Institutional Investor Engagement and Stewardship

References

[43] ACCC (2024), Exemptions from competition law, https://www.accc.gov.au/business/competition-and-exemptions/exemptions-from-competition-law.

[40] ACM (2023), ACM’s oversight of sustainability agreements: Competition and sustainability, https://www.acm.nl/system/files/documents/Beleidsregel%20Toezicht%20ACM%20op%20duurzaamheidsafspraken%20ENG.pdf.

[42] ACSI (2024), Australian Asset Owners Stewardship Code, https://acsi.org.au/members/australian-asset-owner-stewardship-code/.

[72] AMEC (2021), AMEC Stewardship Code, https://amecbrasil.org.br/stewardship/amec-stewardship-code/?lang=en.

[100] AMF (2011), Proxy voting advisory firms, https://www.amf-france.org/en/regulation/policy/doc-2011-06.

[54] Amundi (2025), 2024 Engagement Report, https://www.amundi.com/institutional/files/nuxeo/dl/5994803c-6af1-4d7e-89e0-f1134f6374a7?inline=.

[55] Amundi (2025), Voting Policy 2025, https://www.amundi.com/institutional/files/nuxeo/dl/0522366c-29d3-471d-85fd-7ec363c20646?inline=.

[83] APRA (2023), APRA publishes final investment governance guidance, https://www.apra.gov.au/news-and-publications/apra-publishes-final-investment-governance-guidance.

[13] Aviva Investors (2022), Macro stewardship: An introduction, https://www.avivainvestors.com/en-gb/views/aiq-short-reads/2022/09/macro-stewardship/.

[4] Becht, M. et al. (2017), “Returns to Hedge Fund Activism: An International Study”, The Review of Financial Studies, Vol. 30/9, pp. 2933-2971, https://doi.org/10.1093/RFS/HHX048.

[9] Becht, M. et al. (2023), “Does Paying Passive Managers to Engage Improve ESG Performance?”, SSRN Electronic Journal, https://doi.org/10.2139/ssrn.4506415.

[14] Becht, M., J. Franks and H. Wagner (2021), “The Benefits of Access: Evidence from Private Meetings with Portfolio Firms by Marco Becht, Julian R. Franks, Hannes F. Wagner”, CEPR Discussion Paper, https://doi.org/10.2139/ssrn.3813948.

[103] Best Practice Principles Group (2019), The 2019 BPP Principles, https://bppgrp.info/the-2019-bpp-principles/.

[46] BlackRock (2025), BlackRock Investment Stewardship, https://www.blackrock.com/corporate/literature/fact-sheet/blk-responsible-investment-engprinciples-global.pdf.

[47] BlackRock (2025), Investment Stewardship Annual Report, https://www.blackrock.com/corporate/literature/publication/annual-stewardship-report-2024.pdf.

[20] BlackRock (2024), BlackRock Investment Stewardship Climate and Decarbonisation Stewardship Guidelines, https://www.blackrock.com/corporate/literature/publication/climate-and-decarbonization-stewardship-guidelines.pdf.

[2] Brav, A., W. Jiang and R. Li (2021), “Governance by Persuasion: Hedge Fund Activism and Market-based Shareholder Influence”, SSRN Electronic Journal, https://doi.org/10.2139/SSRN.3955116.

[77] Cabinet Secretariat (2024), Asset Owner Principles, https://www.cas.go.jp/jp/seisaku/atarashii_sihonsyugi/pdf/assetownerprinciplesen.pdf.

[6] Çelik, S. and M. Isaksson (2014), “Institutional investors and ownership engagement”, OECD Journal: Financial Market Trends, https://doi.org/10.1787/fmt-2013-5jz734pwtrkc.

[67] Charléty, P., M. Fagart and S. Souam (2019), “Mandatory voting, large shareholder power, and wolf packs”, Vol. 40/2, pp. 51-76, https://doi.org/10.3917/fina.402.0051.

[92] Chong, S. (2024), The Proxy Advisory Industry: Influencing and Being Influenced .3614314, Journal of Financial Economics, https://doi.org/10.2139/ssrn.3614314.

[27] Climate Action 100+ (2025), Engagement Process, https://www.climateaction100.org/approach/engagement-process/.

[29] Climate Action 100+ (2024), Climate Action 100+ reaction to recent departures, https://www.climateaction100.org/news/climate-action-100-reaction-to-recent-departures/.

[26] Climate Action 100+ (2024), Global Investors Driving Business Transition, https://www.climateaction100.org/.

[90] Coffee Jr, J. (2021), “The Future of Disclosure: ESG, Common Ownership, and Systematic Risk”, Colum. Bus. L. Rev, Vol. 602, https://doi.org/10.52214/cblr.v2021i2.8635.

[85] Cojoianu, T. et al. (2021), “Does the fossil fuel divestment movement impact new oil and gas fundraising?”, Journal of Economic Geography, Vol. 21, pp. 141-164, https://doi.org/10.1093/jeg/lbaa027.

[61] Condon, M. (2020), “Externalities and the Common Owner”, Washington Law Review, Vol. 95, https://scholarship.law.bu.edu/faculty_scholarship/992.

[59] Dimson, E., O. Karakaş and X. Li (2023), “Coordinated Engagements”, European Corporate Governance Institute – Finance Working Paper, Vol. 721, https://doi.org/10.2139/ssrn.3209072.

[39] EC (2023), Communication from the Commission – Guidelines on the applicability of Article 101 of the Treaty on the Functioning of the European Union to horizontal co-operation agreements, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.C_.2023.259.01.0001.01.ENG&toc=OJ:C:2023:259:TOC.

[89] Edmans, A., T. Gosling and D. Jenter (2024), “Sustainable Investing: Evidence from the Field”, https://doi.org/10.2139/SSRN.4963062.

[69] EFAMA (2018), EFAMA Stewardship Code - Principles for asset managers’ monitoring of, voting in, engagement with investee companies, https://www.efama.org/newsroom/news/efama-stewardship-code-principles-asset-managers-monitoring-voting-engagement.

[80] ESMA (2024), Sustainable investments: Facilitating the investor journey - A holistic vision for the long term -, https://www.esma.europa.eu/sites/default/files/2024-07/ESMA36-1079078717-2587_Opinion_on_the_functioning_of_the_Sustainable_Finance_Framework.pdf.

[105] EU (2017), Shareholder Rights Directive II, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32017L0828.

[79] European Commission (2024), Sustainability-related disclosure in the financial services sector, https://finance.ec.europa.eu/sustainable-finance/disclosures/sustainability-related-disclosure-financial-services-sector_en.

[75] FCA (2025), Vote Reporting: Feedback Statement from the Vote Reporting Group, https://www.fca.org.uk/publications/feedback-statements/vote-reporting-feedback-statement-vote-reporting-group.

[74] FCA (2023), Vote Reporting: A consultation and discussion paper from the Vote Reporting Group, https://www.fca.org.uk/publications/consultation-papers/vote-reporting.

[28] Financial Times (2024), JPMorgan and State Street quit climate group as BlackRock scales back, https://www.ft.com/content/3ce06a6f-f0e3-4f70-a078-82a6c265ddc2.

[10] Financial Times (2023), Letter: Macro stewardship holds key to climate action, https://www.ft.com/content/b36ebf0f-287b-4e84-bc67-864bec8130cb.

[78] FRC (2025), UK Stewardship Code 2026, https://www.frc.org.uk/library/standards-codes-policy/stewardship/uk-stewardship-code/.

[57] Freedman, A., W. Hall and I. Robertson (2019), The Director-Shareholder Engagement Guidebook, Harvard Law School Forum on Corporate Governance, https://corpgov.law.harvard.edu/2019/03/02/the-director-shareholder-engagement-guidebook/.

[71] FSA (2025), Principles for Responsible Institutional Investors ≪Japan’s Stewardship Code≫, https://www.fsa.go.jp/en/refer/councils/stewardship/20250626/01.pdf.

[76] FSA (2024), Policy Plan for Promoting Japan as a Leading Asset Management Center, https://www.fsa.go.jp/en/policy/pjlamc/20231214.html.

[68] Fukami, K., D. Blume and C. Magnusson (2022), “Institutional investors and stewardship”, OECD Corporate Governance Working Papers, No. 25, OECD Publishing, Paris, https://doi.org/10.1787/1ce75d38-en.

[3] Gantchev, N., O. Gredil and C. Jotikasthira (2019), “Governance under the Gun: Spillover Effects of Hedge Fund Activism”, Review of Finance, Vol. 23/6, pp. 1031-1068, https://doi.org/10.1093/ROF/RFY035.

[58] Gatti, M., G. Strampelli and M. Tonello (2022), “How Does Board-Shareholder Engagement Really Work? Evidence from a Survey of Corporate Officers and from Disclosure Data”, Bocconi Legal Studies Research Paper, Vol. 4256925/Board-Shareholder Dialogue: Policy Debate, Legal Constraints and Best Practices (Luca Enriques & Giovanni Strampelli eds., 2024, Cambridge University Press), Forthcoming, https://doi.org/10.2139/ssrn.4256925.

[35] GFANZ (2025), 2025: New year update from GFANZ Secretariat, https://www.gfanzero.com/press/2025-new-year-update-from-gfanz-secretariat/.

[34] GFANZ (2024), Glasgow Financial Alliance for Net Zero, https://www.gfanzero.com/.

[73] Giner, I., M. Felleca and J. Cook (2025), Shareholder Democracy and the Challenge of Dual Class Share Structures, Morningstar, Harvard Law School Forum on Corporate Governance, https://corpgov.law.harvard.edu/2025/02/11/shareholder-democracy-and-the-challenge-of-dual-class-share-structures/#1.

[96] GL (2025), 2025 Investment Manager Thematic Voting Policy Guidelines, https://resources.glasslewis.com/hubfs/2025%20Guidelines/2025%20Investment%20Manager%20Thematic%20Voting%20Policy.pdf.

[93] GL (2025), Company Overview, https://www.glasslewis.com/company-overview/.

[99] GL (2025), Glass Lewis Leads Change in Proxy Voting Practices, https://www.glasslewis.com/news-release/glass-lewis-leads-change-in-proxy-voting-practices.

[104] GL (2024), Best Practice Principles & Stewardship Codes, https://www.glasslewis.com/best-practices-principles/.

[101] GL (2024), Due Dilligence Resources, https://www.glasslewis.com/due_diligence_resources/.

[98] GL (2024), Glass Lewis Publishes the Findings From its 2024 Global Policy Survey, https://www.glasslewis.com/news-release/glass-lewis-publishes-the-findings-from-its-2024-global-policy-survey.

[62] Gordon, J. (2022), “Systematic Stewardship”, Columbia Law and Economics Working Paper, Vol. 640, https://doi.org/10.2139/ssrn.3782814.

[87] Gosling, T. (2024), “Universal Owners and Climate Change”, SSRN Electronic Journal, https://doi.org/10.2139/SSRN.4713536.

[8] GPIF (2024), Stewardship Activities Report 2023-2024, https://www.gpif.go.jp/en/investment/Stewardship_Activities_Report_2023-2024.pdf.

[56] GPIF (2020), Stewardship Principles & Proxy Voting Principles, https://www.gpif.go.jp/en/investment/pdf/stewardship_principles_and_proxy_voting_principles.pdf.

[17] Gurrieri, D. and C. Callan (2024), Pass-Through Voting: Giving Individual Investors a Voice in Corporate Governance, Broadridge, Harvard Law School Forum on Corporate Governance, https://corpgov.law.harvard.edu/2024/04/17/pass-through-voting-giving-individual-investors-a-voice-in-corporate-governance/.

[66] Hamilton, I. and J. Eriksson (2011), “Influence strategies in shareholder engagement: a case study of all Swedish national pension funds”, Journal of Sustainable Finance and Investment, Vol. 1/1, pp. 44-61, https://doi.org/10.3763/jsfi.2010.0006.

[44] IIGCC (2024), IIGCC Disclaimer, https://www.iigcc.org/hubfs/NZIF%20implementation%20guidance%20disclaimer.pdf.

[31] IIGCC (2024), Net Zero Investment Framework updated: NZIF 2.0, https://www.iigcc.org/resources/updated-net-zero-investment-framework-nzif-2.0.

[30] IIGCC (2024), Our members, https://www.iigcc.org/our-members.

[33] IIGCC (2023), Net Zero Engagement Initiative, https://www.iigcc.org/net-zero-engagement-initiative.

[32] IIGCC (2023), Resources, https://www.iigcc.org/resources/tag/net-zero-investment-framework.

[94] ISS (2025), Proxy voting services, https://www.issgovernance.com/solutions/proxy-voting-services/.

[102] ISS (2024), Due Diligence Materials, https://www.issgovernance.com/compliance/due-diligence-materials/.

[91] ISS (2024), Proxy Adviser Industry Resources, https://www.issgovernance.com/compliance/due-diligence-materials/industry-resources/.

[97] ISS (2024), The ISS Policy Formulation Process, https://www.iss-corporate.com/the-iss-policy-formulation-process/.

[95] ISS (2024), Voting Policies 2024, https://www.issgovernance.com/file/policy/active/americas/Brazil-Voting-Guidelines.pdf?v=1.

[41] JFTC (2023), Guidelines Concerning the Activities of Enterprises, etc. Toward the Realization of a Green Society Under the Antimonopoly Act, https://www.jftc.go.jp/file/230331EN_GreenGuidelines.pdf.

[65] Katelouzou, D. and D. Puchniak (eds.) (2023), Global Shareholder Stewardship, Cambridge University Press, https://doi.org/10.1017/9781108914819.

[81] Katelouzou, D. and M. Siems (2020), “The Global Diffusion of Stewardship Codes”, SSRN Electronic Journal, https://doi.org/10.2139/ssrn.3616798.

[5] Kaufmann, R., N. Kulatilaka and M. Mittelman (2023), “Evaluating hedge fund activism: Engine Number 1 and ExxonMobil”, Journal of Climate Finance, Vol. 5, p. 100018, https://doi.org/10.1016/J.JCLIMF.2023.100018.

[60] Lund, D. (2022), “Asset Managers as Regulators”, University of Pennsylvania Law Review, Vol. 171, https://doi.org/10.2139/ssrn.3975847.

[88] McDonnell, C. and J. Gupta (2024), “Beyond divest vs. engage: a review of the role of institutional investors in an inclusive fossil fuel phase-out”, Climate Policy, Vol. 24(3), pp. 314–331, https://doi.org/10.1080/14693062.2023.2261900.

[15] MSCI (2025), MSCI Constituents, https://www-cdn.msci.com/web/msci/index-tools/constituents.

[53] NBIM (2025), Global voting guidelines 2025, https://www.nbim.no/contentassets/5396c77d31934c5baad3fe80882cb1ba/global-voting-guildeines_2025.pdf.

[51] NBIM (2025), Responsible investment Government Pension Fund Global 2024, https://www.nbim.no/contentassets/ad990bb856b94063aa2165c3715a7a85/gpfg-responsible-investment-2024.pdf.

[1] NBIM (2025), Total holdings sorted by country, https://www.nbim.no/en/investments/all-investments/#/.

[52] NBIM (2024), Responsible Investment, https://www.nbim.no/en/responsible-investment/.

[50] NBIM (2024), Responsible Investment: How we influence markets and industries, https://www.nbim.no/en/responsible-investment/how-we-influence-markets-and-industries/.

[45] OECD (2025), Global Corporate Sustainability Report 2025, OECD Publishing, Paris, https://doi.org/10.1787/bc25ce1e-en.

[22] OECD (2025), OECD Corporate Governance Factbook 2025, OECD Publishing, Paris, https://doi.org/10.1787/f4f43735-en.

[23] OECD (2024), OECD Guidelines on Corporate Governance of State-Owned Enterprises 2024, OECD Publishing, https://doi.org/10.1787/18a24f43-en.

[63] OECD (2023), G20/OECD Principles of Corporate Governance 2023, OECD Publishing, https://doi.org/10.1787/ed750b30-en.

[64] OECD (2023), OECD Corporate Governance Factbook, OECD Publishing, Paris, https://doi.org/10.1787/31d6ea0b-en.

[24] OECD (2022), Long-term investing of large pension funds and public pension reserve funds, https://doi.org/10.1787/809eff56-en.

[38] OECD (2021), “Environmental considerations in competition enforcement”, OECD Roundtables on Competition Policy Papers, https://doi.org/10.1787/2616c43c-en.

[37] OECD (2020), “Sustainability and Competition”, OECD Roundtables on Competition Policy Papers, https://doi.org/10.1787/18e2061c-en.

[25] OECD (2008), Sovereign Wealth and Pension Fund Issues, OECD Publishing, Paris, https://doi.org/10.1787/243287223503.

[7] PRI (2021), An introduction to responsible investment stewardship, https://www.unpri.org/download?ac=12686.

[12] PRI (2018), Individual versus collective engagement, https://www.unpri.org/research/creating-value-for-investors-and-companies-individual-versus-collective-esg-engagement/3062.article.

[82] PRI and UNEP FI (2019), Fiduciary duty in the 21st century final report, https://www.unpri.org/download?ac=9792.

[19] Responsible Investor (2024), State Street follows BlackRock lead with twin-track stewardship offering, https://www.responsible-investor.com/state-street-follows-blackrock-lead-with-twin-track-stewardship-offering/.

[86] Schwartz, J., P. Lendway and A. Nuri (2023), “Fossil fuel divestment and public climate change policy preferences: an experimental test in three countries”, Environmental Politics, Vol. 33(1), pp. 1-24, https://doi.org/10.1080/09644016.2023.2178351.

[11] Singh, R. and J. Surti (2021), Investment Funds and Financial Stability: Policy Considerations, International Monetary Fund, https://doi.org/10.5089/9781513593951.087.

[21] SSGA (2024), Sustainability Stewardship Service, https://www.ssga.com/fr/en_gb/institutional/capabilities/sustainability-stewardship-service.

[18] Stewart, G. (2023), How to Restore Shareholder Agency With Pass-Through Voting, Columbia Law School’s Blog on Corporations and the Capital Markets, https://clsbluesky.law.columbia.edu/2023/08/11/how-to-restore-shareholder-agency-with-pass-through-voting/.

[16] The Investment Association (2018), Stewardship in Practice, https://www.theia.org/sites/default/files/2019-04/Stewardship_survey2018_FINAL_3.pdf.

[84] UK Department for Work and Pensions (2022), Climate and investment reporting: setting expectations and empowering savers, https://assets.publishing.service.gov.uk/media/62b98eced3bf7f0af9463546/climate-invest-report-set-expect-emp-savers-consultation-outcome.pdf.

[36] UN-Convened Net-Zero Asset Owner Alliance (2023), Elevating Asset Manager Net-Zero Engagement Strategies, https://www.unepfi.org/wordpress/wp-content/uploads/2023/11/NZAOA_Engagement-expectations_final.pdf.

[49] Vanguard (2025), Global Proxy Voting Policy for Vanguard-advised funds, https://corporate.vanguard.com/content/dam/corp/advocate/investment-stewardship/pdf/policies-and-reports/global_voting_policy_2025.pdf.

[48] Vanguard (2024), Investment Stewardship: 2024 Annual Report, https://corporate.vanguard.com/content/dam/corp/advocate/investment-stewardship/pdf/policies-and-reports/2024_investment_stewardship_annual_report.pdf.

[70] Wong, S. (2011), “How Conflicts of Interest Thwart Institutional Investor Stewardship”, Butterworths Journal of International Banking and Financial Law, pp. 481-482, https://ssrn.com/abstract=1925485.