John Kingman's review of the Financial Reporting Council (FRC) doubted the effectiveness of the UK's Stewardship Code in encouraging informed and engaged stewardship by institutional investors of the companies in which they invest (issuers). Accordingly, the FRC updated the Stewardship Code in 2020 in a final bid to prove its effectiveness and relevance, and, in particular, to enhance issuer-specific engagement by institutional investors. The update has enhanced the reach and substance of the Code. However, the legal, regulatory, contractual and competitive environment in which institutional investors exist will constantly forestall soft-law attempts to foster greater issuer-specific engagement, a point perhaps tacitly acknowledged by the 2020 Stewardship Code with its wider scope. Instead, in relation to engagement, stewardship disclosure should focus on the types of engagement that institutional investors are motivated to exercise in practice, such as engagement in response to hedge fund activism, and engagement on systemic risks.

中文翻译：

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皇帝的新密码？是时候根据英国的管理规范重新评估管理工作的性质了

约翰·金曼 (John Kingman) 对财务报告委员会 (FRC) 的审查怀疑英国《管理守则》在鼓励他们投资的公司（发行人）的机构投资者进行知情和参与管理方面的有效性。因此，FRC 于 2020 年更新了《管理守则》，以证明其有效性和相关性，特别是加强机构投资者针对特定发行人的参与。此次更新增强了守则的范围和内容。然而，机构投资者所处的法律、监管、合同和竞争环境将不断阻止软法尝试促进更大范围的特定发行人参与，这一点可能被 2020 年管理守则及其更广泛的范围所默许。相反，在参与方面，