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Shifting Ground: Emerging Global Corporate-Governance Standards and the Rise of Fiduciary Capitalism

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  • James P Hawley
  • Andrew T Williams

Abstract

In this paper we examine the long-term interests that large institutional owners (for example, the California Public Employees' Retirement System, Hermes, and the Universities Superannuation Scheme) have in the development of global corporate governance standards, especially as governance standards increasingly become intertwined with other standards and regime parameters involved in the globalization debates. We argue that institutional owners have a unique perspective and voice with which to contribute to the formulation of global standards in a variety of areas on the basis of their long-term financial interests. This conclusion is supported by an analytic review of the current state of global corporate governance, including multilateral initiatives (for example, the Organisation for Economic Co-operation and Development, the World Bank); an analysis of significant institutional investors, the role of various rating agencies (for example, Fitch, Moody's), the International Corporate Governance Network, and the growing role of various nongovernmental organizations (for example, the Coalition for Environmentally Responsible Economics, the Carbon Disclosure Project) in relation to corporate governance.

Suggested Citation

  • James P Hawley & Andrew T Williams, 2005. "Shifting Ground: Emerging Global Corporate-Governance Standards and the Rise of Fiduciary Capitalism," Environment and Planning A, , vol. 37(11), pages 1995-2013, November.
    • Handle: RePEc:sae:envira:v:37:y:2005:i:11:p:1995-2013
    DOI: 10.1068/a3791
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    References listed on IDEAS

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    1. Clark, Gordon, 2000. "Pension Fund Capitalism," OUP Catalogue, Oxford University Press, number 9780199240487.
    2. Charles P. Oman & Daniel Blume, 2005. "Corporate Governance: A Development Challenge," OECD Development Centre Policy Insights 3, OECD Publishing.
    3. Capaul, Mierta & Fremond, Olivier, 2002. "The state of corporate governance - experience from country assessments," Policy Research Working Paper Series 2858, The World Bank.
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    Cited by:

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    2. Gordon L Clark & Adam D Dixon, 2024. "Legitimacy and the extraordinary growth of ESG measures and metrics in the global investment management industry," Environment and Planning A, , vol. 56(2), pages 645-661, March.
    3. Colby Dailey & Ben Thornley, 2010. "Building scale in community impact investing through nonfinancial performance measurement," Community Development Innovation Review, Federal Reserve Bank of San Francisco, issue 01, pages 01-46.
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    5. Taylor R Gray, 2011. "Channels of Convergence: Investor Engagement and Interlocked Directorates," Environment and Planning A, , vol. 43(9), pages 2202-2216, September.

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