The majority of institutional investors failed to challenge the remuneration reports of large financial groups in the run-up to the financial crisis, the Trades Union Congress says today in its annual survey of fund managers.

The report, which analyses the voting patterns of 20 leading fund managers for the period between July 2007 and July 2008, says every bank remuneration report voted on in the period received the support of 60 per cent or more of the surveyed fund managers. The one bank that received less than 60 per cent support was HSBC.