Download or read book Global Shareholder Stewardship written by Dionysia Katelouzou and published by Cambridge University Press. This book was released on 2022-05-12 with total page 723 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first in-depth comparative and empirical analysis of shareholder stewardship, revealing the previously unknown complexities of this global movement. It highlights the role of institutional investors and other shareholders, examining how they use their formal and informal power to influence companies. The book includes an in-depth chapter on every jurisdiction which has adopted a stewardship code and an analysis of stewardship in the world's two largest economies which have yet to adopt a code. Several comparative chapters draw on the rich body of jurisdiction-specific analyses, to analyze stewardship comparatively from multiple interdisciplinary perspectives. Ultimately, this book provides a cutting-edge and comprehensive understanding of shareholder stewardship which challenges existing theories and informs many of the most important debates in comparative corporate law and governance.

Download or read book Global Shareholder Stewardship written by Dionysia Katelouzou and published by . This book was released on 2022-05-04 with total page 724 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first in-depth comparative and empirical analysis of shareholder stewardship, revealing the previously unknown complexities of this global movement. It highlights the role of institutional investors and other shareholders, examining how they use their formal and informal power to influence companies. The book includes an in-depth chapter on every jurisdiction which has adopted a stewardship code and an analysis of stewardship in the world's two largest economies which have yet to adopt a code. Several comparative chapters draw on the rich body of jurisdiction-specific analyses, to analyze stewardship comparatively from multiple interdisciplinary perspectives. Ultimately, this book provides a cutting-edge and comprehensive understanding of shareholder stewardship which challenges existing theories and informs many of the most important debates in comparative corporate law and governance.

Download or read book Investor Stewardship in an Uncertain World A Conference Report written by Dionysia Katelouzou and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Investor Stewardship in an Uncertain World Conference, convened on Friday, May 27th 2022 at King's College London, took stock of how investor stewardship has come to be understood and practiced by investors who have taken up the mantle of stewardship over recent years. The Conference was organized by Dr Dionysia Katelouzou of The Dickson Poon School of Law, King's College London in collaboration with the European Corporate Governance Institute and the British Academy. Investor Stewardship in an Uncertain World is the second conference organized under the auspices of the Global Shareholder Stewardship Project, which brings together leading experts in academia and practice to examine the development of investor stewardship principles across the globe and assess its effectiveness.The Conference sought to address the significant changes since the previous conference took place in 2019 and provided a forum for regulators, academics and practitioners to discuss the challenges to effective stewardship, especially in times of uncertainty. Society at large has faced significant challenges including the COVID-19 pandemic, climate change, the global escalation of armed conflict and the ever-increasing demand to tackle economic and social inequalities. As the investment industry continues to grapple with these challenges, the Investor Stewardship in an Uncertain World Conference provided a forum for examining the effectiveness of investor stewardship while navigating significant short-term shock and unprecedented climate and social upheaval. Finally, the Conference hosted the launch of Global Shareholder Stewardship, a book co-edited by Dr Katelouzou and Professor Dan Puchniak which brings together contributors from the first Global Shareholder Stewardship conference to explore the dispersion of stewardship principles across the globe.

Download or read book Shareholder Stewardship written by Dionysia Katelouzou and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This chapter highlights the potential for national, international and EU stewardship developments to bring a 'public' coloration into investor-led governance. Departing from previous monolithic views that couch shareholder stewardship as a self-regulating, dis-embedded market mechanism solely protecting and enhancing shareholder primacy, the chapter applies a neo-Polanyian analytical framework and identifies shareholder stewardship as a policy counter-movement that operationalises socially responsible investing and environmental, social and governance investing through shareholder engagement. However, for current stewardship policies to engender fundamental behavioural changes in investment practices, some systematic regulatory intervention which will not result from bottom-up forces and market demand for investor-led norms is necessary. Ways to promote a strong sustainability approach to stewardship include the imposition of regulatory duties and mandatory disclosure regimes. The possibilities for regulatory alternatives may remain fluid, I argue, but it is important for the means of shareholder stewardship to meet its ends.

Download or read book Diversity of Shareholder Stewardship in Asia written by Gen Goto and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the UK adopted the world's first stewardship code in 2010, stewardship codes have proliferated across Asia. Given the UK Code's prominence, it is tempting to assume that every other stewardship code preforms the same function as the UK Code. This assumption belies the truth: all these codes - regardless of whether they have in fact drawn inspiration from the UK Code - have taken different trajectories due to each adopting jurisdiction's distinctive institutional and legal context. Using empirical evidence and in-depth case studies of stewardship in Japan and Singapore, this article reveals how any reception of UK-style stewardship concepts is only skin-deep. Even where the text of stewardship codes in Asia resemble the UK Code in form, their functional impact on corporate governance significantly depart from, or even run counter to, the intended functions of the UK Code. The article illustrates how stewardship codes in Asia have been used as a convenient vehicle for local governments and/or market players to achieve their own particular interests through an inexpensive, non-binding, and malleable vehicle, the formal adoption of which sends a signal of “good corporate governance” to the rest of the world. While such practices explain and contextualize the widespread adoption of stewardship codes in Asia, they also compound the challenge of drawing positive or normative conclusions from this development. The observation advanced in this article is important as leading corporate governance scholars, prominent international organizations, and market participants, have appeared content to draw such conclusions unaware that stewardship codes generally do not fulfill a similar function to the UK Code in Asia. The article concludes by explaining how adopting globally recognized mechanisms of “good corporate governance” at a superficial formal level, and then altering their function to serve local purposes, appears to be a rising trend in corporate governance in Asia (and elsewhere). This phenomenon, which we coin “faux convergence”, calls for the re-examination of important and impactful theories about corporate governance convergence. As an initial foray, this article develops an expanded taxonomy of corporate governance convergence and lays the foundation for future research on “faux convergence”

Download or read book Shareholder Stewardship and Sustainability the Current European Legal Framework and Possible Ways Ahead written by Marleen Och and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shareholder stewardship is a prominent topic in the field of corporate governance that has been high on the agenda of academics and policymakers for about a decade now. It is viewed by many as a necessary component to robust corporate governance and as a tool for long-term profitability. Stewardship is therefore encouraged, either in the form of stewardship codes or, in the case of the EU, by the Shareholder Rights Directive II (SRD II). Institutional investors and asset managers, the addressees of most stewardship provisions, hold a large and growing part of equity worldwide. This concentration of power makes stewardship appealing, as a change of course by a few large players with the necessary expertise and resources could have a far-reaching and positive effect on the overall economy. While stewardship rules started out in order to mitigate the perceived flaw of overly passive investors, there is now an increased focus on the role investors can play in the transition towards a sustainable economy. In order to meet the EU's ambitious climate goals, many companies will have to adapt their business models to be part of a net-zero economy. The investors in those companies, who want to ensure the value of their investments for the future, have incentives to monitor their investee companies and assist them with the adaptation process. As promising as this idea of investors as stewards for sustainability sounds, there are also a number of flaws. Firstly, the predicted influence of institutional investors and asset managers may be overstated in continental Europe, where controlling shareholders are more dominant. Furthermore, institutional investors have only limited incentives to genuinely engage with their investee companies. Engagement may be more successful when investors cooperate with each other. Finally, while SRD II requires investors to publish their investment and engagement policies, the provisions are vague, leading to strong variations in disclosure and monitoring.In this paper I first explain the concept of stewardship, followed by an overview of the legal framework surrounding it. In my analysis I discuss some flaws of the current legal framework and suggest pathways for further research and policies.

Download or read book Corporate Stewardship written by Susan Albers Mohrman and published by Routledge. This book was released on 2017-09-29 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: Stewardship entails a profound understanding and acceptance of the challenges that result from the organization’s interdependence with the societal and ecological contexts in which it operates—and of what it takes to embrace the challenges to be a force for building a viable future. This book dares to ask ‘why’ business leaders should embrace stewardship in the current market where profit reigns supreme. A shift in approach represents fundamental change for the corporate world, and even the most advanced corporations consider themselves to be in the starting block of this transition. The book sets out the practical ways in which corporate stewardship can be achieved through embedding new approaches across the different functions of a business. This book, written by the leading thinkers in sustainability research, provides practical guidance on how companies can resolve the paradoxical challenges they face. How can they be at the same time profitable and responsible, effective and ethical, sustainable and adaptable? It explores what businesses are doing, what they can and should do to effectively respond to external challenges, and focuses on how leaders can create cultures, strategies, and designs far beyond “business as usual”.Stewards must not only make proper current use of that which they hold in trust, they also must leave it in better condition for use by future generations. Corporate Stewardship challenges managers, executives, and directors of global corporations to think and act as stewards of both their organizations and the physical and social environments in which they operate.

Download or read book Hedge Fund Activism written by Alon Brav and published by Now Publishers Inc. This book was released on 2010 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hedge Fund Activism begins with a brief outline of the research literature and describes datasets on hedge fund activism.

Download or read book Corporate Governance Strengthening Latin American Corporate Governance The Role of Institutional Investors written by OECD and published by OECD Publishing. This book was released on 2011-07-01 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report reflects long-term, in-depth discussion and debate by participants in the Latin American Roundtable on Corporate Governance.

Download or read book The Rise of the Working Class Shareholder written by David Webber and published by Harvard University Press. This book was released on 2018-04-02 with total page 351 pages. Available in PDF, EPUB and Kindle. Book excerpt: When Steven Burd, CEO of the supermarket chain Safeway, cut wages and benefits, starting a five-month strike by 59,000 unionized workers, he was confident he would win. But where traditional labor action failed, a novel approach was more successful. With the aid of the California Public Employees’ Retirement System, a $300 billion pension fund, workers led a shareholder revolt that unseated three of Burd’s boardroom allies. In The Rise of the Working-Class Shareholder: Labor's Last Best Weapon, David Webber uses cases such as Safeway’s to shine a light on labor’s most potent remaining weapon: its multitrillion-dollar pension funds. Outmaneuvered at the bargaining table and under constant assault in Washington, state houses, and the courts, worker organizations are beginning to exercise muscle through markets. Shareholder activism has been used to divest from anti-labor companies, gun makers, and tobacco; diversify corporate boards; support Occupy Wall Street; force global warming onto the corporate agenda; create jobs; and challenge outlandish CEO pay. Webber argues that workers have found in labor’s capital a potent strategy against their exploiters. He explains the tactic’s surmountable difficulties even as he cautions that corporate interests are already working to deny labor’s access to this powerful and underused tool. The Rise of the Working-Class Shareholder is a rare good-news story for American workers, an opportunity hiding in plain sight. Combining legal rigor with inspiring narratives of labor victory, Webber shows how workers can wield their own capital to reclaim their strength.

Download or read book Stewards of the Future written by Helle Bank Jørgensen and published by . This book was released on 2021 with total page 171 pages. Available in PDF, EPUB and Kindle. Book excerpt: Climate- and ESG-competent boards are in high demand by investors and other stakeholders. In fact, climate change and other environmental, social, and governance (ESG) issues have become some of the biggest challenges faced by 21st-century board directors. Today's boards must contend with a wide range of stakeholders who can affect the fortunes of a company--customers, suppliers, employees, shareholders, politicians, activists, and social-media influencers, among others.This book demonstrates that for long-term profits and sustainability, boards need to not only define the purpose of their company in society but have the insight to ask the right questions of management on complex issues such as climate change, ESG, corruption, cybersecurity, human trafficking, supply-chain resilience, and much more.With insightful contributions from over one hundred world experts, this book provides board members and executives with a practical guide on what is required today to develop thriving, future-fit organizations. The insights shared in this book have one common message: the companies with the best chance of surviving and thriving will be guided by leaders with the foresight, knowledge, and determination to tackle the daunting challenges that confront all of humankind.

Download or read book From Shareholder Stewardship to Shareholder Duties written by Iris Chiu and published by . This book was released on 2018 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the context of the increasing institutionalisation of global equity, this chapter examines the development of the soft law of shareholder stewardship originating in the UK Stewardship Code and provides insights into its prospective evolution into hard law standards of behaviour for institutional shareholders. We argue that the time is ripe for the development of shareholder duties on the part of institutional investors. We contend that the proposed Shareholder Rights Directive is already taking a step towards that direction by introducing a semi-hard law of a fiduciary duty to demonstrate engagement at a pan-European level. We argue that such a duty is relevant to different European jurisdictions; even if ownership structures are still rather different across the EU there is a shifting balance between traditional blockholders, such as families, and institutional investors.

Download or read book Enhancing Global Competitiveness Through Sustainable Environmental Stewardship written by Subhash C. Jain and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is apparent that environmental issues affect the livelihoods and well being of individuals, communities and businesses the world over. In that vein, this book examines the impact that climate change and other environmental factors have on business. The effect of climate change, while a significant factor, will influence business slowly, but inexorably. Executives should manage environmental risk at three levels: regulatory compliance, potential liability from industrial accidents, and pollutant release mitigation.Companies that are proactive in mitigating their exposure to climate-change risks will not only generate new profitable opportunities, but also gain competitive advantage over their rivals in a carbon-constrained future. Enhancing Global Competitiveness through Sustainable Environmental Stewardship provides frameworks for identifying how climate change might affect a business, and suggests strategy guidelines to manage the risks and seek opportunities.This seminal collection of research will be of particular interest to students and scholars of sustainability studies, business and management, and business professionals concerned with the role they will play in the changing and challenging times that lie ahead for business growth and environmental consciousness.

Download or read book Corporate Governance Matters written by David Larcker and published by FT Press. This book was released on 2011-04-14 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Governance Matters gives corporate board members, officers, directors, and other stakeholders the full spectrum of knowledge they need to implement and sustain superior governance. Authored by two leading experts, this comprehensive reference thoroughly addresses every component of governance. The authors carefully synthesize current academic and professional research, summarizing what is known, what is unknown, and where the evidence remains inconclusive. Along the way, they illuminate many key topics overlooked in previous books on the subject. Coverage includes: International corporate governance. Compensation, equity ownership, incentives, and the labor market for CEOs. Optimal board structure, tradeoffs, and consequences. Governance, organizational strategy, business models, and risk management. Succession planning. Financial reporting and external audit. The market for corporate control. Roles of institutional and activist shareholders. Governance ratings. The authors offer models and frameworks demonstrating how the components of governance fit together, with concrete examples illustrating key points. Throughout, their balanced approach is focused strictly on two goals: to “get the story straight,” and to provide useful tools for making better, more informed decisions.

Download or read book Does More Power for Shareholders Undermine Board Stewardship written by Weltbank and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The level of shareholders' expertise and experience needs to be questioned as they wield greater clout and become more deeply involved in strategic issues that should be the board's purview. This misdirected involvement distracts shareholders from their principal and most important role: electing and overseeing boards. To play that role, shareholders must have the basic tools from soliciting proxies of holders of voting securities to having the ability to seek court relief for a company's oppressive conduct. One of the important principles of good governance is the empowerment of shareholders. Unless they are able and willing to hold boards to account, then there is little hope, short of tough and intrusive regulation, of ensuring that company management acts in anything other than their own narrow self-interest. But the question is: how far should shareholders go? Peter Dey's paper brings an important perspective of someone who is both committed to good governance and experienced as a corporate director. This report heralded a new era of increased attention to the responsibilities of Canadian boards as stewards of shareholder value. Internationally, the author has been associated with the International Corporate Governance Network (ICGN) for the last ten years and has been an active participant in the Global Corporate Governance Forum, serving as a chairman.

Download or read book Corporate Governance in the Common Law World written by Christopher M. Bruner and published by Cambridge University Press. This book was released on 2013-03-29 with total page 317 pages. Available in PDF, EPUB and Kindle. Book excerpt: The corporate governance systems of Australia, Canada, the United Kingdom and the United States are often characterized as a single 'Anglo-American' system prioritizing shareholders' interests over those of other corporate stakeholders. Such generalizations, however, obscure substantial differences across the common-law world. Contrary to popular belief, shareholders in the United Kingdom and jurisdictions following its lead are far more powerful and central to the aims of the corporation than are shareholders in the United States. This book presents a new comparative theory to explain this divergence and explores the theory's ramifications for law and public policy. Bruner argues that regulatory structures affecting other stakeholders' interests - notably differing degrees of social welfare protection for employees - have decisively impacted the degree of political opposition to shareholder-centric policies across the common-law world. These dynamics remain powerful forces today, and understanding them will be vital as post-crisis reforms continue to take shape.

Download or read book Research Handbook on Shareholder Inspection Rights written by Randall S. Thomas and published by Edward Elgar Publishing. This book was released on 2023-05-09 with total page 473 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shareholder inspection rights form an important tool for shareholder protection. They offer shareholders seeking information private access to specific books and records of the company that are otherwise not publicly available. While there has been a discourse on the topic in some jurisdictions such as Delaware (USA), it has not received scholarly treatment at an international level. This Research Handbook seeks to alter that, and signifies the first endeavor to engage in a comprehensive and comparative analysis of shareholder inspection.