Reviving Shareholder Stewardship: Critically Examining the Impact of Corporate Transparency Reforms in the UK
Reviving Shareholder Stewardship: Critically Examining the Impact of Corporate Transparency Reforms in the UK
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重振股东管理：严格审视英国企业透明度改革的影响
DOI：
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发表时间：
2014
期刊：
影响因子：
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通讯作者：
I. Chiu
中科院分区：
文献类型：
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作者：
I. Chiu
这篇文章考察了英国的公司透明度改革，旨在激励股东加强对公开上市公司的参与。加强股东参与被视为公司健康公司治理的重要组成部分，为公司部门提供审查和一种治理形式。然而，除了利基形式的对冲基金或专注的激进主义外，在英国，股东与被投资公司的参与仍然很弱，尤其是机构。增强叙述性报告的企业透明度改革寻求支持这种股东参与，支持《管理守则》，这是一部软性法律，包含股东参与的最佳实践，旨在激励和指导此类参与。该条款怀疑，在缺乏改变投资管理激励的结构性改革的情况下，叙述性报告和对管理的规劝--将改变英国股东参与的格局。这篇文章探讨了美国的私人证券诉讼模式，作为一种表达公司治理中股东权利的市场纪律形式，以确定见解是否可能与英国相关。然而，鼓励发展这种以信息披露为基础的市场纪律作为一种公司治理形式，是有好处也有坏处的。这种把重点放在公司透明度改革对股东参与的影响方面的局限性的做法，确实可能会促使政策制定者考虑更坚决地开始对投资管理和公司治理格局进行结构性改革的必要性。
This Article examines the UK's corporate transparency reforms designed to motivate enhanced shareholder engagement in publicly-listed companies. Enhanced shareholder engagement is seen as an essential part of healthy corporate governance in companies providing scrutiny and a form of governance for the corporate sector. However, other than niche forms of hedge-fund or focused activism, shareholder engagement, particularly by institutions, with investee companies remains weak in the UK. Corporate transparency reforms in enhanced narrative reporting seek to bolster such shareholder engagement, to support the Stewardship Code, a body of soft law which contains best practices in shareholder engagement designed to motivate and guide such engagement.This Article doubts that narrative reporting and the exhortation to stewardship — in the absence of structural reforms that change investment management incentives — would change the landscape of shareholder engagement in the UK. This Article explores the U.S. model of private securities litigation as a form of market discipline that expresses shareholders' rights in corporate governance, in order to determine if insights may be relevant to the UK. However, there are pros and cons in encouraging the development of such disclosure-based market discipline as a form of corporate governance. This exercise of focusing on the limitations of corporate transparency reforms in terms of its impact on shareholder engagement may indeed spur policy-makers to consider the necessity of embarking more resolutely on structural-type reforms to the investment-management and corporate governance landscapes.