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European Shareholder Rights Directive proposals: a critical analysis in mapping with the UK Stewardship Code?

Chiu, H; (2016) European Shareholder Rights Directive proposals: a critical analysis in mapping with the UK Stewardship Code? ERA Forum , 17 (1) pp. 31-44. 10.1007/s12027-016-0415-6. Green open access

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Abstract

The proposed amendments to the EU Shareholders’ Rights Directive purport to improve shareholder rights and powers in investee companies. In general, these initiatives provide minority shareholders with confidence in corporate governance and could be useful as a supply-side stimulating measure to encourage investor interest in pan-European equity markets, therefore contributing to the much-needed European initiative to develop deep and liquid capital markets in order to provide corporate finance.1 This paper focuses on the Articles that purport to develop ‘shareholder stewardship’ on the part of institutional shareholders. The Articles seem to be derived from the UK Stewardship Code which legitimises and encourages active corporate governance roles for shareholders, therefore boosting their corporate governance rights. However, this paper critically questions that apparent resemblance, and argues that the Articles borrow the cloak of the stewardship concept to introduce regulatory measures for investment management practice, and the purpose and function of these Articles may not accord with the essential ‘corporate governance’ paradigm that that Directive is framed in.

Type: Article
Title: European Shareholder Rights Directive proposals: a critical analysis in mapping with the UK Stewardship Code?
Open access status: An open access version is available from UCL Discovery
DOI: 10.1007/s12027-016-0415-6
Publisher version: http://dx.doi.org/10.1007/s12027-016-0415-6
Language: English
Additional information: © The Author(s) 2016. This article is distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made.
Keywords: Stewardship Code, Shareholder Rights Directive, Shareholder Activism, Shareholder Engagement, Investment Management, Corporate Governance
UCL classification: UCL
UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of Laws
URI: https://discovery.ucl.ac.uk/id/eprint/1493183
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