Shareholder Primacy and the Trajectory of UK Corporate Governance
本文分析了英国公司治理核心制度（如收购、董事会结构和董事职责）如何偏向股东至上，同时指出在破产与劳动法交叉领域，利益相关者利益因欧盟影响而得到更好代表，且机构投资者正转向包容利益相关者的策略，表明英国体系处于变动中，股东至上之争尚未定论。
Abstract Core institutions of UK corporate governance, in particular those relating to takeovers, board structure and directors’ duties, are strongly orientated towards a norm of shareholder primacy. Beyond the core, in particular at the inter‐section of insolvency and employment law, stakeholder interests are better represented, thanks largely to European Community influence. Moreover, institutional shareholders are redirecting their investment strategies away from a focus on short‐term returns, in such a way as to favour stakeholder‐inclusive practices. We therefore suggest that the UK system is currently in a state of flux and that the debate over shareholder primacy has not been concluded.