In the US, shareholder value is not just a concept but a mantra. In the past year it has become a familiar chant to some French and German companies as US fund managers continue to infiltrate their shareholder registers, according to the institutional investment report from the Conference Board, a research organisation based in New York.

Carolyn Brancato, author of the report and director of the company's global corporate governance research centre, says: 'Companies that have been sheltered from corporate governance concerns will need to play catch-up as they emerge from their closely held status.'