Shareholder Primacy and the Trajectory of UK Corporate Governance

25 Pages Posted: 4 Oct 2003

See all articles by John Armour

John Armour

University of Oxford - Faculty of Law; University of Oxford - Said Business School; European Corporate Governance Institute (ECGI)

Simon Deakin

University of Cambridge - Centre for Business Research (CBR); European Corporate Governance Institute (ECGI); University of Cambridge - Faculty of Law

Suzanne J. Konzelmann

University of London - Birkbeck College - Faculty of Social Sciences, School of Management and Organizational Psychology; University of Cambridge - Faculty of Social and Political Sciences

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Abstract

Core institutions of UK corporate governance, in particular those relating to takeovers, board structure and directors' duties, are strongly orientated towards a norm of shareholder primacy. Beyond the core, in particular at the intersection of insolvency and employment law, stakeholder interests are better represented, thanks largely to European Community influence. Moreover, institutional shareholders are redirecting their investment strategies away from a focus on short-term returns, in such a way as to favour stakeholder-inclusive practices. We therefore suggest that the UK system is currently in a state of flux and that the debate over shareholder primacy has not been concluded.

Suggested Citation

Armour, John and Deakin, Simon F. and Konzelmann, Suzanne J., Shareholder Primacy and the Trajectory of UK Corporate Governance. Available at SSRN: https://ssrn.com/abstract=437267

John Armour (Contact Author)

University of Oxford - Faculty of Law ( email )

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University of Oxford - Said Business School ( email )

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Simon F. Deakin

University of Cambridge - Centre for Business Research (CBR) ( email )

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European Corporate Governance Institute (ECGI)

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University of Cambridge - Faculty of Law ( email )

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Suzanne J. Konzelmann

University of London - Birkbeck College - Faculty of Social Sciences, School of Management and Organizational Psychology ( email )

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University of Cambridge - Faculty of Social and Political Sciences ( email )

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