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The UK Stewardship Code

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Abstract:

The UK Stewardship Code is the latest in a lengthy series of reports and codes designed to foster good corporate governance. The Code, heralded as the first of its kind in the world, is not, unlike many other corporate governance codes, aimed at companies themselves, but is aimed primarily at fund managers and institutional investors. Commentators have argued that the failure of institutional investors to adequately engage with their investee companies was a significant contributory factor in the recent financial crisis, and so the UK Stewardship Code seeks to improve the quality of institutional investor engagement. This article will discuss the origins and scope of the Code before going on to discuss the Code's content. The principal argument advanced will be that while the Code is a worthwhile initiative, in its current form, its impact upon investor engagement is likely to be modest at best, and that expeditious publication triumphed over comprehensiveness and rigour.

Document Type: Research Article

DOI: http://dx.doi.org/10.5235/147359711798110574

Publication date: October 1, 2011

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  • The Journal of Corporate Law Studies provides a forum for scholarship on corporate, securities and financial law broadly construed. Thus the Journal publishes articles on subjects as diverse as insolvency and the commercial conflict of laws, in addition to mainstream topics such as directors' duties and financial regulation. The Journal also embraces interdisciplinary work and work in cognate fields.Articles published in the Journal are subject to rigorous peer review. Shorter articles and notes are refereed where appropriate.
    The Journal is published twice a year in June and October.
    The journal will be of interest to academics and practitioners specialising in any of the subjects covered, and also to those with an interest in the strategic direction of the law and the influences which affect it - thus regulators, law and policy-makers, and the judiciary.
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