David Cumming, head of equities at Standard Life PLC (LON:SL. , has called out big companies over high executive pay.
Echoing comments made by prime minister Theresa May following a government green paper on excessive remuneration for executives, Cumming told the BBC that investors must do more to voice their unhappiness over executive pigs with their snouts in the trough.
Speaking on the BBC's Today programme, Cumming said: "We continue to see too many proposals that would bring a substantial increase [in pay], and we have to signal that we are not happy with that."
The BBC believes that 13 of the City's top fund managers, including representatives from Aberdeen Asset Management and M&G Investments, met last month to talk about the issue.
Larry Fink, the chief executive officer of the world's largest fund manager, BlackRock, is also on board with the idea, having said in an annual letter to the chief executives of European companies that it would use its vote at annual general meetings to make known its displeasure at those pay awards it deems are excessive.
Cumming confirmed that the top fund managers are generally of the view that too many chairman are in thrall to their chief executive.
He also indicated that chairmen and executive remuneration committees would be wise to get their houses in order before the government does it for them.
The consultation period for the corporate governance reform bill closes on 17 February.
"If we don't succeed, then we might have much more draconian action from the government, which would be much less flexible and worse overall for shareholders," he said.
Standard Life has a particular bugbear with Sports Direct International PLC (LON:SPD).
In its annual stewardship report released earlier this month, Standard Life said it would continue to call for change on issues including the influence of Sports Direct founder, executive chairman and majority shareholder Mike Ashley.
The investment firm admitted that its calls had been largely ignored, and seeing as Ashley owns 55% of Sports Direct, there is every chance he will go on ignoring them.