Academic says the revised code requires “mandatory legal or regulatory impositions” if it is to remain relevant.
Traditional forms of company-specific engagement will not happen unless institutional investors face “mandatory legal or regulatory” demands, according to a new paper on the UK stewardship code from a leading legal scholar.
In an article for the Oxford University business law blog Bobby Reddy, a former partner at law firm Latham and Watkins, argues that the UK stewardship code risks losing the battle to remain relevant unless it can increase levels of engagement from investment managers that is aimed at individual companies rather than taking a holistic view of markets.
Reddy suggests that the code is like the “emperor’s new clo
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