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Today, UBC members throughout the United States and Canada participate in pension funds that remain steadfast to this commitment. Focused on fund value protection and enhancement, the Carpenter Funds’ advance corporate governance and executive compensation reforms designed to build long-term Fund by advocating for sustainable corporate value growth.
The Fund’s ownership activism is premised on a belief that a sound system of corporate governance must have accountability mechanisms based on active monitoring by patient owners of capital and not on the workings of the corporate control market. Board and management accountability mechanisms that enable owners to focus boards and managers on long-term value creation are essential elements of an effective corporate governance system.
Responsible shareholder activism is essential to establishing a system of governance that promotes long-term corporate success and the health of the broader economy. Carpenter Funds embrace their ownership responsibilities, closely monitoring Fund portfolio companies, exercising their corporate voting rights in an informed manner, and advocating for governance and executive compensation reforms.
The Funds’ activism, along with that of other institutional investors, has generally produced positive outcomes: corporate governance processes are more democratic; corporate boards are more independent; corporate directors are more accountable to owners; executive compensation excesses have been spotlighted, and companies have been forced to confront irresponsible behavior.
This responsible ownership activism and the resulting corporate governance enhancements have served to protect and enhance corporate and Fund value.