Our belief in corporate social responsibility permeates all aspects of our business, including the way we deal with the companies we invest in. We apply a policy of responsible shareholding to all our equity investments, through which we seek to improve the governance, social and ethical performance of companies by entering into detailed dialogue with them and exercising our voting rights at AGMs.
I am pleased to report that CIS continued to fulfil its commitment to vote on every motion put to the meetings of companies in which it has, or manages, a shareholding. In December 2002 we were the first UK investor to publish its entire voting record online and, in May 2003, we called on all institutional investors to do the same, effectively lifting the 'veil of secrecy' surrounding company meetings. Opening up the investment industry to public scrutiny in this way should help to restore trust in this sector, and I believe that this approach is something that other sectors within financial services could also benefit from.
CIS has become something of a champion of the company AGM. Our representatives attend scores of them every year as part of CIS' responsible shareholding policy, and we also encourage other institutional investors to make the most of this valuable opportunity. To help us in this campaign, in October 2003 we held our first 'AGM of the Year' award, recognising well-run, well-attended AGMs of plcs.
Also in October 2003, the results of our third annual FTSE 100 survey demonstrated how the more active involvement of both institutional and individual investors in companies' businesses is already bringing about significant improvements in some key areas of corporate governance. In particular, we welcome the increase in the appointment and influence of independent non-executive directors.
Our work on ecological and environmental issues continued with the launch in July 2003 of a scheme to persuade motor vehicle repairers to repair damaged bumpers and other plastic parts, rather than simply replacing them and dumping the rejects. We now offer motor repairers a cash incentive, equal to half the cost of the replacement part, to encourage them to think about the environmental impact before discarding it. In addition to the ecological benefits, this initiative also makes good business sense - for both CIS and our motor insurance customers, because it is generally more expensive to replace than repair such damaged parts.
I am also pleased to report that our responsible driving campaign, aimed particularly at young people, developed during 2003 with some interesting new initiatives. This was our eighth year as co-sponsor of the Catherine Kenyon Young Driver of the Year competition and, in June 2003, this became a nationwide event with eight regional heats held throughout the country. We also worked with Brake, the road safety charity, to produce a video entitled Too Young to Die, designed to educate 15-21 year olds about the consequences of dangerous driving. We hope that by bringing this to the attention of inexperienced drivers, and those who have yet to start driving, we can help to reduce the number of road accidents in the future.
And, as we continue to ensure that our social accountability programme applies to all the sectors which CIS serves, we welcome the Department for Transport's proposals for an independent review of the difficult problems caused by uninsured drivers.
