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Stewardship Policies. A Survey of the Main Issues

Author

Listed:
  • Marco Fanari

    (Bank of Italy)

  • Enrico Bernardini

    (Bank of Italy)

  • Elisabetta Cecchet

    (Bank of Italy)

  • Francesco Columba

    (Bank of Italy)

  • Johnny Di Giampaolo

    (Bank of Italy)

  • Gabriele Fraboni

    (Bank of Italy)

  • Donatella La Licata

    (Bank of Italy)

  • Simone Letta

    (Bank of Italy)

  • Gianluca Mango

    (Bank of Italy)

  • Gabriele Fraboni

    (Bank of Italy)

Abstract

Stewardship, which encompasses shareholder voting activities and engagement with company management, can strengthen the role of investors in steering companies towards long-term value creation. As investors have increasingly integrated ESG considerations into their investment strategies, stewardship activities have been used to encourage companies to address, among others, sustainability issues. The paper focuses on stewardship practices in a sample of asset managers and, to a lesser extent, on central banks. The survey suggests that a ‘one size fits all’ approach to stewardship is not adequate to meet the goals of the different investors, due to the potentially different assessment of the trade-offs involved.

Suggested Citation

  • Marco Fanari & Enrico Bernardini & Elisabetta Cecchet & Francesco Columba & Johnny Di Giampaolo & Gabriele Fraboni & Donatella La Licata & Simone Letta & Gianluca Mango & Gabriele Fraboni, 2025. "Stewardship Policies. A Survey of the Main Issues," Mercati, infrastrutture, sistemi di pagamento (Markets, Infrastructures, Payment Systems) 65, Bank of Italy, Directorate General for Markets and Payment System.
    • Handle: RePEc:bdi:wpmisp:mip_065_25
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    File URL: https://www.bancaditalia.it/pubblicazioni/mercati-infrastrutture-e-sistemi-di-pagamento/approfondimenti/2025-065/N.65-MISP.pdf?language_id=1
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    Keywords

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    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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