Nest has published its UK voting policy today as it hails “a quiet shareholder revolution” unleashed by auto-enrolment. Board diversity, executive pay and social and environmental issues are among the factors it will consider.

“Nest invests and owns stakes in hundreds of UK-listed companies and is likely to be among the very largest institutional asset owners in the UK. How these companies operate and report publicly on their activities and risks is of concern to Nest,” its Approach to corporate governance and policy on voting stated.

Voting guidelines summary for members, also published today, promises to take clear stands based on members’ interests.

“We rarely sit on the fence on a vote and abstain,” it read.

The policy was developed with the Co-Operative Asset Management and proxy voting and corporate governance support service Manifest, as well as Nest’s equity fund managers – UBS and F&C.

“We believe responsible investment supports long-term value, reduces risk and supports better member outcomes,” Nest’s chief investment officer Mark Fawcett said. “The publication of our voting policy lets companies, fund managers and our members see what’s important to Nest and how we want to work with them for the future – which is collaboratively, constructively and to achieve great outcomes for our members.”

Topics covered by the policy include leadership, the role and structure of boards, accountability and reporting, audit, remuneration and capital. The policy makes a number of specific commitments: to vote against the re-election of the chair of the nomination committee in companies failing to disclose an aspirational target for women on the board, support for an “informative explanation” regarding “purpose, values, standards, ethics, instilling them and leadership and succession” and less support for reports and accounts lacking “a balanced and informative assessment of significant environmental, employment, social and community risks and opportunities”.

Speaking at a roundtable to discuss its approach to investing responsibly, Nest trustee member Sharon Darcy said: “We believe automatic enrolment heralds the start of a quiet shareholder revolution. Through their workplace pensions millions of UK workers will gain ownership stakes in companies across the UK and around the world.”

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