The Stewardship Code's Achilles' Heel
The Stewardship Code's Achilles' Heel
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DOI：
10.1111/j.1468-2230.2010.00828.x
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发表时间：
2010-11-01
影响因子：
0.9
通讯作者：
Cheffins, Brian R.
中科院分区：
文献类型：
--
作者：
Cheffins, Brian R.
许多关注英国公司治理的人敦促那些拥有上市公司股权的人放弃传统的被动偏见，并作为负责任的，参与的“所有者”行事。最近的金融危机进一步推动了这种呼吁，“管理”的概念占据了中心舞台，并导致2010年7月推出了针对英国机构投资者的管理守则。本文总结了《管理守则》的倡议，并认为，主要是由于持续分散的股权发生在过去20年中，该守则是不可能促进大幅度提高股东参与英国公司治理。
Many concerned about UK corporate governance have urged those who own equity in listed companies to forsake a traditional bias in favour of passivity and act as responsible, engaged 'owners'. The recent financial crisis has given added impetus to such calls, with the notion of 'stewardship' taking centre stage and resulting in July 2010 with the launch of a Stewardship Code targeting UK-based institutional investors. This paper summarises the Stewardship Code initiative and argues that, primarily due to sustained fragmentation of share ownership occurring over the past 20 years, the Code is unlikely to foster substantially greater shareholder involvement in UK corporate governance.