Session 5 | What do we know about institutional shareholders impact on governance and sustainability?

The 2025 IESE-ECGI Corporate Governance Conference was held on March 31, 2025, at IESE Business School’s Madrid campus, co-hosted by IESE and ECGI.

Session 5, "What Do We Know About Institutional Shareholders’ Impact on Governance and Sustainability?" examined the evolving influence of institutional investors on corporate governance structures and sustainability practices. Moderated by Miguel Duro (IESE Business School and ECGI), the session featured Mireia Giné (IESE Business School and ECGI), who presented empirical findings on ownership trends and their governance implications across the U.S., Europe, and Asia. Giné highlighted the growing footprint of passive institutional investors—particularly the “Big Three”—and explored how this shift has reshaped internal governance mechanisms, including board composition, compensation, and voting behavior. Discussant Jordi Gual (IESE Business School) drew on boardroom experience to emphasize the need for diverse governance models that account for different ownership types, especially in balancing long-term purpose with shareholder accountability.

Click to access the presentation slides from the speaker.