This paper, published by Center of Economic Research at Swiss Federal Institute of Technology Zurich and written by Urs von Arx (from Center of Economic Research at ETH Zurich) and Andreas Schäfer (from Center for Corporate Responsability and Sustainability (CCRS), University of Zurich) focuses on the scope of institutional investors when they are not satisfied with a management team of a company in which the pension fund holds a block of shares.