Gomtsian, S (2023) Debtholder Stewardship. Modern Law Review, 86 (2). pp. 395-435. ISSN 0026-7961
Abstract
Debtholder stewardship refers to the involvement of corporate creditors in a firm's governance framework with the aim of improving corporate decision-making. This article develops the theory of debtholder stewardship by identifying the mechanisms of debtholder influence, assessing their effectiveness in modern capital markets, and outlining the implications of this analysis for investor stewardship and regulatory efforts to support it. The impetus of this study is the expansion of the UK Stewardship Code across a broader range of asset classes, stewardship activities, and topics. The code has moved away from the traditional focus on shareholders by adding investors in other assets to the list of the stewards of corporate activities. Also, the revised concept of stewardship covers broader topics, including environmental, social, and governance (ESG) factors. But our understanding of debtholder stewardship, especially on sustainability matters, is inadequate. This article explains whether corporate creditors, both public and private, can promote responsible business practices through the stewardship of borrowers.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2022 The Authors. The Modern Law Review published by John Wiley & Sons Ltd on behalf of Modern Law Review Limited. This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited. |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Education, Social Sciences and Law (Leeds) > School of Law (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 23 Sep 2022 11:05 |
Last Modified: | 25 Jun 2023 23:08 |
Status: | Published |
Publisher: | Wiley |
Identification Number: | 10.1111/1468-2230.12766 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:191130 |
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