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The Unseen ‘Others’: A Framework for Investor Stewardship

Dionysia Katelouzou

Current Legal Problems2024https://doi.org/10.1093/clp/cuae009article
ABDC A
Weight
0.47

Abstract

Institutional investors, as stewards, exercise power on behalf of their clients/beneficiaries, and in doing so, regard a broader spectrum of ‘unseen’ others - end investors, investable assets, and the broader economy, environment, and society. This analytical framework reveals a crucial distinction: the interests of these unseen others may not align with those of the clients/beneficiaries on whose behalf investor stewards act. By introducing multiple stewardship relationships —client stewardship, end-investor stewardship, asset stewardship, and sustainability stewardship—this article develops a model of enlightened stewardship and addresses a key challenge: stewardship beyond client stewardship mainly operates outside the domain of hard law. The article advocates for stewardship codes to ‘crowd in’ enlightened stewardship, complementing regulatory frameworks and leveraging intrinsic motivations for responsible investment. Using the UK Stewardship Code as a case study, it suggests incorporating elements akin to section 172 of the UK Companies Act 2006 to provide essential clarity and guidance in redefining the purpose of stewardship.

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https://doi.org/https://doi.org/10.1093/clp/cuae009

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@article{dionysia2024,
  title        = {{The Unseen ‘Others’: A Framework for Investor Stewardship}},
  author       = {Dionysia Katelouzou},
  journal      = {Current Legal Problems},
  year         = {2024},
  doi          = {https://doi.org/https://doi.org/10.1093/clp/cuae009},
}

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The Unseen ‘Others’: A Framework for Investor Stewardship

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Evidence weight

0.47

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.40 × 0.4 = 0.16
M · momentum0.57 × 0.15 = 0.09
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.