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Responsible Capitalism and the Culture of Investment

100%
Campbell K.
Zarządzanie i Finanse
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2013
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vol. 2
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issue 6
5-24
EN
This paper outlines the background to, and describes the main conclusions of, the government-initiated Kay Review into UK equity markets and long-term decision making published in July 2012. The review, whose conclusions were accepted by the UK government, vividly describes flaws in the relationships between investors and businesses and concludes that short-termism is a key problem. It suggests that the principal causes of the short-term approach to investment are a decline of trust and the misalignment of incentives at the various stages of the equity investment chain. Among its recommendations is that the UK Stewardship Code, which advocates greater engagement by shareholders with the companies in which they invest, should include a more expansive form of stewardship, focussing on strategic as well as corporate governance issues.
2
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CORPORATE GOVERNANCE AFTER THE FINANCIAL CRISIS: INSTITUTIONAL INVESTORS AND THE STEWARDSHIP FUNCTION

100%
Campbell K.
Prace i Materiały Wydziału Zarządzania Uniwersytetu Gdańskiego
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2011
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vol. 2
|
issue 1
33-53
EN
One of the ways in which corporate governance may be improved is through greater engagement by shareholders with the companies in which they invest. The recent financial crisis has provided fresh momentum to calls for greater shareholder activism, with the notion of ‘stewardship’ gaining greater prominence. In the UK this resulted in the launch of a UK Stewardship Code in July 2010, the first of its kind in the world, targeted at UK-based institutional investors. This paper summarises this code, the reasons behind its development and offers suggestions as to whether or not it is likely to achieve its objectives.
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