Empty voting
Under Empty Voting (eng .: Empty voting rights ) refers to the practice of voting on a shareholders' meeting without the full financial ownership ( beneficial ownership ) of the underlying shares . This is usually done through stock lending over the period of the respective shareholders' meeting. One way of preventing this short-term postponement of voting rights is to use registered shares and the conditions set out in the respective articles of association . In the summer of 2009 there were also discussions as to whether a further separation of financial and voting ownership of shares would not make sense. Proponents mention the positive effects of higher corporate governance , while critics fear support for negative “predatory capitalism”, analogous to the locust debate, since investors can buy a disproportionately high voting weight through the stock lending mechanism through low financial resources.
See also
Web links
- "Empty Voting" and other fault lines undermining shareholder democracy: The new hunting ground for Hedge Funds (PDF; 69 kB)
- Henry TC Hu; Bernard Black: Empty Voting and Hidden Ownership: Taxonomy, Implications, and Reforms (Engl.) (PDF; 317 kB)
Individual evidence
- ↑ http://www.chf100.com/content/empty-voting ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.
- ↑ http://www.cvp.ch/upload/prj/document/08-08-05-Pressemappe-f.pdf ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.
