A Study of Revisions to the UK Stewardship Code 2020 : Background of Revisions and Major Revised Contents

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  • 英国スチュワードシップ・コード改訂に関する一考察 : 改訂に至る経緯と主な改訂内容
  • エイコク スチュワードシップ ・ コード カイテイ ニカンスル イチコウサツ : カイテイ ニ イタル ケイイ ト オモナ カイテイ ナイヨウ

Description

The UK Stewardship Code was revised in October 2019 for the first time in 7 years. This revision responded to the Kingman Review, which severely criticised the Financial Reporting Council (FRC) and the stewardship code, and significant changes in the investment market. This paper analysed the background of the revision. Subsequently, it analysed the major revised contents, including the structure of the code, its implementation against the Kingman Review recommendations, the definition and purpose of stewardship, and the discipline exercised by institutional investors. However, the actual application of the code by institutional investors, that is, how to apply the principles and reporting expectations of the code to actual business, is more important than the contents of the code. This aspect would form the focus of future research on this subject.

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