Stewardship codes, ESG activism and transnational ordering

Tim Bowley and Jennifer G. Hill

Chapter 5 in Research Handbook on Environmental, Social and Corporate Governance, 2024, pp 117-137 from Edward Elgar Publishing

Abstract: Activist campaigns, such as that at ExxonMobil, have highlighted the increasing use of ownership leverage by institutional investors to prompt their investee companies to address ESG issues. Investor stewardship of this kind is widely regarded as a desirable development, as shown by the global proliferation of ‘stewardship codes’, many of which now explicitly encompass ESG considerations. Our chapter explores the relationship between investor stewardship codes and the growing significance of ESG stewardship in action. As our chapter shows, despite the prominence of stewardship codes, their contribution to the growth of ESG-related investor stewardship is uncertain. The treatment of ESG stewardship in codes is variable and in a state of flux. Also, an examination of ‘on the ground’ ESG stewardship reveals that an elaborate web of national, international and private sector initiatives is contributing to the development and global spread of ESG stewardship, highlighting the intricate nature of modern transnational law.

Keywords: Economics and Finance; Environment; Law - Academic; Politics and Public Policy (search for similar items in EconPapers)
Date: 2024
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