Fund groups nod through huge CEO pay deals, says non-profit group

Big asset managers stand accused of rubber-stamping exorbitant executive pay deals in the US, as the income gap between bosses and staff grows even wider.

Fund groups, including Fidelity Investments, BlackRock and Axa Investment Managers, opposed just a handful of the 100 biggest pay deals last year, according to As You Sow, the California non-profit group. Northern Trust, the $1.1tn manager that mainly serves pension funds, did not vote against any pay deals.