The arguments in favour of investors making their presence felt as owners of companies may sound compelling, but on closer examination it seems in no one’s interest to engage with corporate management or vote at shareholder meetings.

Passive asset managers, which try to track an index by holding every stock, might be expected to engage with companies, on the grounds that they cannot sell a stock if they disagree with a company’s management. If a chief executive insists on using local factories for manufacturing rather than sourcing more cheaply from overseas, for instance, the passive asset managers are best positioned to object.