Global Shareholder Stewardship

The first in-depth comparative analysis of shareholder stewardship, which reveals the complexities of this global movement that were previously unknown.

Dionysia Katelouzou (Edited by), Dan W. Puchniak (Edited by)

9781108843102, Cambridge University Press

Hardback, published 12 May 2022

520 pages
26.2 x 18.4 x 4 cm, 1.53 kg

'This book does a remarkable job providing the ?rst in-depth analysis of global shareholder stewardship. The skill, diversity, and creativity of its contributors – combined with its thoughtful curation and insightful comparative theories – is why this book is destined to be the leading authority in the ?eld. It is a must read for anyone interested in the regulation of ?nancial markets, institutional investors, or corporate governance.' Marco Becht, Professor of Finance and the Goldschmidt Professor of Corporate Governance, Solvay Brussels School; Executive Director, European Corporate Governance Institute (ECGI)

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.

Part I. Foundations: 1. Global shareholder stewardship: complexities, challenges, and possibilities Dionysia Katelouzou and Dan W. Puchniak
2. The UK stewardship code 2010–2020: from saving the company to saving the planet? Paul Davies
3. The market for stewardship and the role of the government Dionysia Katelouzou and Eva Micheler
Part II. Jurisdictions: 4. Shareholder stewardship in the Netherlands: the role of institutional investors in a stakeholder-oriented jurisdiction Christoph Van der Elst and Anne Lafarre
5. Capitalist stakeholders: shareholder stewardship in Switzerland Daniel Daeniker and Gérard Hertig
6. Institutional investor stewardship in Italian corporate governance Giovanni Strampelli
7. The Danish stewardship code – the past, the present and the future Hanne S. Birkmose and Marina B. Madsen
8. Stewardship Norwegian-style: fragmented and state-dominated (but not without potential?) Jukka Mähönen, Beate Sjåfjell and Monica Mee
9. Stewardship and shareholder engagement in Germany Wolf-Georg Ringe
10. The Japanese stewardship code: its resemblance and non-resemblance to the UK code Gen Goto
11. Korea's stewardship code and the rise of shareholder activism: agency problems and government stewardship revealed Sang Yop Kang and Kyung-Hoon Chun
12. The assessment of Taiwan's shareholder stewardship codes: from international stewardship principle to alternative good stewardship Andrew Jen-Guang Lin
13. Stewardship in the Hong Kong international financial centre: adding 'responsible owners' to an entrepreneurial market David C. Donald
14. Singapore's embrace of shareholder stewardship: a puzzling success Dan W. Puchniak and Samantha S. Tang
15. Institutional investor stewardship in Malaysia: code, context and challenges Petrina Tan Tjin Yi
16. The Thai institutional investors stewardship code and its implementation Patanaporn Kowpatanakit and Piyabutr Bunaramrueang
17. Shareholder stewardship in India: the Desiderata Umakanth Varottil
18. Institutional investors in China: an autochthonous mechanism unrelated to UK-cum-global stewardship Dan W. Puchniak and Lin Lin
19. Stewardship and collective action: the Australian experience Tim Bowley and Jennifer G. Hill
20. Stewardship principles in Canada Cynthia A. Williams
21. The uncertain stewardship potential of index funds Jill Fisch
22. Encouraging sustainable investment in South Africa: CRISA and beyond Natania Locke
23. Stewardship code in Kenya: just a code or something more? Austin Ouko
24. The Brazilian stewardship framework Bruno Bastos Becker, Rafael Andrade and Viviane Muller Prado
Part III: Comparisons: 25. Investment management, stewardship and corporate governance roles Roger M. Barker and Iris H-Y Chiu
26. Sustainable finance and stewardship: unlocking stewardship's sustainability potential Dionysia Katelouzou and Alice Klettner
27. Shareholder stewardship enforcement Dionysia Katelouzou and Konstantinos Sergakis
28. Can a global legal misfit be fixed? Shareholder stewardship in a controlling shareholder and ESG world Ernest Lim and Dan W. Puchniak
29. Shareholder stewardship in Asia: functional diversity within superficial formal convergence Alan K. Koh, Dan W. Puchniak and Gen Goto
30. The global diffusion of stewardship codes Dionysia Katelouzou and Mathias Siems.

Subject Areas: Commercial law [LNCB], Company, commercial & competition law [LNC], Transnational commercial law [LBDK], Comparative law [LAM]