Interest of shareholders as a class
23 important questions on Interest of shareholders as a class
Why is corporate law restricted in making strict regulations for business decisions?
- Hindsight bias: can make even the most reasonable managerial decision seem reckless.
2. Business directors will be less willing to choose risky projects with high returns. They will go for safer options with low returns
To solve the agency problem, would it be a solution to shift all the decision making to the shareholders?
Explain how the reward strategy may substitute for shareholder decision rights
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Why would appointment and decision rights be relatively strong in countries where controlling shareholders are common?
True or false: "appointment and decision rights always enable shareholders to exert influence directly over the management"
What are shareholder centric laws?
Example: UK, France, Japan, Brazil - provide shareholders with non-waivable removal powers and nomination powers
What is proxy access?
Why is the US not centric?
2. Short terms of one year
Give an example of shareholder decision rights
2. Approval of mergers
3. Charter amendments
4. Appointing people to the board
What is the difference between two-tier boards and one-tier boards?
1. Supervisory board is separate from the directors (oversight management)
2. Supervisory board is elected by shareholders
3. Supervisory board appoints directors
One tier (US)
Supervision and management are on one board
What is the most common approach in the selection process of directors?
Why is it preferable to let the board perform the search and selection function of nominees?
What is the plurality voting rule under Delaware law?
What are four voting mechanisms to make voting less costly?
2. Proxy solicitation by corporate partisans (voting for each other)
3. Proxy voting through custodial institutions
4. Electroninc meeting
What is the constraint strategy?
What is the business judgement rule under constraint strategy?
Why do a corporations non-contractual stakeholders have a greater need for legal protection than contractual counterparties?
What are examples of deviations of the one-share-one-vote norm?
- Circulars shareholding
- Pyramid ownership structures
What is the effetive governance strategy?
What does the German law in "quasi-parity codetermination" mean?
What did the Sarbanes-Oxley Act of 2002 mandate?
What did the Dodd Frank act mandate?
What are the two forms of incentive strategy?
2. Trusteeship
(Some jurisdictions voting rights for minority shareholders)
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