBC and the U.S. financial company T Rowe Price. The forum only names those...

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