Consistent with their roles as fiduciaries, more investment managers are acting as true stewards of the capital they invest on behalf of others by actively engage with corporate boards of directors and management teams on environmental, social and governance issues that impact long-term returns. A new era of “investor stewardship” is now helping facilitate a number of improvements across Corporate America, ranging from enhanced boardroom diversity to improved human capital management policies to more sustainable supply chain practices.
Unfortunately, this new era is now being threatened by a curious lawsuit brought by the Corpus Christi Firefighters’ Retirement System against Ancora Advisors and Macellum Capital Management. The suit stems from Ancora and Macellum’sactive engagement with Ohio-based Big Lots in 2020.
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