Shifting ground: emerging global corporate-governance standards and the rise of fiduciary capitalism

In this paper we examine the long-term interests that large institutional owners (for example, the California Public Employees’ Retirement System, Hermes, and the Universities Superannuation Scheme) have in the development of global corporate governance standards, especially as governance standards increasingly become intertwined with other standards and regime parameters involved in the globalization debates. We argue that institutional owners have a unique perspective and voice with which to contribute to the formulation of global standards in a variety