ECGI Focus Panel - “Common Ownership: Antitrust Meets Corporate Governance”

The ECGI focus panel on “Common Ownership: Antitrust Meets Corporate Governance”, moderated by Prof. Marco Becht (ULB), composed of Prof. Xavier Vives (IESE), Barbara Novick (BlackRock), and Greg Medcraft (OECD). The panel discussed the challenges faced by asset managers holding significant stakes in multiple companies in the same industry. The discussion brought out very clearly the tension between increased stewardship and governance involvement on the one hand, and concerns about potential collusion between competing firms having the same shareholders. The discussion highlighted the desirability of increased stewardship engagement that does not impair product market competition and thus entails no antitrust liability risk for asset managers.