The UK Stewardship Code

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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.
Original languageEnglish
Pages (from-to)463-493
Number of pages31
JournalJournal of Corporate Law Studies
Issue number2
Publication statusPublished - Oct 2011


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