Hermes Pensions Management (Hermes), the wholly owned investment manager of the UK’s BT pension scheme, has joined the Railtrack Shareholders’ Action Group, a coalition of Railtrack investors fighting for the interests of shareholders following the UK government's decision to force the firm into administration.
Hermes’ clients hold over one percent of the value of nearly all of the largest 800 quoted companies on the London Stock Exchange, which includes a one percent stake in Railtrack.
Hermes chief executive, Alastair Ross Goobey says he feels there are many questions to be answered for investors concerning the Railtrack affair.
“Through our involvement in the Railtrack Shareholders’ Action Group we intend to ensure that shareholders are treated fairly. This is not about greed but about protecting the interests of the present and future pensioners of the funds we are responsible for investing.”
The Railtrack shareholders’ action group (RSAG) was formed to pursue the government over its treatment of shareholders in Railtrack Group after the firm’s collapse.
RSAG currently consists of 14 institutional shareholders that account for over 35% of Railtrack’s shares, as well as thousands of private investors.
The Group is seeking to represent all shareholders regardless of the size of their holding. More information is available on the website: www.fidelity.co.uk/railtrack (soon to be www.railtrackactiongroup.co.uk.).