"Continental institutional investors are voting with their feet." A study of the activism of Belgian institutional investors shows that anno 1993 they are not interested in influencing the policy of stock exchange listed companies. The attendancy rate at general meetings is on average 22%. New protective measures of minority shareholders do not change the policy of the Belgian institutional investors. Anecdotical evidence shows that the activism of the institutional investors in other continental European countries do not differ significantly from the Belgian situation.