Skærpede forventninger til de institutionelle investorers rolle i corporate governance

As of now, the post crisis debate about the role of institutional investors in corporate governance has resulted in the SRD II being implemented in Danish law. This only seems to be the preliminary culmination. The adoption of a revised stewardship code in the UK and the EU Commission’s Action Plan: Financing Sustainable Growth both seems to imply that the bar for what to expect of the institutional investors has been raised. Not only in relation to active ownership, but also in relation to investment practice. This article aims to describe the recent development and points to some of the possible implications of a development where companies and institutional investors have a role in the solution of some of our time’s great challenges. The article finds that such development raises fundamental questions involving the purpose of the company and under which circumstances – if any – institutional investors’ funds can give ESG considerations a higher priority than the financial return to their beneficiaries. These questions need to be discussed ahead of the expected development.

Artiklen bygger på et oplæg holdt i forbindelse med NTS Anniversary Conference. Nordic Cooperation on the Implementation of EU Company Law, som fandt sted i København den 4. oktober 2019.