These changes in share ownership have a number of implications for the governance of companies. Firstly, it is not always clear who the beneficial owner is, and therefore transparency in regard to ownership of shares may be obfuscated for any number of reasons, most of which have governance implications. Secondly, we might assume that foreign owners may not be as keen as UK owners to curb activities seen as damaging to the UK perhaps in terms of social or environmental stewardship. It may also be that foreign owners may not be as aware as UK nationals of the potential role for shareholders in governance structures.