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Corporate vote trading in Australia
Accounting & Finance ( IF 2.473 ) Pub Date : 2021-07-09 , DOI: 10.1111/acfi.12818
Tongxia Li 1 , Tze Chuan ‘Chewie’ Ang 2
Affiliation  

This study finds that institutional investors in Australia recall loaned shares prior to shareholder meetings to exercise their voting rights as part of their effort to improve corporate governance. Recalls are increasingly common in larger firms, firms with more independent directors, and stocks with higher past returns in recent years. Recalls are associated with less support for resolutions at meetings, especially those related to the remuneration package in firms within the ASX100 and those with existing shareholder dissent. We deduce the value of votes (around 351 basis points (bps) per annum) from the incremental cost of borrowing shares with voting rights around shareholder meetings.

中文翻译:

澳大利亚的公司投票交易

本研究发现,澳大利亚的机构投资者在股东大会之前召回借出的股票,以行使他们的投票权,作为他们改善公司治理的一部分。近年来,在较大的公司、拥有更多独立董事的公司以及过去回报率较高的股票中,召回越来越普遍。召回与对会议决议的支持减少有关,特别是那些与 ASX100 内公司的薪酬方案和现有股东持不同意见的公司有关的决议。我们从在股东大会期间借入具有投票权的股票的增量成本中推断出投票的价值(每年约 351 个基点 (bps))。
更新日期:2021-07-09
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