ABSTRACT
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 economies and now exist in twenty jurisdictions on six continents, with more jurisdictions considering adopting them. In the United Kingdom, stewardship codes were promised to transform rationally passive institutional investors into actively engaged shareholders to prevent another global financial crisis (GFC). More recently, the new 2020 UK Stewardship Code (UK Code) has been promoted as a mechanism to save the planet by incentivizing institutional investors to pressure listed companies to focus on environmental, social, and corporate governance (ESG) …
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Dan W Puchniak, The False Hope of Stewardship in the Context of Controlling Shareholders: Making Sense Out of the Global Transplant of a Legal Misfit, American Journal of Comparative Law. Published: 3 May 2024.
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