Church Group Investors, an umbrella group of UK church organisational investments totalling more than £17bn in assets, has told FTSE 350 companies to address issues such as excessive executive pay ahead of their annual general meetings.

The fund, which includes the investment arms of the Church of England and the Methodist Church, has warned the UK’s top firms that it will take “a harder line” as an investor on workplace fairness, including pay and gender diversity, and on protecting the environment.

The CIG said it “will review fairness in the workplace and will withdraw support for remuneration reports where pay ratios are not disclosed, chief executive pensions are excessive or where financial services or pharmaceutical companies do not pay the living wage.”