When stewardship is done well it has delivered positive outcomes for investors, companies and society as a whole, but active ownership is not without its challenges.

Although these have changed over the years, it is instructive to see how and why. For example, in the early days we were often asked about the ‘free rider’ effect, meaning that if one owner is engaging with a company, then what is the point of another doing it too?

However, the adoption of stewardship codes in many key markets, fiduciary obligations and beneficiary pressures have all encouraged institutional investors to become more responsible, active owners of their assets. For many, sitting on the sidelines is no longer an option.

In this article, Amy D’Eugenio reflects on this changing backdrop and looks ahead to the next 20 years.

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