Corporate governance through voice and exit: Evidence from Standard Life Investments
This seminar will present first results from an ongoing project based on a unique data set provided by a large UK asset manager, Standard Life Investments (“SLI”). It covers the period 2003 – 2015 and documents SLI’s active ownership as exercised by its fund managers and governance and stewardship (G&S) team.
Access to the records of SLI allows the researchers to inform and test theories of corporate governance through voice and exit in an unprecedented way. The data set covers holdings in around 800 UK listed companies held by equity funds SLI managed actively over the sample period.
SLI also attribute an internal flag called a “Governance Health Warning” (GHW). Around ten percent of the portfolio companies had such a “health warning” during the sample period. The presentation will seek to answer questions like: What are the internal governance and stewardship workings of a large active owner? How do voice and exit interact in practice? How does corporate governance influence fund manager decisions? Does voice and exit matter for performance?
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