OECD Corporate Governance Working Papers

2223-0939 (en ligne)
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OECD Corporate Governance Working Papers provide timely analysis and information on national and international corporate governance issues and developments, including state ownership and privatisation policies. The working paper series is designed to make select studies by the OECD Corporate Governance Committee, OECD staff members and outside consultants available to a broad audience.

The Exercise of Shareholder Rights

Country Comparison of Turnout and Dissent You or your institution have access to this content

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Paul Hewitt1
Author Affiliations
  • 1: Manifest Information Services, United Kingdom

01 août 2011
Bibliographic information
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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.
remuneration, corporate governance, shareholder rights, shareholder voting
Classification JEL:
  • G30: Financial Economics / Corporate Finance and Governance / General
  • G34: Financial Economics / Corporate Finance and Governance / Mergers ; Acquisitions ; Restructuring ; Corporate Governance
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