The Association of Investment Companies (AIC) has launched its ‘My share, my vote’ campaign petition, calling for a change in company law to ensure all investment trust company investors are able to vote their shares.

The move follows the recent attempt by US activist hedge fund Saba Capital Management to seize control of a number of Scottish and UK investment trust companies, which eventually resulted in abject failure.

The problems that some investors experienced voting their shares through platforms were highlighted during the attack by Saba Capital.

AIC CEO Richard Stone said: “Saba’s campaign highlighted the importance of all shareholders voting their shares, as well as the challenges many investors face in trying to exercise their rights.

“The major platforms stepped up to the challenge and wrote to all their customers. Along with significant activity by the companies themselves and a high-profile media campaign, this resulted in unprecedented levels of voter turnout.

“However, there were still too many examples of platforms that did not pass on the information or voting rights, or tried to charge investors, wealth managers or advisers to vote their shares. This has to stop.”

More information about the campaign is available at theaic.co.uk/my-share-my-vote

The AIC said its campaign calls for investment platforms and other nominees to be compelled to pass on company information and voting rights to underlying investors.

Stone added: “All shareholders must be able to vote – it’s their fundamental right. The Companies Act currently states that nominees, such as platforms, may pass on company information and voting rights. We believe that’s not good enough. These rights must be passed on and the law should be changed accordingly.

“I have written to all the major platforms urging them to take steps ahead of a law change, including automatically opting customers in to receive this information unless they actively choose to opt out.

“We are also calling for a change in section 793 of the Companies Act so that nominees provide companies with email addresses as well as postal addresses. We need to bring the law up to date. Being able to email shareholders will make communication more timely and cost effective.

“I am delighted that our campaign has already attracted strong support. If you believe shareholders should always have the right to vote, I urge you to sign our petition and send a powerful message to government to make these simple changes.”