Myners bids to scrap 'show of hands'

THE age-old practice of a show of hands at annual meetings may be swept away under reforms tackling the problem of 'lost votes'.

City heavy hitter Paul Myners wants polls called on annual general meeting resolutions, as part of a package of Government-backed measures.

Myners is pressing big shareholders to cast their votes electronically because it is more reliable than the old system which he compares to 'leaky Victorian pipework'.

He threatens to 'name and shame' institutions that do not have electronic voting by next year.

He says his proposal would not lessen the role of small shareholders. 'It's illusory to believe there is any real power there,' he says.

Myners argues electronic voting is better because shareholders can track what happened. Last year three institutions in Unilever discovered their votes, which they thought had been counted, had not been cast.

He also wants to unmask shareholders who deliberately abstain.