I haven't had a pop at Fidelity Fund managers for a while. So being Christmas and all that...I thought it was about time I had a go at one of the biggest single political donors to the Conservative Party.
Now, Fidelity is a private company and if they want to give money to the Tories then fair enough. But what isn’t on is that they don’t disclose this to the clients. Not only do they not disclose it but they vote in other Companies AGM’s to give even more money to the Tories. Again without properly disclosing it. They also give money to pro-tory policy organisations, again, without properly disclosing it. Anyway, this is an email I sent this evening to the Financial Reporting Council (FRC).
I’ll let you know what happens.
“Dear Baroness Hogg
I wish to bring to the attention of the Financial Reporting Council my concern that fund managers Fidelity (FIL) don’t disclose their political donations to the Conservative Party as a conflict of interest under the “conflicts section” of their stewardship code statement here: https://www.fidelity.co.uk/investor/about/uk-stewardship-code/uk-stewardship-code.page?smid=geiz5krb
I believe that Fidelity should at least disclose these donations, and the possible conflict with client views/interests, in its Stewardship Code statement. I would be grateful of your view of this matter. Yours sincerely"