Sustainable Finance and Stewardship: Unlocking Stewardship's Sustainability Potential

Dionysia Katelouzou, Alice Klettner

Research output: Chapter in Book/Report/Conference proceedingChapterpeer-review


This paper explores the role of investor stewardship against a background of broader efforts to improve the sustainability of financial markets. Stewardship codes, encouraging institutional investors to act as long-term, responsible shareholders, comprise an emerging aspect of contemporary corporate governance frameworks with important implications for sustainable finance. They have the potential to promote the incorporation of environmental, social and governance (ESG) factors into both financial and business decision-making. This paper examines the way in which 25 stewardship codes from across the world approach ESG integration and explores the possibilities for enhancing their impact on sustainability. It concludes that stewardship codes form an influential part of the overall network of regulatory instruments supporting sustainable finance. They help to secure transparency, accountability and a progressive interpretation of long-standing fiduciary duties that better balances the interests of all stakeholders.
Original languageEnglish
Title of host publicationGlobal Shareholder Stewardship
PublisherCambridge University Press, Cambridge
Publication statusPublished - 2022


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