Skip to main content Accessibility help
×
Hostname: page-component-78c5997874-dh8gc Total loading time: 0 Render date: 2024-11-05T11:37:33.988Z Has data issue: false hasContentIssue false

27 - Shareholder Stewardship Enforcement

from Part III - Comparisons

Published online by Cambridge University Press:  28 April 2022

Dionysia Katelouzou
Affiliation:
King's College London
Dan W. Puchniak
Affiliation:
National University of Singapore
Get access

Summary

In this Chapter, we investigate the availability (or not) of strategies to enforce shareholder stewardship and set out a simple enforcement taxonomy based on three dimensions: the nature of the norm enforcer (self-enforcement/third-party enforcement); the nature of the enforcement mechanism (formal/informal) and the temporal dimension of enforcement (ex-ante/ex-post). We examine the enforcement of shareholder stewardship across 25 jurisdictions and find that informal enforcement by market actors is the preferred option. Looking forward, we sketch the broad contours of an optimal stewardship enforcement framework based on our taxonomy. We caution against administrative sanctions and support instead a facilitating role for (quasi-)public in two ways. First, (quasi-)public actors can facilitate stewardship enforcement via membership/adherence sanctions taking place within stewardship networks (e.g. public tiering) or informal mechanisms (e.g. reputational mechanisms and private dialogue). Secondly, where ultimate investors have suffered damages from deficient stewardship disclosure, we support the introduction of a facilitating system of civil claims that can serve both restorative-compensatory objectives and public interests. We also advance the importance of promoting enforcement by market and social actors. Our enforcement framework is not intended to be applied in a uniform fashion around the world. Rather its multi-actor, multi-modal and temporally continuous fashion can adjust to any national or supranational framework.

Type
Chapter
Information
Publisher: Cambridge University Press
Print publication year: 2022

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Save book to Kindle

To save this book to your Kindle, first ensure [email protected] is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×