Just a snippet, but in a recent conversation with a mainstream fund manager they questioned why a lot more weight was being put onto the role of shareholders. Why, they asked, don't we just legislate if we think companies should adhere to certain standards?
I'm not saying this view is typical of all fund managers - it isn't - but I suspect it might be more widespread than is generally assumed. As I have argued before, I think some managers really wouldn't have a problem with a more regulatory approach to corporate governance, if it means that they don't have to peform a role they are not sure adds value.
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