Shareholder's rights |
Proportionality between capital and control |
| From the European
Commission's website (click here for the original source) |
In
its May 2003 Action Plan on Company Law and Corporate
Governance, the Commission proposed to carry out a
study on the deviations from the principle of proportionality
between capital and control existing in the Member
States of the European Union. Stakeholders confirmed
the need for such a study in their response to the
Spring 2006 consultation conducted on the future priorities
of the Action Plan.
The study commissioned in September 2006 was led by
Institutional Shareholder Services (ISS), associated
to a European network of leading academics, the European
Corporate Governance Institute (ECGI) and the law firm
Shearman & Sterling. The study provides a useful
factual background to the issue of proportionality
between capital and control, or the "one share, one
vote" issue as it is more commonly referred to. |
 |
| The report is accompanied by detailed surveys
of the academic literature and of the empirical evidence
on the "one share -one vote " issue as well as by a detailed
comparative legal study covering 16 Member States of
the European Union as well as Australia, Japan and the
US. |
 |
Report
on the proportionality principle in the European Union (Click
here for copy in English) |
|
Academic
Surveys |
|
| |
- The
One Share - One Vote Debate: A Theoretical Perspective by Mike
Burkart,
Stockholm School of Economics, CEPR, FMG and ECGI, Samuel
Lee, Stockholm School of Economics (ECGI
Finance Working Finance Working Paper No. 176/2007) |
| |
- One
Share, One Vote: The Empirical Evidence by Renée
Adams,
University of Queensland and ECGI, Daniel Ferreira,
London School of Economics and Political Science and ECGI
(ECGI
Finance Working Finance Working Paper No. 177/2007) |
|
The Comparative Legal Study |
| |
- The synthesis |
| |
- Exhibit A - Methodology |
| |
- Exhibit B - Regulatory framework for control-enhancing
mechanisms: summaries |
| |
- Exhibit C - Part I - Legal study
for each jurisdiction |
| |
- Exhibit C - Part II - Legal study
for each jurisdiction |
