Reconstructing the Framework of Institutional Investor Stewardship
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Abstract
The article offers a complete overview of the normative framework provided by Italian law and self-regulation regarding the stewardship of asset managers and asset owners. In particular, it focuses on the relationship between art. 124-quinquies of the Consolidated Law on Finance and soft law instruments, by outlining the overlaps and divergences between hard law and soft law under five different perspectives: the scope of application, the integration of ESG factors, the extension to debtholder stewardship, the type of collaborative engagement promoted, and the problem of enforcement.
Keywords
- Institutional Shareholders
- Asset Managers
- Asset Owners
- Stewardship
- Shareholder Rights Directive II
- Soft Law
- Scope of Application
- ESG
- Debtholders
- Collaborative Engagement
- Enforcement
