米国における株主提案

Davis Polk writes:

This season ISS is tracking only 10 proposals seeking to declassify boards, a two-third drop from the number of proposals in 2014. This is likely attributable to the absence of assistance from the Harvard Shareholder Rights Project. The Harvard group indicated that it has completed the declassification project that it started in 2011 and the clinic is not operating during the current academic year. Of S&P 500 companies, 75% now have annually elected boards.

Majority voting proposals also dropped, from 50 in 2014 to 10 this year. 86% of large-cap companies use majority voting standards for election of directors.

via Davis Polk Briefing: Governance

Shareholder Rights Projectについての議論

Harvard大学のShareholder Rights Projectは,期差選任の上場会社を減少させるという成果を短期間で挙げたため,注目される存在だと思います。同プロジェクトの活動の合法性について疑義を表する論文が,スタンフォード大学の教授および現役の連邦証券取引委員会の委員から呈されました。

続きを読む

Shareholder Rights Project

成果が出てから既にだいぶ時間が経っていますが,未だに,幾らかの進展があるようですので,Bebchuk教授がクリニックとして行なっているShareholder Rights Projectを紹介します。期差選任制度の廃止に関する成果は,驚異的です。

77 Board declassifications: A total of 77 S&P 500 and Fortune 500 companies have already declassified during 2012 and 2013 as a result of the work by the SRP and SRP-represented investors (listed on the Declassifications page). A significant number of additional declassifications are expected to result as agreed-upon management declassification proposals go to a vote at other companies that have entered into agreements to bring such management proposals to a vote.

New York Timesにも記事が載りました。

via The Harvard Corporate Law School Forum on Corporate Governance and Financial Regulation