Investor Stewardship And The Uk Stewardship Code
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Investor Stewardship And The Uk Stewardship Code
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Author : Daniel Cash
language : en
Publisher: Springer Nature
Release Date : 2021-09-20
Investor Stewardship And The Uk Stewardship Code written by Daniel Cash and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-09-20 with Business & Economics categories.
This book provides a critical assessment of the development of the Stewardship Code 2020, which sets out principles regarding the role of institutional investors in corporate governance. It discusses how the regulatory framework for stewardship evolved before and after the financial crisis, and how that evolution resulted in the 2020 Code. It then critiques the Code from a practical and academic perspective, as well as evaluating the wider regulatory framework; in particular, the position of the FRC (ARGA). The book concludes by offering insight into different pathways that the evolution of stewardship may continue to take. Stewardship Codes modelled on the U.K.’s original 2010 version have been introduced in numerous markets and as such the book will be relevant for an international audience of academics, regulators and policymakers in financial regulation, investment regulation and financial services.
The Uk Stewardship Code
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Author : Konstantinos Sergakis
language : en
Publisher:
Release Date : 2015
The Uk Stewardship Code written by Konstantinos Sergakis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
The exercise of stewardship responsibilities by institutional investors has become an important emerging and widely-debated topic, especially due to its potential to reform corporate governance culture. Its ultimate objective appears to be change in how investment is thought of and carried out, in order to optimise the functioning of financial markets and to sustain companies' existence and investors' portfolio value in the long term. Investors can contribute towards this objective if they engage effectively with companies and achieve a convincing level of interaction in order to express concerns about what they expect from their investments and how the investee company should be managed. The barrier that hampers this objective is the growing distance between investors and companies, which has created a gap in terms of communication, understanding and cooperation. Financial intermediation has made cooperation between these two parties more difficult, and therefore needs to be revisited.Regulation is able to intervene indirectly to influence this ongoing relationship by requiring that investors, especially institutional ones and their asset managers, become more transparent in how they conceive their role and how they carry out their business. In this respect, the UK Stewardship Code was introduced in 2010 and revised in 2012. It addresses these issues and aims to become a point of reference for investors in order to assist them in achieving broader and more advanced engagement with companies. This paper aims to analyse the benefits of the Code, as well as to address remaining problematic issues, which, once dealt with, will help the UK regulatory framework achieve optimal impact on the market. It will further explore the way forward in order to improve the current framework and explore new fields of research in this area. Part I will analyse and explore the current status of the Stewardship Code. Part II will analyse the shortfalls of the Code and will strive to propose future amendments. Part III will concentrate on wider market-related issues associated with the Stewardship Code, which, once resolved, will increase its effective adoption and acceptance by the market. Part IV will conclude the debate and evaluate the contribution of the Stewardship Code in improving the relationship between companies and investors.
Institutional Investor Stewardship In The Uk And Malaysia
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Author : Petrina Tan Tjin Yi
language : en
Publisher:
Release Date : 2018
Institutional Investor Stewardship In The Uk And Malaysia written by Petrina Tan Tjin Yi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Institutional investors are acknowledged as an influential force worldwide as a result of their large shareholdings and ownership of public equity. Arising from a focus on their investing and shareholding practices and their impact on the listed companies which they have invested in as well as on the economy and society overall, stewardship codes have been introduced in the UK and Malaysia to promote their role as stewards. The key objective of this paper is to evaluate the theoretical and practical issues relating to the relatively recent phenomenon of stewardship of institutional investors in Malaysia through functional and contextual lenses as juxtaposed against the more established practice of stewardship in the UK. It is argued that notwithstanding a similar legal framework for shareholder rights and substantial similarities with regard to the content of the UK Stewardship Code and the Malaysian Code for Institutional Investors and its status as soft law, the market structure and political economic factors which are unique to Malaysia represent a constraint on the effectiveness of the Malaysian Code for Institutional Investors in shaping the practices of institutional investors in Malaysia. As such, recommendations to address issues pertaining to the stewardship of institutional investors in the Malaysian context would need to take into account the theoretical and contextual constraints, although insights may be gained from examining structural issues in the investment industry in the UK.
Is Institutional Investor Stewardship Still Elusive
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Author : Simon C. Y. Wong
language : en
Publisher:
Release Date : 2015
Is Institutional Investor Stewardship Still Elusive written by Simon C. Y. Wong and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
This article examines, on the fifth anniversary of the landmark UK Stewardship Code, the notable achievements and continuing challenges in the drive to encourage institutional investors to be informed and engaged owners.The key messages are:1. Getting institutional investors to be good owners has proved challenging, hampered in part by the failure of stewardship codes to tackle the root causes of poor shareholder stewardship.2. Promising developments in recent years have occurred principally at the asset owner level - particularly pension and sovereign wealth funds - rather than among the ranks of for-profit asset managers.3. Notably, some asset owners have lengthened their performance assessment and ownership timeframes, shrunk their portfolios, and contracted the chain of ownership. Meanwhile, some passive/index investment firms have begun embracing stewardship.
Investment Management Stewardship And Sustainability
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Author : Iris H-Y Chiu
language : en
Publisher: Bloomsbury Publishing
Release Date : 2023-02-09
Investment Management Stewardship And Sustainability written by Iris H-Y Chiu and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-02-09 with Law categories.
This book brings together thought leadership from academia and leading figures in asset management in key global jurisdictions, to pool together insights regarding the transformative visions and challenges for modern investment management, as well as best practices that realise the policy objectives in regulation and soft law. The world of investment management is being challenged by new legal, regulatory and soft law developments to demonstrate that their practices cohere with the long-term needs of the saving population as well as public interest needs in financing global sustainability and social development. The chapters in this book uniquely bring together the views of academia and practice on the key developments that can transform the law and practice of investment management, including the EU's new sustainable finance reform package, the UK Stewardship Code 2020, and developments in the US regarding the fit between fiduciary law for investment management and modern sustainability concerns. The book brings together the best of both worlds–critical thoughtful perspectives from academia and qualitative insight from the investment management industry. It will be of interest to researchers in law, investment management, business and management, practitioners in the investment management industry and their legal advisers, and policy-makers in the EU, UK and beyond who are grappling with the appropriate governance paradigms for bringing about more sustainable outcomes globally.
Governance Stewardship And Sustainability
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Author : George Dallas
language : en
Publisher: Taylor & Francis
Release Date : 2022-11-10
Governance Stewardship And Sustainability written by George Dallas and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-11-10 with Business & Economics categories.
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.
Does Compliance With The Uk Stewardship Code By Institutional Investors Enhance Investee Earnings Quality
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Author : Chun Lu
language : en
Publisher:
Release Date : 2016
Does Compliance With The Uk Stewardship Code By Institutional Investors Enhance Investee Earnings Quality written by Chun Lu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Corporations categories.
Hedge Fund Activism
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Author : Alon Brav
language : en
Publisher: Now Publishers Inc
Release Date : 2010
Hedge Fund Activism written by Alon Brav and has been published by Now Publishers Inc this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Business & Economics categories.
Hedge Fund Activism begins with a brief outline of the research literature and describes datasets on hedge fund activism.
Esg And Responsible Institutional Investing Around The World A Critical Review
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Author : Pedro Matos
language : en
Publisher: CFA Institute Research Foundation
Release Date : 2020-05-29
Esg And Responsible Institutional Investing Around The World A Critical Review written by Pedro Matos and has been published by CFA Institute Research Foundation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-05-29 with Business & Economics categories.
This survey examines the vibrant academic literature on environmental, social, and governance (ESG) investing. While there is no consensus on the exact list of ESG issues, responsible investors increasingly assess stocks in their portfolios based on nonfinancial data on environmental impact (e.g., carbon emissions), social impact (e.g., employee satisfaction), and governance attributes (e.g., board structure). The objective is to reduce exposure to investments that pose greater ESG risks or to influence companies to become more sustainable. One active area of research at present involves assessing portfolio risk exposure to climate change. This literature review focuses on institutional investors, which have grown in importance such that they have now become the largest holders of shares in public companies globally. Historically, institutional investors tended to concentrate their ESG efforts mostly on corporate governance (the “G” in ESG). These efforts included seeking to eliminate provisions that restrict shareholder rights and enhance managerial power, such as staggered boards, supermajority rules, golden parachutes, and poison pills. Highlights from this section: · There is no consensus on the exact list of ESG issues and their materiality. · The ESG issue that gets the most attention from institutional investors is climate change, in particular their portfolio companies’ exposure to carbon risk and “stranded assets.” · Investors should be positioning themselves for increased regulation, with the regulatory agenda being more ambitious in the European Union than in the United States. Readers might come away from this survey skeptical about the potential for ESG investing to affect positive change. I prefer to characterize the current state of the literature as having a “healthy dose of skepticism,” with much more remaining to be explored. Here, I hope the reader comes away with a call to action. For the industry practitioner, I believe that the investment industry should strive to achieve positive societal goals. CFA Institute provides an exemplary case in its Future of Finance series (www.cfainstitute.org/research/future-finance). For the academic community, I suggest we ramp up research aimed at tackling some of the open questions around the pressing societal goals of ESG investing. I am optimistic that practitioners and academics will identify meaningful ways to better harness the power of global financial markets for addressing the pressing ESG issues facing our society.
Global Shareholder Stewardship
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Author : Dionysia Katelouzou
language : en
Publisher:
Release Date : 2022-05-04
Global Shareholder Stewardship written by Dionysia Katelouzou and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-05-04 with Law categories.
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.