The basis of fiduciary duty in investment in the United States

Youngdahl, Jay

doi:10.1017/cbo9781139565516.005

Cited by 4 publications

(1 citation statement)

References 3 publications

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“…37 While listed companies are more likely to have cross-border elements and therefore are more prone to EU regulation, also in the area of company law, it is more surprising that these duties apply only to some institutional investors, a scope that hardly can be explained by agency theory or fears of market failure. 38…”

Section: Corporate Governance Dutiesmentioning

confidence: 99%

From Shareholder Rights to Shareholder Duties – A Transformation of Eu Corporate Governance in a Sustainable Direction?

Birkmose

2018

iele

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Corporate governance discussions in Europe on shareholders' rights have increasingly been replaced by discussions on shareholders' duties. This trend is reflected in company and capital markets law, where shareholders increasingly are imposed duties towards investee companies. For example, the legalization of shareholders' duties was a key element in the EU Commission's amendment to the Shareholder Rights Directive in 2017 (Directive 2017/828). A key to this transformation is shareholder accountability, in particular in relation the share ownership of institutional investors. Thus, the transformation bodes a break with an embedded perception according to which the relationship between shareholders and the investee company reflects a private ordering at the center of the European corporate governance model. The increased focus on shareholder accountability emphasizes the societal aspect of share ownership and, more generally, the interest that society holds in public limited liability companies. On the basis of a discussion of the amended Shareholder Rights Directive and the possible implications of this transformation, the paper concludes is that it is questionable whether shareholders can serve as a reliable vehicle for transformation of company law towards a more sustainable framework.

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Section: Corporate Governance Dutiesmentioning

confidence: 99%

From Shareholder Rights to Shareholder Duties – A Transformation of Eu Corporate Governance in a Sustainable Direction?

Birkmose

2018

iele

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The benefit stance: responsible ownership in the twenty-first century

Alexander¹

2020

Oxford Review of Economic Policy

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Ownership in the global equities markets is dominated by large institutions that manage the savings of beneficiaries with long investment horizons. These asset managers rely on incomplete investment models that betray the interests of their beneficiaries and threaten their collective future. The models encourage individual companies to compete without regard for health of the critical social and environmental systems that support the long-term value of those beneficiaries’ diversified portfolios and lived experience. These naïve models ignore the growing cost of profit-driven negative externalities. This article examines the latest models of benefit corporation law, a new form of governance that overturns the rule of shareholder primacy, and argues that their principles should be expanded to cover the entire chain of investing, from savers to funds to asset managers and finally to the real economy.

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Red versus Blue: Do Political Dimensions Influence the Investment Preferences of State Pension Funds?

Hoepner

Schopohl

2015

SSRN Journal

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The basis of fiduciary duty in investment in the United States

Cited by 4 publications

References 3 publications

From Shareholder Rights to Shareholder Duties – A Transformation of Eu Corporate Governance in a Sustainable Direction?

From Shareholder Rights to Shareholder Duties – A Transformation of Eu Corporate Governance in a Sustainable Direction?

The benefit stance: responsible ownership in the twenty-first century

Red versus Blue: Do Political Dimensions Influence the Investment Preferences of State Pension Funds?

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