No words can express my appreciation and gratitude to my research advisor _______ through the course of this research, Professor _____has taught me numerous values that extend well beyond the realm of _________ (Your Subject Name). His emphasis on dedication to work and his valuable and practical insights of life are some of the major highlights of my education at The University _________. To Professor _____, I say with great respect, thank you very much.
It is a great honour for me to have Professor _______ on my dissertation committee. His insightful suggestions and comments are a major asset to this research. I learned so much from Professor ______, and I will always remember him as a truly superb teacher. To Professor _____, I am greatly indebted.
I would like to thank Professor ______ for his contribution to this research. Professor _____ has provided me with essential input and guidance as an outside member of my committee. His remarks and suggestions are greatly appreciated.
I would like to thank _____________ for the support they had provided me throughout the research project.
I would like to thank _____________ for their support and help in this research.
DECLARATION
I [type your full first names and surname here], declare that the contents of this dissertation/thesis represent my own unaided work, and that the dissertation/thesis has not previously been submitted for the academic examination towards any qualification. Furthermore, it represents my own opinions and not necessarily those of the University.
Signed __________________ Date _________________
TABLE OF CONTENTS
ACKNOWLEDGEMENTII
DECLARATIONIII
CHAPTER 3: THE UK STEWARDSHIP CODE1
3.1 Introduction2
3.3 The impact of shareholder activism on a company in UK4
3.3.1 Shareholder activism and company performance4
3.3.2 Short term company performance and activism5
3.3.3 The impact of activism on the long-term company performance5
3.3.4 Impacts on accounting-based firm performance6
3.4 Corporate Governance in the UK7
3.6 An overview of the corporate ownership in UK9
3.7 A transformation of institutional ownership in UK10
CHAPTER 4 ASSESSMENT OF THE UK STEWARDSHIP CODE13
4.1 Reforms in the corporate governance in the UK towards stewardship implementation13
4.1.1 The Maxwell scandal: A wake-up call for UK government14
4.1.2 The Cadbury Report (1992): The first step to implement stewardship in UK15
4.2 The growth of institutional investor activism in the corporate governance17
4.3 Implementation of EU Directives to promote shareholder activism18
4.3.1 The takeover directive and corporate governance in UK19
4.3.2 The directive of transparency and corporate governance in UK19
4.3.3 The shareholders' rights directive and corporate governance in UK20
4.4 The assessment of the current Stewardship Code of UK20
4.5 Are the current steps enough to promote stewardship in a company?28
CHAPTER 5 CONCLUSIONS30
REFERENCES33
BIBLIOGRAPHY41
CHAPTER 3: THE UK STEWARDSHIP CODE
Conventionally, investors in United Kingdom have not remained happy with the below par-performance of their companies and they had a very few number of options, i.e. they could have sold out their stake in the company equity and then they could have re-invested their money somewhere else or they could have voted in favour of the board and persist to behave passively. Nevertheless, discuss-investing from a stock could lead to higher costs on the part ...