The Institutional Shareholders’ Committee, which represents four UK investor trade groups, should not be in charge of checking whether its members stick monitoring its members’ adherence to its proposed new code on the duties responsibilities of institutional shareholders, according to a one of Britain’s leading investment institution.

Colin Melvin, chief executive of Hermes Equity Ownership Services, which provides governance services for investors with £50bn ($81.7bn) of assets, told the Financial Times that the monitoring role should be transferred to an independent body.