The European Fund and Asset Management Association (EFAMA) has published what it describes as a "Code for External Governance" setting out principles for the exercise of ownership rights in investee companies: see here. The purpose of the code is explained on page 2:... to provide a framework of high‐level principles and best practice recommendations which should act as a catalyst for engagement between Investment Management Companies (IMC) and the companies in which they invest. Adherence to this code should support interaction between the IMC and companies and ensure a strong link between governance and the investment process. The code is “principles” based in that it relies upon good judgement rather than prescription. As such, the recommendations recognise that the 'best' approach for many issues depends on the circumstances. The Code is not designed to supersede applicable law and regulations".
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