Important new research on pass-through voting

By Georgia Stewart, CEO, Tumelo.

“This is an issue that is fast growing and everyone has really strong views. But [during the panel] think not about whether you agree with the concept, but rather about what it says about how stewardship is evolving.”

This was part of Sallie Pilot’s brilliant introduction to the launch of the Investor & Issuer Forum and LSE report, “Connecting or dividing? The stewardship implications of pass-through voting” – and it perfectly captures why this work matters.

We’re really excited to see this new research on pass-through voting. It’s exactly the kind of thoughtful, grounded work the market needs – and a real nod to the innovation taking place in this space.

Led by Dr Tom Gosling and Dr Suren Gomtsian, the project brings together academic rigour and practitioner insight through interviews across the investment chain — including asset owners, managers, companies, regulators, and service providers.

What this report captures well is that pass-through voting is developing quickly in response to how investing itself is changing: more assets in pooled vehicles, more focus on stewardship, and a growing expectation from asset owners and savers to have a clearer line of sight — and a stronger voice — in how shares are voted on their behalf.

From where we sit, the momentum just keeps building. Interest is broadening beyond the early adopters, and more organisations are actively exploring voting choice as a practical next step in modern stewardship. As an indicator; this year we've gone from three to 25 asset owners launching pass-through voting, and we expect that to reach around 60 in 2026.

Of course, successful implementation isn’t without challenges — which the report rightly highlights — including what this could mean for issuers, and how the market ensures voting stays meaningfully connected to engagement. That’s why the focus on good governance, transparency and clear policy oversight is so important.

We’re grateful to Dr Gosling, Dr Gomtsian and the team at LSE for advancing the conversation, and we look forward to working with asset owners, managers, issuers and partners across the industry to help ensure pass-through voting develops in a way that delivers better outcomes for everyone involved.

Read the full report here: https://investorandissuerforum.org.uk/publications/research/passthrough-voting-research/