# kaal:claim:2922176-013

**Claim.** Mobilizing investors as stewards leads managers to ask the wrong questions about sustainable success: rather than pushing firms toward innovation and relevancy, such measures simply reinforce the centralized shareholder primacy view they were meant to soften.

**Type.** failure  **Support.** argued

**Holds when.**

- jurisdictions that have adopted stewardship codes

**Source quote.**

> In fact, mobilizing investors may actually lead managers to ask the wrong kind of questions about what needs to be done to ensure sustainable success. Rather than incentivizing a focus on innovation and relevancy, such measures merely reinforce the centralized shareholder primacy view.

**From.** Mark Fenwick, Wulf A. Kaal, Erik P. M. Vermeulen, *The ‘Unmediated’ and ‘Tech-Driven’ Corporate Governance of Today's Winning Companies* (2017), IV. Limits of Corporate Governance Reform, page 20

**Cite as.** Mark Fenwick, Wulf A. Kaal, Erik P. M. Vermeulen, The ‘Unmediated’ and ‘Tech-Driven’ Corporate Governance of Today's Winning Companies (2017). SSRN: https://ssrn.com/abstract=2922176

**Verify.** sha256 of source PDF `fa4e986917d437cb1504281e7b986be2698e9507d8feaf426c9d7d1754ca882c` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Fenwick%20et%20al.%20-%202017%20-%20The%20%E2%80%98Unmediated%E2%80%99%20and%20%E2%80%98Tech-Driven%E2%80%99%20Corporate%20Governance%20of%20Today%27s%20Winning%20Companies.pdf

**Failure mode.** stewardship reinforces centralization  (family: short-termism)

**Topics.** corporate-governance, innovation

**Keywords.** stewardship-codes, shareholder-primacy, innovation, policy-failure

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.