Shareholder Ideology and Stewardship

Hosted by:

*** This Event was by invitation only. ***

(ECGI Institutional and Patron Members may submit attendance requests by email however spaces are limited)

The Roundtable focused on the nature of governance interventions by institutional shareholders. Institutional investors have a conflict between promoting socially responsible behaviour of companies and shareholder value orientation at all cost. What can we learn from voting behaviour about “shareholder ideology”? How actively involved are institutional investors with portfolio companies? Do active managers take buy and sell decisions based on governance and stewardship information? Is there a link between sell decisions, voting and other types of governance intervention?

Organisers

Marco Becht, Solvay Brussels School, ECGI and CEPR

Luca Enriques, University of Oxford and ECGI

Programme Outline: 

The event was structured around introductory briefings from previously designated participants. These interventions are intended to stimulate further interventions and discussion between all attendees. 

15:00   Registration

15:15   Welcome – Hans Hirt, Executive Director, Hermes EOS

15:30   “Investor Ideology”[1] Patrick Bolton, Columbia Business School and ECGI

16:45   Tea/ Coffee

17:15   “How Active are Active Managers?” [2], Julian Franks, London Business School and ECGI

18:30   Concluding remarks – Marco Becht, Executive Director, ECGI

[1] /working-paper/investor-ideology

[2] Forthcoming ECGI working paper

Contact

Programme queries should be directed to Marco Becht (Marco.Becht@ecgi.org) or

Luca Enriques (luca.enriques@law.ox.ac.uk)

Practical queries should be directed to Elaine McPartian (elaine.mcpartlan@ecgi.org)

Participants:

Prof.

Luca

Enriques

University of Oxford

Mr.

John

Plender

Financial Times

Prof.

Carlo

Marchetti

University of Milan

Prof.

Marco

Becht

Solvay Brussels School

Mr.

Mike

Everett

Aberdeen Standard Investments

Mr.

Harlan

Zimmerman

Cevian Capital

Mr.

David

Shammai

Morrow Sodali

Mr.

Ola Peter K

Gjessing

Norges Bank Investment Management

Ms.

Marion

Chaboud

Deloitte EUPC

Mr.

Robbert

Gerritsen

Institutional Shareholder Services (ISS)

Dr.

Tom

Gosling

PwC / London Business School

Prof.

Hannes

Wagner

Bocconi University

Prof.

Patrick

Bolton

Columbia University

Prof.

Julian

Franks

London Business School

Mr.

Andy

Jones

Hermes Investment Management

Mr.

Jaime

Gornsztejn

Hermes Investment Management

Ms.

Sarah

Wilson

Minerva

Ms.

Amanda

Hillström

Cevian Capital