The Emperor’s New Code? Time to Re-Evaluate the Nature of Stewardship Engagement Under the UK’s Stewardship Code

John Kingman’s review of the Financial Reporting Council (FRC) doubted effectiveness UK’s Stewardship Code in encouraging informed and engaged stewardship by institutional investors companies which they invest (issuers). Accordingly, FRC published 2020 a final opportunity to prove its relevance, and, particular, enhance issuer-specific engagement investors. The up-date has enhanced reach substance code. However, legal, regulatory, contractual competitive environment exist will constantly forestall soft-law attempts foster greater engagement, point perhaps tacitly acknowledged with wider scope. Instead, relation disclosure should focus on types that are motivated exercise practice, such as response hedge fund activism, systemic risks.