Investor Stewardship and the UK Stewardship Code

The Role of Institutional Investors in Corporate Governance

verfasst von: Daniel Cash, Dr. Robert Goddard

Verlag: Springer International Publishing

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft"

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Über dieses Buch

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.

Inhaltsverzeichnis

Frontmatter

Chapter 1. Introduction

Abstract

The opening chapter introduces the book. Central concepts such as an ‘institutional investor’ and ‘stewardship’ are tentatively introduced in order to frame the objective of the book, which is to chart the progression of formalised ‘stewardship’ in the UK up to the point of the new UK Stewardship Code 2020.

Daniel Cash, Robert Goddard

Chapter 2. The UK Stewardship Code 2010 as a Response to the Financial Crisis

Abstract

The aim for this chapter is to position the post-Crisis response as the start of the formalised stewardship process in the UK. The reaction to the impact that institutional investors had upon the financial sector in the UK fundamentally affected how the first Stewardship Codes, anywhere in the world, were developed. That progression is marked in this chapter, critically. Of interest is the forces that impacted that development, and how they translated into a Stewardship Code that was, ultimately wide of the mark.

Daniel Cash, Robert Goddard

Chapter 3. A Decade of Development

Abstract

On the back of implementing the first Stewardship Code, the decade between the first and the new Code is examined. The need for revision so soon after the establishment of the first Code is critically assessed as its implication slowly but surely leads to the development of what is now the new Code. Major issues that are affecting the development of the concept of stewardship within the institutional investor arena are introduced properly for the reader, including aspects such as fiduciary duties, implementing a Code in reality, and regulatory misalignment.

Daniel Cash, Robert Goddard

Chapter 4. The Stewardship Code 2020

Abstract

The new Code is assessed in full. Although, at the time of writing for the book, the first round of submissions from signatories has yet to be received, the early development of the new Code provides for rich information with which we can begin to illustrate its chances of success. The contents of the new Code are considered, but the differences from the previous Codes, as well as the major issues that are already being revealed are also considered.

Daniel Cash, Robert Goddard

Chapter 5. The Future of Stewardship

Abstract

In now understanding the new Code and the factors that affected its bespoke design, the future of stewardship more generally is considered in this final substantive chapter. There are clearly underlying issues which fundamentally affect the concept, implementation, and perhaps belief in stewardship and the main aspects are considered in this chapter. The tension between changing one’s fiduciary duties are particularly focused on, but also the vitally important issue of how one’s stewardship declarations should be assured is also critically assessed. Finally, the chapter considers the position of the new regulator—ARGA—which will take up the reigns in 2023.

Daniel Cash, Robert Goddard

Chapter 6. Conclusion

Abstract

The book is concluded in this chapter, with both a review of the major issues examined the book considered, but also critical reactions to the identification of important themes and revelations.

Daniel Cash, Robert Goddard

Backmatter

Titel: Investor Stewardship and the UK Stewardship Code
verfasst von: Daniel Cash
Dr. Robert Goddard
Verlag: Springer International Publishing
Electronic ISBN: 978-3-030-87152-9
Print ISBN: 978-3-030-87151-2
DOI: https://doi.org/10.1007/978-3-030-87152-9