Investor Stewardship in an Uncertain World
- 27 May 2022
- •
- King’s College London
** Access the event summary report, authored by Dionysia Katelouzou and Philip Gavin **
Investor Stewardship in an Uncertain World
King’s College London
This was a hybrid event.
Download Programme
Friday, 27 May 2022
09:00 - 18:30 BST (10:00 – 19:30 CEST)
Organiser
Dionysia Katelouzou (King’s College London)
About the event
For an ever-growing number of investors, investor stewardship – the responsible allocation of capital and purposeful engagement – stands at the heart of their investment practices. What it precisely means, however, to be an effective steward of capital is hardly a settled matter. On the one hand, recent years have seen the soft-law principles of investment stewardship continue to develop in the UK and abroad and an increasing number of regulatory initiatives have been introduced with the aim to foster the efficient inclusion of sustainability in investment management and corporate governance.
On the other hand, the economic and social challenges facing the commercial world are ever in flux and the last number of years have seen changes in stewardship reporting and practices with the unprecedented uncertainties posed by Covid-19, climate change and global conflicts. This conference took stock of how investor stewardship has come to be understood and practised by investors who have taken up the mantle of stewardship over the last two years. This brings together regulators, academics and practitioners to discuss the challenges to the effective implementation of investor stewardship in times of uncertainty and how to plan for the future.
The conference was concluded with the book launch of “Global Shareholder Stewardship”, an edited book which provides a cutting-edge and comprehensive understanding of global shareholder stewardship which challenges existing theories and challenges many of the most important debates in comparative law and governance.
The event was organised by the Dickson Poon School of Law at King's College London in collaboration with the British Academy and ECGI and is part of the Global Shareholder Stewardship project.
Information
Friday 27 May 2022 8:40 BST (9:40 CEST)
Registration
Welcome
Speakers:
Investor Stewardship in an Uncertain World: Pandemic(s), Climate Change and Global Conflicts
Speakers:
Discussant:
Investor Stewardship in an Uncertain World: Pandemic(s), Climate Change and Global Conflicts
Speakers
Discussants
New Trends in the Regulation of Executive Remuneration
This paper, which was first presented as a conference paper at the Annual 2009 Supreme Court of New South Wales Conference in June 2009, considers the...
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Stewardship and Collective Action: The Australian Experience
Institutional shareholder stewardship codes (‘stewardship codes’) exist in many jurisdictions. They reflect the growing importance of...
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Limited Shareholder Inspection Rights in Singapore: Worrying Legal Gap or Unnecessary for Rankings?
Singapore’s formal corporate law and governance rules normally meet or exceed global standards – which explains why it regularly tops prominent...
Read more
No Need for Asia to be Woke: Contextualizing Anglo-America’s “Discovery” of Corporate Purpose
Viewed through an Anglo-American lens, corporate governance around the world is living a woke moment. Anglo-America’s recent “discovery” that...
Read more
The False Hope of Stewardship in the Context of Controlling Shareholders: Making Sense Out of the Global Transplant of a Legal Misfit
In 2010, the United Kingdom issued the world’s first stewardship code. Since then, stewardship codes have been issued in many of the world’s leading...
Read more
Singapore’s Puzzling Embrace of Shareholder Stewardship: A Successful Secret
In the wake of the 2008 Global Financial Crisis, the UK created the first stewardship code which was designed to transform its rationally passive...
Read more
Centro and the Monitoring Board – Legal Duties Versus Aspirational Ideals in Corporate Governance
Pothers about liability risks for company directors and officers are nothing new in corporate law. The global financial crisis, however, created a...
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Directors’ Duties and Legal Safe Harbours: A Comparative Analysis
Directors’ duties are a core element of corporate governance, yet a range of legal safe harbours ultimately shape the contours and stringency of these...
Read moreAdapting Stewardship Frameworks for a Changing Environment
Moderator:
Panelists:
Adapting Stewardship Frameworks for a Changing Environment
Moderator
Panelists
Coffee Break
Stewardship Accountability and Reporting
Moderator:
Panelists:
Stewardship Accountability and Reporting
Moderator
Panelists
Lunch
Stewardship and Engagement: Navigating Disruptive Technologies
Moderator:
Panelists:
Stewardship and Engagement: Navigating Disruptive Technologies
Moderator
Panelists
The Market for Stewardship and the Role of the Government
In this contribution, we focus on the market for stewardship, as this has been developing in the UK. We observe that the 2020 UK Stewardship Code more...
Read moreVarieties of Stewardship: Re-imagining the ’E’, ’S’ and ’G’
Moderator:
Panelists:
Varieties of Stewardship: Re-imagining the ’E’, ’S’ and ’G’
Moderator
Panelists
Coffee Break
Systematic Stewardship: What is it and how is it pursued?
Moderator:
Systematic Stewardship: What is it and how is it pursued?
Moderator
Panelists
Global Shareholder Stewardship: Book Launch
Speakers:
Discussant:
Global Shareholder Stewardship: Book Launch
Speakers
Discussants
The Team Production Model as a Paradigm
This paper forms part of the proceedings for the 6th Annual Berle Symposium (2014), which focused on Margaret Blair and Lynn Stout?s 1999 Virginia Law...
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The Origins of the Market for Corporate Control
This paper, which was prepared for a University of Illinois College of Law symposium honoring Prof. Larry Ribstein, examines the origins of the market...
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Law and History by Numbers: Use, But with Care
This paper, prepared for a University of Illinois College of Law symposium honoring Prof. Larry Ribstein, deals with the historical development of...
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Corporate Governance and Countervailing Power
The analysis of corporate governance has been a one-sided affair. The focus has been on “internal” accountability mechanisms, namely boards and...
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Diversity of Shareholder Stewardship in Asia: Faux Convergence
Since the UK adopted the world’s first stewardship code in 2010, stewardship codes have proliferated across Asia. Given the UK Code’s prominence,...
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Comparative Analysis on Legal Regulation of the Liability of Members of the Management organs of Companies
This Report was prepared, with support by the World Bank, for the Russian Center for Capital Market Development and the Russian Federal Service on the...
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The Corporate Governance Movement, Banks and the Financial Crisis
This paper discusses why a ?corporate governance movement? that commenced in the United States in the 1970s became an entrenched feature of American...
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The Rhetoric of Activist Shareholder Stewards
The corporate governance role of institutional investors has long been stressed and culminated in recent emphasis on shareholder stewardship, the new...
Read moreDrinks Reception
Dinner
Speakers
Presentations
Welcome
Speakers
Corporate Governance and Control
Corporate governance is concerned with the resolution of collective action problems among dispersed investors and the reconciliation of conflicts of...
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The Benefits of Access: Evidence from Private Meetings with Portfolio Firms
We analyze over 4,700 private meetings between a large active asset manager and portfolio firms, unobservable to outsiders. These meetings are...
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Does Mandatory Shareholder Voting Prevent Bad Acquisitions?
Shareholder voting on corporate acquisitions is controversial. In most countries acquisition decisions are delegated to boards and shareholder...
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Loyalty Shares with Tenure Voting - Does the Default Rule Matter? Evidence from the Loi Florange Experiment
The contractual theory of the firm predicts that companies adopt charters that maximise firm value, regardless of the default rule. We test this...
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Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes U.K. Focus Fund
This article reports a unique analysis of private engagements by an activist fund. It is based on data made available to us by Hermes, the fund manager...
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Does Paying Passive Managers to Engage Improve ESG Performance?
The paper studies a natural experiment in responsible investment conducted by the Japanese Government Pension Investment Fund (GPIF). In 2018 GPIF...
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Returns to Hedge Fund Activism: An International Study
This paper provides evidence on the incidence, characteristics, and performance of activist engagements across countries. We find that the incidence...
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Outsourcing Active Ownership in Japan
This paper examines active ownership in Japan by an equity ownership service, Governance for Owners Japan (GOJ). GOJ engages with...
Read moreInvestor Stewardship in an Uncertain World: Pandemic(s), Climate Change and Global Conflicts
Investor Stewardship in an Uncertain World: Pandemic(s), Climate Change and Global Conflicts
Speakers
Discussants
Global Shareholder Stewardship: Complexities, Challenges, and Possibilities
Within less than twenty years the idea of shareholder stewardship has become a global phenomenon. In 2010, the United Kingdom hastily released the...
Read more
Shareholder Inspection Rights in Australia: Then And Now
Information asymmetry between shareholders and corporate managers can subvert contemporary calls for increased institutional investor oversight....
Read more
The Architecture of Corporate Governance in Australia - Corporate Governance - National Report: Australia
The paper was prepared as the Australian National Report on Corporate Governance for the International Academy of Comparative Law, 18th International...
Read more
Singapore’s Puzzling Embrace of Shareholder Stewardship: A Successful Secret
In the wake of the 2008 Global Financial Crisis, the UK created the first stewardship code which was designed to transform its rationally passive...
Read more
Legal Personhood and Liability for Flawed Corporate Cultures
A number of recent corporate law scandals (including the Wells Fargo fraudulent accounts scandal, the Volkswagen emissions scandal, sexual...
Read more
Takeovers, Poison Pills and Protectionism in Comparative Corporate Governance
The regulation of hostile takeovers constitutes an interesting corporate governance microcosm. It is an area where clear contrasts in approach,...
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Shareholder Engagement Inside and Outside the Shareholder Meeting
Important capital market, regulatory and technological developments have created greater investor appetite and capacity for engagement with public...
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Transnational Migration of Laws and Norms in Corporate Governance: Fiduciary Duties and Corporate Codes
This paper explores the intersection of transnational law with contemporary corporate governance laws and principles. Transnational law, it must be...
Read moreGlobal Shareholder Stewardship: Book Launch
Global Shareholder Stewardship: Book Launch
Speakers
Discussants
The Market for Stewardship and the Role of the Government
In this contribution, we focus on the market for stewardship, as this has been developing in the UK. We observe that the 2020 UK Stewardship Code more...
Read more
Is Delaware Losing Its Cases?
Delaware’s expert courts are seen as an integral part of the state’s success in attracting incorporation by public companies. However, the benefit...
Read more
No Need for Asia to be Woke: Contextualizing Anglo-America’s “Discovery” of Corporate Purpose
Viewed through an Anglo-American lens, corporate governance around the world is living a woke moment. Anglo-America’s recent “discovery” that...
Read more
The Corporate Governance Movement, Banks and the Financial Crisis
This paper discusses why a ?corporate governance movement? that commenced in the United States in the 1970s became an entrenched feature of American...
Read more
Law, Politics and the Rise and Fall of German Stock Market Development, 1870-1938
Law and politics had a significant impact on stock market development in Germany between 1870 and the beginning of World War II. IPOs can be a bellwether...
Read more
Thirty Years and Done – Time to Abolish the UK Corporate Governance Code
A 1992 Code of Best Practice developed by a committee Sir Adrian Cadbury chaired revolutionised UK corporate governance. The Code, which introduced...
Read more
Limited Shareholder Inspection Rights in Singapore: Worrying Legal Gap or Unnecessary for Rankings?
Singapore’s formal corporate law and governance rules normally meet or exceed global standards – which explains why it regularly tops prominent...
Read more
Corporate Governance and Countervailing Power
The analysis of corporate governance has been a one-sided affair. The focus has been on “internal” accountability mechanisms, namely boards and...
Read morePanel Discussions
Adapting Stewardship Frameworks for a Changing Environment
Adapting Stewardship Frameworks for a Changing Environment
Moderator
Panelists
Stewardship Accountability and Reporting
Stewardship Accountability and Reporting
Moderator
Panelists
Stewardship and Engagement: Navigating Disruptive Technologies
Stewardship and Engagement: Navigating Disruptive Technologies
Moderator
Panelists
The Market for Stewardship and the Role of the Government
In this contribution, we focus on the market for stewardship, as this has been developing in the UK. We observe that the 2020 UK Stewardship Code more...
Read moreVarieties of Stewardship: Re-imagining the ’E’, ’S’ and ’G’
Varieties of Stewardship: Re-imagining the ’E’, ’S’ and ’G’
Moderator
Panelists
Systematic Stewardship: What is it and how is it pursued?
Systematic Stewardship: What is it and how is it pursued?
Moderator
Panelists
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