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The Stewardship Mandate

The Stewardship Mandate

by Siew Kai Choy

Former Managing Director, GIC

May 04, 2020

Compendium

“Better Business” was one of the main themes of Davos 2020 this past January, amidst calls for a new kind of capitalism entailing a better balance between government, markets, and civil society. Business leaders resolved to better serve the interests of those identified in the 1973 Davos Manifesto:1 customers and clients, workers and employees, shareholders, societies, and other stakeholders. 

A focus on Governance, Stewardship, and Engagement principles appears set to stay for the long term, and even the world’s largest passive investors will likely struggle to remain passive owners in the days ahead. Institutional investors have a stewardship interest in promoting the long-term health of the companies in their portfolios. By acting to ensure that boards pursue effective corporate governance objectives, institutional investors align company interests with the investors’ own. This engagement between stewards (investors) and trustees (boards) is healthy. Boards should recognise that they benefit by such engagement; institutional investors are often well placed to contribute necessary expertise and experience in the discharge of their stewardship responsibility.

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