The Governance for Growth Investor Campaign (GGIC) has launched a new industry working group with the International Corporate Governance Network (ICGN) to develop guidance on voting outcome disclosures for companies with dual-class share structures.

The working group will focus on disaggregated, or class-by-class, voting disclosures, which would require companies with multiple share classes to separately disclose vote tallies for each class.

GGIC stated that this would provide investors, boards and company management with greater visibility over the preferences of both insider and independent shareholders.

The initiative follows changes to the UK listing rules in 2024, which allowed companies to adopt dual-class share structures, also known as unequal voting rights, in the UK market.

The Financial Conduct Authority (FCA) has previously recognised the potential benefits of disaggregated vote disclosures, and said it would welcome a market-led working group to consider the costs and benefits of this type of disclosure, including a standardised methodology for vote tabulation.

With this in mind, GGIC and ICGN noted that the new working group would be UK-focused but would aim to produce guidance that is globally relevant and applicable across a range of capital markets.

The group will include representatives from GGIC, ICGN, the Council of Institutional Investors, ICEV, the Corporate Governance Institute UK & Ireland, Florida State Board of Administration, Railpen and Nest.

The Investor and Issuer Forum will also join as an observer.

GGIC chair and Railpen head of investment stewardship and co-head of sustainable ownership, Caroline Escott, will chair the working group, while ICGN CEO, Jen Sisson, will serve as vice-chair.

GGIC chair, Caroline Escott, said: “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.”

ICGN CEO, Jen Sisson, added that it was “hugely encouraging” to see different parts of the investment chain working together on a market-led solution.

“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."

The announcement marks the latest step in GGIC’s engagement with policymakers and market participants, following its launch in July 2025, and the addition of two new members in May this year.

The campaign, which includes several major UK pension schemes and is supported by UK and international investor bodies, was launched to champion a “governance for growth” approach and ensure pension saver interests are considered in capital markets policy.

This article originally appeared in our sister publication Pensions Age.

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