The Review identified widespread concern about how fiduciary duties were interpreted in the context of investment. In particular, some stakeholders felt:
- it was not clear who in the investment chain was subject to fiduciary duties and what those duties were;
- their fiduciary duties required them to maximise returns over a short-time scale, precluding consideration of long-term factors which might impact on company performance;
- their obligations were entirely defined and limited to their contractual obligations or required no more than a duty of care.