risks facing us today, they are part of the problem and risk losing the confidence of the public and ultimately their licence to operate.”

The group’s members have invested in companies including Tesco, Royal Dutch Shell, AstraZenca and HSBC. It backs investment policies based on Christian ethical principles and represents institutional investors from mainstream Christian church denominations and charities, including the main investment bodies of the Church of England and the Methodist church.

Gender equality at work is a matter of respect, not just money | Gaby Hinsliff Read more

Outlining its new voting policy, the CIG said its members would vote against executive pay packages where pay ratios are not disclosed, excessive pensions for chief executives or where financial services or pharmaceutical companies do not pay the living wage.

It willjust 9% at the pub and restaurants group Mitchells & Butlers, and there are no women at all on the board of Sports Direct, the retailer founded and run by Mike Ashley.

Stefan Stern, director of the High Pay Centre, welcomed the new voting policy adopted by the CIG, and said the group was “putting some teeth into the issues, which is necessary”.

Climate change is the third key area for the CIG, which said its members would vote against the re-election of the chair if a company is making little progress on the transition to a low-carbon world.

“Church investors have long sought to address excessive executive pay and encourage the adoption of the living wage,” said Stephen Beer, chief investment officer of the central finance board of the Methodist