Confidential Proxy Voting
Author | : Patrick S. McGurn |
Publisher | : |
Total Pages | : 134 |
Release | : 1989 |
Genre | : Law |
ISBN | : |
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Author | : Patrick S. McGurn |
Publisher | : |
Total Pages | : 134 |
Release | : 1989 |
Genre | : Law |
ISBN | : |
Author | : Roberta Romano |
Publisher | : |
Total Pages | : 53 |
Release | : 2009 |
Genre | : |
ISBN | : |
Confidential voting in corporate proxies is a principal recommendation in activist institutional investors' guidelines for corporate governance reforms. This paper examines the impact of the adoption of confidential voting on proposal outcomes through a panel data set of shareholder and management proposals submitted from 1986-98 to 130 firms that adopted confidential voting in those years. Institutional investors promoting confidential voting maintain that private sector institutions have conflicts of interest that prevent them from voting against management even though to do so would maximize the value of their shares; they contend that anonymous ballots will enable such investors to vote their true interest, and thereby anticipate reduced support for management proposals and increased support for shareholder proposals. The paper finds, contrary to confidential voting advocates' expectations, that adoption of confidential voting has no significant effect on voting outcomes. Voting outcomes are best explained by proposal type; neither institutional nor insider ownership, nor prior performance, significantly affect the level of support a proposal receives. Moreover, the conflict of interest hypothesis is not supported in the data, as private institutional holdings post-adoption of the voting reform do not affect the support level for proposals. Confidential voting also does not affect firms' stock performance. The results suggest that institutional investor initiatives directed at confidential voting are not a fruitful allocation of investors' resources.
Author | : United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Telecommunications and Finance |
Publisher | : |
Total Pages | : 88 |
Release | : 1989 |
Genre | : Proxy |
ISBN | : |
Author | : Henry M. Robert III |
Publisher | : PublicAffairs |
Total Pages | : 848 |
Release | : 2020-08-25 |
Genre | : Business & Economics |
ISBN | : 9781541797710 |
The only current authorized edition of the classic work on parliamentary procedure--now in a new updated edition Robert's Rules of Order is the recognized guide to smooth, orderly, and fairly conducted meetings. This 12th edition is the only current manual to have been maintained and updated since 1876 under the continuing program established by General Henry M. Robert himself. As indispensable now as the original edition was more than a century ago, Robert's Rules of Order Newly Revised is the acknowledged "gold standard" for meeting rules. New and enhanced features of this edition include: Section-based paragraph numbering to facilitate cross-references and e-book compatibility Expanded appendix of charts, tables, and lists Helpful summary explanations about postponing a motion, reconsidering a vote, making and enforcing points of order and appeals, and newly expanded procedures for filling blanks New provisions regarding debate on nominations, reopening nominations, and completing an election after its scheduled time Dozens more clarifications, additions, and refinements to improve the presentation of existing rules, incorporate new interpretations, and address common inquiries Coinciding with publication of the 12th edition, the authors of this manual have once again published an updated (3rd) edition of Robert's Rules of Order Newly Revised In Brief, a simple and concise introductory guide cross-referenced to it.
Author | : OECD |
Publisher | : OECD Publishing |
Total Pages | : 78 |
Release | : 2011-07-01 |
Genre | : |
ISBN | : 9264116052 |
This report reflects long-term, in-depth discussion and debate by participants in the Latin American Roundtable on Corporate Governance.
Author | : |
Publisher | : |
Total Pages | : 136 |
Release | : 1989 |
Genre | : Corporate governance |
ISBN | : |
Author | : Gregor Matvos |
Publisher | : |
Total Pages | : 61 |
Release | : 2013 |
Genre | : |
ISBN | : |
Despite its importance, voting in the elections of corporate boards of directors remains relatively unexplored in the empirical literature. We construct a comprehensive dataset of 3,204,890 mutual fund votes in director elections that took place between July 2003 and June 2005. We find substantial systematic heterogeneity in fund voting patterns: some mutual funds are management friendly, and others are less so. We construct and estimate a model of voting in which mutual funds impose externalities on each other: the cost of opposing management decreases when other funds oppose it as well. We exploit fund heterogeneity to overcome the endogeneity problem induced by unobserved firm quality. We estimate all parameters in the voting model and show that strategic interaction between funds is economically and statistically significant. We then construct counterfactuals to compute the equilibrium distribution of votes under alternative specifications of strategic externalities. We use the counterfactuals to show that implementing confidential voting in board of director elections has potentially large consequences on the equilibrium number of funds withholding their votes from directors.
Author | : Investment Company Institute (U.S.) |
Publisher | : |
Total Pages | : 168 |
Release | : 1962 |
Genre | : Investments |
ISBN | : |
Author | : Patrick J. Davey |
Publisher | : |
Total Pages | : 32 |
Release | : 1991 |
Genre | : Pension trusts |
ISBN | : |
Author | : Karen Elizabeth Van Nuys |
Publisher | : |
Total Pages | : 182 |
Release | : 1990 |
Genre | : |
ISBN | : |