Shareholder Primacy and the Trajectory of UK Corporate Governance

John Armour, Simon Deakin and Suzanne J. Konzelmann

British Journal of Industrial Relations, 2003, vol. 41, issue 3, 531-555

Abstract: Core institutions of UK corporate governance, in particular those relating to takeovers, board structure and directors’ duties, are strongly orientated towards a norm of shareholder primacy. Beyond the core, in particular at the inter‐section of insolvency and employment law, stakeholder interests are better represented, thanks largely to European Community influence. Moreover, institutional shareholders are redirecting their investment strategies away from a focus on short‐term returns, in such a way as to favour stakeholder‐inclusive practices. We therefore suggest that the UK system is currently in a state of flux and that the debate over shareholder primacy has not been concluded.

Date: 2003
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