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The Exercise of Shareholder Rights: Country Comparison of Turnout and Dissent

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  • Paul Hewitt

    (Manifest Information Services)

Abstract

The 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.

Suggested Citation

  • Paul Hewitt, 2011. "The Exercise of Shareholder Rights: Country Comparison of Turnout and Dissent," OECD Corporate Governance Working Papers 3, OECD Publishing.
  • Handle: RePEc:oec:dafaae:3-en
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    File URL: http://dx.doi.org/10.1787/5kg54d0l1lvf-en
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    Cited by:

    1. 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.
    2. André Schmidt, 2017. "Determinants of Corporate Voting – Evidence from a Large Survey of German Retail Investors," Schmalenbach Business Review, Springer;Schmalenbach-Gesellschaft, vol. 18(1), pages 71-103, February.

    More about this item

    Keywords

    corporate governance; remuneration; shareholder rights; shareholder voting;

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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