lundi, décembre 13, 2010

Vote des actionnaires sur des propositions

Quel est l'impact de l'exercice des droits de vote des actionnaires sur des propositions? Les votes communiquent-ils un message pertinent aux administrateurs? Ce sont les questions explorées dans l'article Non-Binding Voting for Shareholder Proposals.

Voici le sommaire de l'article qui indique que l'impact est mitigé.
Shareholder proposals are a common form of shareholder activism. Voting for shareholder proposals, however, is non-binding in the sense that the management has the authority to reject the proposal even if it received majority support from shareholders. We analyze whether non-binding voting is an effective mechanism for conveying shareholder expectations. We show that in contrast to binding voting, non-binding voting generally fails to convey shareholder views when the interests of the manager and shareholders are not aligned. Surprisingly, the presence of an activist investor who can discipline the manager may enhance the advisory role of non-binding voting only if there is substantial conflict of interest between shareholders and the activist.

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