It has long been assumed ownership gives farmers incentives to act as stewards for the land. On this basis, quasi-property rights are granted to fish farmers to encourage them to manage risks to the aquatic environment. This paper offers an empirically grounded theorization of fish farmers’ perspectives on these issues. Data were gathered via field research with Scottish salmon farmers who had switched from conventional to organic fish farmers’ risk management strategies offer little support for the view that property rights automatically create incentives for stewardship of the marine environment.