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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.
Sommario
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.
Riassunto
This is the first in-depth comparative and empirical analysis of shareholder stewardship, which reveals the complexities of this global movement that were previously unknown. It highlights the role of institutional investors and other shareholders, examining how they use their formal and informal power to influence companies.
