ECGI Independent Study:
'Returns to Shareholder Activism'

Hermes is delighted to have taken part in this independent study which uses the UK Focus Fund as a test subject to form an impartial view on shareholder activism.

The resulting paper, which you can download for free via the link below, was produced jointly by the European Corporate Governance Institute and London Business School. It is forthcoming in the Review of Financial Studies, a leading scientific finance journal.

Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes U.K. Focus Fund