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Beyond SRD II: Connecting European Stewardship Frameworks
Explore StePs’ policy brief on European stewardship, cross-border engagement and the potential role of a voluntary European Stewardship Code.
European stewardship: connecting frameworks, strengthening practice
A policy brief from StePs – Stewardship Professionals explores how Europe’s stewardship frameworks could work together more effectively to support cross-border investment and long-term value creation.
Published in July 2026, “Beyond SRD II: Towards Greater Coherence in European Stewardship” considers a voluntary European Stewardship Code as one possible way forward.
StePs is a professional association dedicated to advancing stewardship worldwide. Its Chief Executive Officer, Dr Alexander Juschus, and Deputy Chief Executive Officer, Dr Catherine Marchewitz, also represent Governance & Values, a member firm of the Global Advisory Alliance.
Why greater coherence matters
Europe has developed a range of stewardship approaches through the Shareholder Rights Directive II (SRD II), national codes, corporate governance frameworks and industry initiatives.
The brief argues that the challenge is making these approaches work together. Investors operating across borders face differing expectations, reporting practices and interpretations. These differences can increase complexity and make stewardship activities and outcomes harder to compare.
The paper connects this challenge to the ambitions of the European Commission’s Savings and Investments Union: more integrated capital markets need stewardship practices that can operate effectively across jurisdictions.
A common reference point
The brief explores how a voluntary, principles-based European Stewardship Code could connect existing frameworks while respecting national differences.
Such a code would complement existing legislation and market practices. Potential areas of focus include:
- Stewardship governance and accountability.
- Corporate engagement and escalation.
- Voting policies and the exercise of shareholder rights.
- Collaborative engagement.
- Managing conflicts of interest.
- More comparable, outcome-focused reporting.
The paper presents this as an option for discussion. It also recognises that stronger coordination, improved guidance and the continued development of existing frameworks could help achieve greater coherence.
What this means for institutional investors
For pension funds, asset managers and other institutional investors, the brief raises a practical question: how consistently does your stewardship approach work across the markets in which you invest?
Useful questions to consider include:
- Can you explain how stewardship informs investment decisions?
- Do your engagement and voting reports demonstrate outcomes?
- How do you manage differences in expectations across markets?
These questions can help turn a policy discussion into a review of stewardship practice.
Download the policy brief
Stewardship support through the Global Advisory Alliance
If your organisation needs support with stewardship strategy, engagement, proxy voting or evaluating stewardship effectiveness, connect with Dr Catherine Marchewitz or Dr Alexander Juschus.
Through Governance & Values and their work at StePs, they combine advisory experience with a focus on developing stewardship practice and professional capabilities.
