Download or read book Global Shareholder Stewardship written by Dionysia Katelouzou and published by . This book was released on 2022-05-12 with total page 723 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first in-depth comparative analysis of shareholder stewardship, which reveals the complexities of this global movement that were previously unknown.

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 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 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 The Foundations and Anatomy of Shareholder Activism written by Iris H-Y Chiu and published by Bloomsbury Publishing. This book was released on 2010-10-12 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Foundations and Anatomy of Shareholder Activism examines the landscape of contemporary shareholder activism in the UK. The book focuses on minority shareholder activism in publicly listed companies. It argues that contemporary shareholder activism in the UK is dominated by two groups; one, the institutional shareholders whose shareholder activism is largely seen as a driving force for good corporate governance, and two, the hedge funds whose shareholder activism is based on value extraction and exit. The book provides a detailed examination of both types of shareholder activism, and discusses critically the nature of, motivations for and consequences following both types of shareholder activism. The book then locates both types of shareholder activism in the theory of the company and the fabric of company law, and argues that institutional shareholder activism based on exercising a voice at general meetings is well supported in theory and law. The call for institutions to engage in more informal forms of activism in the name of 'stewardship' may bring about challenges to the current patterns of activism that institutions engage in. The book argues, however, that a more cautious view of hedge fund activism and the pattern of value extraction and exit should be taken. More empirical evidence is likely to be necessary, however, to weigh up the long terms benefits and costs of hedge fund activism.

Download or read book The Shareholder Action Guide written by Andrew Behar and published by Berrett-Koehler Publishers. This book was released on 2016-11-14 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: “A valuable call to action for small shareholders to change the ways big corporations do business.” —Robert Reich, former US Secretary of Labor Want to make misbehaving corporations mend their ways? You can! If you own their stock, corporations have to listen to you. Shareholder advocate Andrew Behar explains how to exercise your proxy voting rights to weigh in on corporate policies—you only need a single share of stock to do it. If you've got just $2,000 in stock, Behar shows how you can go further and file a resolution to directly address the board of directors. And even if your investments are in a workplace-sponsored 401(k) or a mutual fund, you can work with your fund manager to purge corporations from your portfolio that don't align with your values. Illustrated with inspiring stories of individuals who have gone up against corporate Goliaths and won, this book informs, inspires, and instructs investors how to unleash their power to change the world.

Download or read book Shareholders Duties written by Hanne S. Birkmose and published by Kluwer Law International B.V.. This book was released on 2017-01-15 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is often assumed that shareholders have rights, not duties. In recent years, however, this assumption has come under intense scrutiny in all aspects of company law and capital market law -legislation, the courts, soft law, and scholarship - and, in Europe especially, major changes are under way across a diverse spectrum all the way from revised contractual arrangements to mandatory statutory provisions. Such a shift has important implications for the fundamentals of European company law, and there is a need to examine shareholders' duties and to consider where this trend is taking shareholders and their stance in law. This focused collection of essays by twenty notable scholars addresses this complex subject from a highly informative and useful variety of perspectives. Examining shareholders' duties along three axes - types of investee companies, types of shareholders, and types of business situations - the essays deal with such topics and issues as the following: - shareholders' duties as reflections of the interests they are intended to safeguard; - shareholders' duties to society; - shareholders' disclosure obligations; - duties of parent companies; - institutional investor's fiduciary duty; - how regulatory duties constrain value-reducing forms of opportunism; - the state's continuing duties in the transformation of state-owned companies; - significant shareholders' duties in transactions with the company; and - powerful shareholders' duty not to abuse right. Examining the implications of this shift in discourse - how shareholders' duties are coming to the fore under the impetus of legislation, legal doctrine, case law, and enforcement strategies - as well as its ideological underpinnings, this book offers a comprehensive and in-depth consideration of this rapidly developing field. It will prove of inestimable value not only to policymakers and academics, but also to investors and practitioners committed to creating conditions favourable to sustainable economic growth and responsible business behaviour.

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 Governance Stewardship and Sustainability written by George Dallas and published by Taylor & Francis. This book was released on 2022-11-10 with total page 187 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first introductory practical guide of its kind, this book brings together principles of corporate governance, investor stewardship and enterprise sustainability in the context of institutional investment. Stewardship codes are developing in diverse markets to provide a framework for responsible institutional investment practices and fiduciary duties for beneficiaries. While codes provide a starting point, the application of stewardship in practical terms can be challenging for many institutional investors. Written by two well-known corporate governance experts, George Dallas and Mike Lubrano, and based on the ICGN training course on stewardship that they developed, this book gives needed clarity, rigor and guidance to practitioners about what we know—and don't know—about stewardship, governance and sustainability. It explores the theoretical foundations of stewardship, linking these to day-to-day decision-making and providing real-life examples and practical tools to evaluate issues that arise for companies from an environmental, social and governance perspective and generate ideas about how to make investor stewardship a practical reality in similar cases. Investor stewardship and ESG professionals, portfolio managers, senior managers, regulators and finance students will appreciate this unique guide to developing, refining and operationalising investor stewardship capabilities in line with the respected and internationally recognised ICGN policy framework.

Download or read book The Role of the Shareholder in the Corporate World written by United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Citizens and Shareholders Rights and Remedies and published by . This book was released on 1977 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Responsible Shareholder written by Bottomley, Stephen and published by Edward Elgar Publishing. This book was released on 2021-11-09 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examining the role of shareholders in modern companies, this timely book argues that more should be expected of shareholders, both morally and legally. It explores the privileged position of shareholders within the corporate law system and the unique rights and duties awarded to them in contrast to other corporate actors. Introducing the concept of shareholders as responsible agents whose actions and inactions should be judged on that basis, Stephen Bottomley unites a number of distinct corporate governance discussions including stewardship, activism and shareholder liability.

Download or read book The Cambridge Handbook of Shareholder Engagement and Voting written by Harpreet Kaur and published by Cambridge University Press. This book was released on 2022-09-15 with total page 1013 pages. Available in PDF, EPUB and Kindle. Book excerpt: All over the world, companies play an important role in the economy. Different types of stakeholders hold the reins in these companies. An important class are the shareholders that finance the activities of these companies. In return, stakeholders have a say on how these companies should be organized and structure their activities. This is primarily done through voting and engaging. These mechanisms of voting and engaging allow the shareholders to decide significant aspects of the company structure, from who governs it to how much directors are paid. However, how shareholders vote and engage and how far their rights stretch are organized differently in different countries. This pioneering book provides insights into what rights these shareholders have and how the shareholders of companies in nineteen different jurisdictions participate in corporate life through voting and engaging. Comparative and international in scope, it pays particular attention to how jurisdictions align and differ around the world.

Download or read book Understanding Institutional Shareholder Activism written by Bo Gong and published by Routledge. This book was released on 2013-12-13 with total page 313 pages. Available in PDF, EPUB and Kindle. Book excerpt: Institutional shareholder participation has long been considered as vital to good corporate governance yet its potential does not seem to have been realized. The recent banking crisis exposed the passivity of some institutional shareholders, many of whom appear to have chosen to sell their stakes in the banks rather than intervene or challenge the board when they realized the strategies followed by the banks were excessively risky. Institutional shareholders’ role to scrutinize and monitor the decisions of boards and executive management in the banking sector in the UK is considered by many to be a failure, resulting in the phenomenon of ‘ownerless corporations’, as described by Lord Myners. In China, despite the fast rising of institutional investment in the securities market, institutional shareholders have not yet played a contributory role in monitoring corporate managers in listed companies. Drawing on empirical evidence this book seeks to systematically analyses institutional shareholders’ incentives to activism to explain when and why shareholder activism will occur. The book puts forward a model which explains the factors that determine institutional shareholders’ propensity for activism. The model both elaborates the collective benefits of activism as a means of achieving managerial accountability asks whether and when shareholder activism is rational for any individual shareholder. The book then goes to on to apply these finding to both the UK and China in order to explain the varying levels of shareholder activism in each jurisdiction. The book is the first to take an in-depth look at institutional share-holder activism in China providing prescriptions to promote greater shareholder engagement and exploring the potential it holds for improving corporate governance in the region.

Download or read book Enforcing Shareholders Duties written by Hanne S Birkmose and published by Edward Elgar Publishing. This book was released on 2019 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: A heavily debated topic, the evolution of shareholders’ duties risks the transformation of the very concept of shareholder primacy, crucially associated with shareholder rights. Offering a distinctive and comprehensive examination of both current and forthcoming enforcement mechanisms in the area of shareholder duties, this timely book provides an exhaustive analysis of the many issues related to these mechanisms, and considers the ongoing challenges surrounding their implementation.

Download or read book Family Business Ownership written by C. Aronoff and published by Springer. This book was released on 2016-05-24 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ownership in a family business can be a rewarding and important role. It means stewardship, protection and nurturing the family business. As a guide for shareholders, this book will develop understanding and insight into the role of becoming more valuable as an owner, not just financially, but intellectually and emotionally as well.

Download or read book Activist Shareholders in Corporate Governance written by Tim Bowley and published by Bloomsbury Publishing. This book was released on 2023-01-12 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the regulatory challenges of public company shareholder activism. Around the world, policy makers, practitioners and academics debate how best to regulate shareholder activism. Using Australia as a case study, the book examines key issues raised by this debate. With a market structure and legal settings that are conducive to activism, Australia makes an ideal case study and provides a fresh comparative perspective on the regulatory debate about shareholder activism, which tends to be dominated by US-focused analysis and commentary. The book presents empirical evidence which reveals that Australian activism is a significant and multifaceted phenomenon, undertaken by different types of activists pursuing varying strategies and supported by a range of complementary market developments. The book uses this evidence to develop comparative insights and explore internationally topical issues, including: - activists' willingness to use interventionist governance rights; - the role of intermediaries such as proxy advisers in facilitating activism; - institutional investor stewardship; and - the risks of collective shareholder activism. This book provides an important comparative perspective on the topic of shareholder activism. It is an essential resource for policy makers, practitioners and academics interested in the regulatory implications of shareholder activism.

Download or read book Research Handbook on Shareholder Power written by Jennifer G. Hill and published by Edward Elgar Publishing. This book was released on 2015-07-31 with total page 638 pages. Available in PDF, EPUB and Kindle. Book excerpt: Much of the history of corporate law has concerned itself not with shareholder power, but rather with its absence. Recent shifts in capital market structure require a reassessment of the role and power of shareholders. These original, specially commiss