About our members

The collective voice of ICEV, which combines the experience and expertise of our members, emphasises the importance of shareholders’ right to vote. We work together to identify the key issues and make practical recommendations for change.

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Membership is available to long-term institutional investors, including asset owners and asset managers, as well as investor-governed, non-profit organisations that support ICEV's mission.

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We're also grateful to our supporters, which includes the International Corporate Governance Network (ICGN) and the Australian Council of Superannuation Investors (ACSI).

Why become a member?

“CalSTRS support the one share, one vote principle. CalSTRS do not support voting structures in which voting rights are not aligned with economic interests...

“Companies with existing unequal voting structures should disclose and implement processes to move to a one share, one vote structure."

California State Teachers' Retirement System (CalSTRS)

Core team

Caroline Escott

Chair

Caroline leads Railpen’s global stewardship and corporate governance work across £35 billion of assets under management. She is passionate about creating a capitalist system that supports long-term value creation for beneficiaries.

She has won several awards for her investment stewardship work, and is a fully accredited pension trustee and non-executive director in her spare time. She graduated top of her year at the London School of Economics.

Glenn Davis

Vice Chair

Glenn is Deputy Director of the Council of Institutional Investors (CII), having formerly been their Director of Research. Glenn has over 20 years’ experience in corporate governance, proxy voting and investor protection.

He is a member of the FTSE Russell Policy Advisory Board and serves on the NASDAQ Listings Qualifications Hearing Panel. He also serves on the Broadridge Independent Steering Committee and served as Co-Chair of the Universal Proxy Working Group reporting to the SEC.

Shane McCullagh

Analyst

Shane is an investment analyst within the Sustainable Ownership team at Railpen. His work includes ESG investment research and stewardship activities across investments in public and private markets and supporting on all aspects of ICEV’s work. 

Shane is a CFA charterholder and graduated from the University of Bath with a first-class degree in Mathematical Sciences. His previous experience includes working as a consultant advising pension funds on their investment strategy.

Join our mission
Many long-term investors are strongly opposed to dual-class share structures (DCSS), and strongly support the principle of one share, one vote. Join us in our mission to challenge the entrenched and material problem of unequal voting rights.  

Use your knowledge and experience to shine a light on the importance of the shareholder voice.

Have a say on practical ways to address the entrenched and material problem of unequal voting rights.

Help shape how companies enter the public market, namely by adopting a ‘one share, one vote’ structure.

Please note that members can:

Participate as much or as little as they are able to
Abstain from participating in ICEV letters or engagements
Be from any region or jurisdiction

Current members

Primarily, we’re made up of global pension funds and asset managers, which includes the following:

California State Teachers' Retirement System (CalSTRS)

Council of Institutional Investors (Vice-Chair)

Downing LLP

Ethos Engagement Pool

Ethos Foundation

Florida State Board of Administration

Fulcrum Asset Management

London CIV

Los Angeles County Employees Retirement Association (LACERA)

Minnesota State Board of Investment

NEST

New York State Common Retirement Fund

Office of the New York City Comptroller

Ohio Public Employees Retirement System

People's Partnership

PhiTrust SA

Railpen (Chair)

Washington State Investment Board

Wespath Benefits and Investments

Our governance

The ICEV Steering Group is the ultimate governing body of ICEV. It is responsible for making strategic decisions regarding, and oversight of, the Coalition’s activities. Asset owner members of ICEV are eligible to apply to join the Steering Group, membership of which is decided by a simple majority of existing ICEV asset owner members.

ICEV’s chair is responsible for the overall management of the coalition, which includes leading the assessment of potential engagement targets, fielding ICEV member input, scheduling meetings, initiating discussion during engagements and leading on external communications. ICEV’s vice chair is responsible for ICEV member growth and retention, and is responsible for the continuity of scheduled activity in the event of the chair’s absence.

ICEV members actively help the chair identify prospective engagement partners as well participate in the engagement settings themselves. ICEV members may abstain from participating in any ICEV letter or engagement for any reason.

Copyright © 2024 ICEV

The ICEV Steering Group is the governing body of ICEV. It is responsible for making strategic decisions regarding, and oversight of, the Coalition’s activities. Asset owner members of ICEV are eligible to apply to join the Steering Group, membership of which is decided by a simple majority of existing ICEV asset owner members. ICEV’s chair is responsible for the overall management of the coalition, which includes leading the assessment of potential engagement targets, fielding ICEV member input, scheduling meetings, initiating discussion during engagements and leading on external communications. ICEV’s vice chair is responsible for ICEV member growth and retention, and for the continuity of scheduled activity in the event of the chair’s absence. ICEV members actively help the chair identify prospective engagement partners as well participate in engagements themselves, should they wish to. ICEV members may abstain from participating in any ICEV letter or engagement for any reason.

‍In line with ICEV’s Antitrust policy, the responsibility lies with each of the individual ICEV members to understand and adhere to all laws and regulations applicable to them. This includes, but is not limited to, relevant antitrust and competition laws. ICEV members explicitly avoid coordinating on company-specific investment decisions, meeting-specific proxy voting decisions or any other business-related decisions. ICEV’s members are responsible for their own investment, voting and business decisions and must always act completely independently to set their own strategies, policies and practices based on their own best interests. ICEV facilitates the exchange of public information, but members must avoid the exchange (including one-way disclosure) of non-public, competitively sensitive information, including with other members and participants in engagements.

Our members