The Exercise of Shareholder Rights: Country Comparison of Turnout and Dissent
AbstractThe scope of this research is to examine the degree to which investors use their share voting rights to register their concerns with companies on corporate issues. Analysis has been hindered by poor disclosure by companies of turnout figures and more nuanced reporting of resolution outcomes (e.g. disclosing withheld votes). A country comparison which includes OECD countries and Brazil highlights patterns of dissent that suggest remuneration and issues of capital structure are the resolutions that attract most consistent shareholder dissent. Australia, Chile and Germany are singled out for enhanced analysis. The study points to the need for further research at the investor and issuer level about the role of voting in the engagement process and the barriers to the effectiveness and transparency of voting.
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Bibliographic InfoPaper provided by OECD Publishing in its series OECD Corporate Governance Working Papers with number 3.
Date of creation: Aug 2011
Date of revision:
shareholder rights; corporate governance; shareholder voting; remuneration;
Find related papers by JEL classification:
- G30 - Financial Economics - - Corporate Finance and Governance - - - General
- G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-10-09 (All new papers)
- NEP-CDM-2011-10-09 (Collective Decision-Making)
- NEP-CFN-2011-10-09 (Corporate Finance)
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- Hans Degryse & Thomas Lambert & Armin Schwienbacher, 2013.
"The Political Economy of Financial Systems: Evidence from Suffrage Reforms in the Last Two Centuries,"
CESifo Working Paper Series
4527, CESifo Group Munich.
- Degryse, H.A. & Lambert, T. & Schwienbacher, A., 2013. "The Political Economy of Financial Systems: Evidence from Suffrage Reforms in the Last Two Centuries," Discussion Paper 2013-046, Tilburg University, Center for Economic Research.
- Degryse, Hans & Lambert, Thomas & Schwienbacher, Armin, 2013. "The Political Economy of Financial Systems: Evidence from Suffrage Reforms in the Last Two Centuries," CEPR Discussion Papers 9621, C.E.P.R. Discussion Papers.
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