▁▁ ▁Gian ni ' s ▁ 2 0 0 8 ▁paper ▁c ited ▁the ▁ 2 0 0 4 ▁Report ▁of ▁the ▁UN ▁Secretary ▁General ' s ▁Cons ult ative ▁Group ▁on ▁Flag ▁State ▁Im plementation ▁which ▁said ▁that , ▁" It ▁is ▁very ▁easy , ▁and ▁compar atively ▁in exp ensive , ▁to ▁establish ▁a ▁complex ▁web ▁of ▁corpor ate ▁entities ▁to ▁provide ▁very ▁effective ▁cover ▁to ▁the ▁ident ities ▁of ▁benef icial ▁own ers ▁who ▁do ▁not ▁want ▁to ▁be ▁known ." ▁ ▁The ▁O E CD ' s ▁ 2 0 1 1 ▁" Board ▁Pract ices : ▁In cent ives ▁and ▁G over ning ▁Ris ks " ▁report , ▁c ited ▁both ▁the ▁Fin an cial ▁Report ing ▁Council ' s ▁( F RC ) ▁ 2 0 0 9 ▁review ▁and ▁the ▁Walker ▁review ▁of ▁the ▁" g overn ance ▁of ▁banks ▁and ▁other ▁financial ▁institutions " ▁which ▁had ▁" found ▁that ▁there ▁were ▁significant ▁concerns ▁about ▁the ▁quantity ▁and ▁effect iveness ▁of ▁eng agement ▁between ▁institution al ▁invest ors ▁and ▁bo ards ▁of ▁listed ▁companies " ▁and ▁that ▁there ▁was ▁a ▁" need ▁for ▁better ▁eng agement ▁between ▁fund ▁man agers ▁acting ▁on ▁beh alf ▁of ▁their ▁clients ▁as ▁benef icial ▁own ers , ▁and ▁the ▁bo ards ▁of ▁invest ee ▁companies '. ▁At ▁that ▁time ▁these ▁reports ▁had ▁" re comm ended ▁that ▁the ▁F RC ▁rat ify ▁a ▁" Ste ward ship ▁Code " ▁based ▁on ▁the ▁Code ▁on ▁the ▁Res p ons ib ilities