recent developments in directors’ elections: a comparative perspective marco ventoruzzo bocconi...
TRANSCRIPT
- Slide 1
- Recent Developments in Directors Elections: A Comparative Perspective Marco Ventoruzzo Bocconi University, Milan, Italy PSU Dickinson School of Law ECGI
- Slide 2
- Overview of the Proxy Access debate in the US Example of horizontal and vertical regulatory competition Are Investors Interested in Board Representation? Comparative Analysis: From Proxy Access to List Voting?
- Slide 3
- 1. Overview of the Proxy Access Debate in the US
- Slide 4
- Directors Elections Plurality voting Some corporations have adopted majority voting No shareholders access to corporate proxy NYSE Rule 452 (discretionary voting for uninstructed shares) amended in 2009
- Slide 5
- North Dakota: NDPTCA 2007
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- North Dakota: NDPTCA 2007 Delaware Responds: - Sections 112 and 113 DGCL 20082009 - 2010 SEC approves Rules 14a-11 and 14a-8(i)(8) 2011 Business Roundtable v. SEC: U.S. Court of Appeal D.C. vacates Rule 14a-11
- Slide 8
- 2. Are Investors Interested?
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- 3. From Proxy Access to List Voting
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- A diversified board, with representatives of minority investors, is desirable: Empirical evidence (see Chernich et alt., 2009); Controlling function; Proxy Access is not sufficient to achieve that goal;
- Slide 14
- 1. Joe 2. Mary 3. Linda 4. Rose 24% 6% JML
- Slide 15
- A diversified board, with representatives of minority investors, is desirable: Empirical evidence (see Chernich et alt., 2009); Controlling function; Proxy Access is not sufficient to achieve that goal; Cumulative Voting v. List Voting
- Slide 16
- 1. Joe 2. Mary 3. Linda 1. Rose 2. Rick 3. Paul 24% 6% JMR
- Slide 17