Index

Citation

Lafarre, A. (2017), "Index", The AGM in Europe, Emerald Publishing Limited, Leeds, pp. 319-329. https://doi.org/10.1108/978-1-78743-533-920171027

Publisher

:

Emerald Publishing Limited

Copyright © 2017 Emerald Publishing Limited

---

INDEX

Note: Page numbers followed by “n” refer to notes.

ABN Amro

, 93n, 1, 151n2

Affiliate firms

, 174

Agency problem

, 7

Agency theory

, 4–6

Ahold NV

, 53

Allianz AG

, 54

Allied Irish Bank

, 158

Amendments to articles

, 82

Annual accounts

, 83

Annual General Meeting of Shareholders (AGM)

, 36–38

agenda of

, 65–87, 139–140

costs, reducing

, 297–298

law and economics of

, 3–18

legal framework of

, 21–34

in practice

, 7–12

scorecard

, 10

theoretical role

, 7

Asset managers

, 155

Attendance

, 8, 11, 103, 104, 107, 111, 112, 114, 116, 116n, 1, 136n, 38, 143, 156, 169–204, 248, 263, 270, 291–294, 296

See also Turnout

Audit Directive (Directive 2006/43/EC, revised by Directive 2014/56/EC)

, 23, 29, 33n, 7, 245

Article 37

, 22, 27

Article 37(1)

, 85

Australia

say-on-pay resolutions

, 172

two-strikes rule

, 284, 285

Australian Corporation Act (ACA)

, 284

Austria

amendments to articles

, 82

annual accounts

, 83

buyback own shares

, 81

cancelling shares and reducing share capital

, 81, 82

capital increases

, 78–79

corporate elections

, 66, 68

decision-making rights

, 64, 65

discharge

, 84

dividends

, 83, 84

forum rights

, 49

incentive schemes and share grants

, 73–74

participation procedures

, 39–40

remuneration policy

, 72

remuneration report

, 71

supervisory and non-executive remuneration

, 74

voting procedures

, 41

waiver of pre-emption rights

, 80, 81

Bank of Ireland Plc

, 71

Banzhaf index

, 127–131, 176, 199, 271–272

Behaviour

opportunistic

, 6

side-stepping

, 10–11

Belgium

amendments to articles

, 82

annual accounts

, 83

Annual General Meeting of Shareholders

, 37, 38

buyback own shares

, 81

cancelling shares and reducing share capital

, 81, 82

capital increases

, 79

corporate elections

, 66, 67

decision-making rights

, 64, 65

discharge

, 84

dividends

, 84

external auditor

, 85

Extraordinary General Meeting

, 37, 38

forum rights

, 50–52

incentive schemes and share grants

, 73

ownership information rights

, 58

participation procedures

, 40

related-party transactions

, 75

remuneration policy

, 72

remuneration report

, 71

say-on-pay resolutions

, 172

Shareholder Rights Directive, impact of

, 206, 207

waiver of pre-emption rights

, 80–81

BHP Billiton Plc

, 61n32

Blockholders

, 6, 17, 42, 110–112, 117n12, 121–123, 125, 133n, 2, 135n, 22, 135n, 25, 156, 160, 162, 172, 176, 177, 179, 202, 249, 250, 265n, 13, 270, 271, 273, 275, 278, 281, 285–287, 295–298

BMW AG (Bayerische Motoren Werke)

, 61n30

Board elections, minority shareholder behavior in

, 171–172

Brexit, impact on UK shareholder rights

, 93

Buyback own shares

, 81

Calling a meeting

, 25

Cancelling shares

, 81–82

C&C Group Plc

, 71

Capital Directive (Directive 2012/30/EU)

, 23, 26–27, 33n9

Article 13(1)

, 27

Article 17

, 83

Article 21

, 27

Article 25(2)

, 78

Article 29(1)

, 78

Article 29(2)

, 78

Article 33(4)

, 26, 80

Article 44

, 27, 80

Capital, increase of

, 78–80

Capital resolutions

, 144, 150

Children’s Investment Fund Management (TCI)

, 93n, 1, 152n, 2, 152n3

Commission Delegated Regulation (EU 2015/761)

, 28, 33n20

Common trend assumption

, 218–221

Communication platforms

, 286–287

Companies (Model Articles) Regulations 2008

, 44

Companies Act of 1990 (UK)

, 99n77

Concentrated ownership structures, small shareholder voting coordination in

, 269–288

coordination problems

, 271–276

de facto control

, 270–271

public good games

, 276–278

shareholder communication facilities

, 280–283

thresholds

, 284–285

vote trading and empty voting

, 278–280

Continental AG

, 61n30

Contractual theory of corporations

, 13

Control-enhancing mechanisms

, 121–124

Coordination problems

, 279–281, 283–287

shareholder voting games

, 273–276

voting power theory

, 271–273

Corporate democracy

, 14

Corporate elections

, 65–69

Corporate Governance Committee

, 231

Corporate insiders

, 155, 156–157, 160, 174, 177–178, 249

impact on small shareholders turnout

, 178

Corporate law

, 93

Corporate ownership structures

, 119–136

Corporate theory

, 12

DCC Plc

, 71

Decision-making function

, 7, 291

Decision-making rights

, 22, 28, 63–100

amendments to articles

, 82

annual accounts

, 82–83

corporate elections

, 65–69

director elections

, 70

discharge

, 84

dividends

, 83–84

enterprise agreements

, 86

external auditor

, 85

notice period for general meetings

, 85

related-party transactions

, 74–75, 85–86

say-on-pay resolutions

, 69, 71–77

share capital resolutions

, 75, 78–82

shareholder proposals

, 64–65

Democracy

corporate

, 14

political

, 14

shareholder

, 13–14

Depository receipt holders

, 122–123

Deutsche Telekom

, 61n30

Directive 2007/14/EC

, 33n5

Directive 2013/34/EU

, 33n23

Directive 2013/50/EU

, 33n5

Directive 2014/56/EU

, 33n8

Article 39

, 65

Directive on Cross-Border Mergers (Directive 2005/56/EC)

, 27, 29, 33n17

Director elections

, 70, 88, 145–147, 150, 151, 200

Discharge

, 84

Disclosure and Transparency Rules (DTR)

, 56

Disclosure of ownership

, 56

Disclosure of voting rights

, 133n3

Dissent

, 138, 143, 146–150, 265n19, 173–174, 176–177

outsider

, 159–162

shareholder and executive remuneration, relationship between

, 172

Dividends

, 83–84

Doctrinal theory

, 13–14

Dutch law

, 229–231

Efficiency argument

, 12–13

Electronic participation

, 39

Employee Retirement Income Security Act (ERISA)

, 154

Empty voting

, 278–280

Enterprise agreements

, 86

E.ON AG

, 53–54

Equality, shareholder

, 14

Erste Group Bank AG

, 54

EU Member States

, 36–41, 43, 50, 52, 56, 58, 59, 60n, 5, 62n34, 63–65, 69, 72, 73, 75, 78, 80–83, 85–87, 93, 97n, 47, 97n49

European Commission (EC)

, 4

European framework of shareholder rights

, 21–34

Audit Directive (Directive 2006/43/EC, revised by Directive 2014/56/EC)

, 22, 23, 27, 29, 33n, 7, 85, 245

Capital Directive (Directive 2012/30/EU)

, 23, 26–27, 33n, 9, 78, 80, 83

Commission Delegated Regulation (EU 2015/761)

, 28, 33n20

Directive on Cross-Border Mergers (Directive 2005/56/EC)

, 27, 29, 33n17

Second Company Law Directive (Directive 2012/30/EU)

, 29

Shareholder Rights Directive (Directive 2007/36/EC)

, 22–26, 28–32, 34n, 16, 34n, 23, 34n, 24, 35, 38, 39, 42–44, 64, 229

Sixth Company Law Directive (Directive 82/891/EEC)

, 27, 29, 33n18

Takeover Directive (Directive 2004/25/EC)

, 23, 27–29, 33n, 3, 121

Third Company Law Directive (Directive 2011/35/EC)

, 23, 27, 29, 33n6

Transparency Directive (Directive 2004/109/EC)

, 23, 28, 29, 33n, 4, 56, 120, 122

European Securities and Markets Authority (ESMA)

European Union

, 22, 26

Executive remuneration and shareholder dissent, relationship between

, 172

External auditor

, 85

Extraordinary General Meeting (EGM)

, 36–38

Fictional shareholders

, 18n, 7, 153

Financial Choice Act

, 33n13

Financial Reporting Council (FRC)

, 284

Financial supervision authority of the Netherlands (Autoriteit Financiële Markten, AFM)

, 120

Fixed effects model

, 182

Florange law

, 13, 42

Flughaven Wien AG

, 54

Focal point

, 274

Forum function

, 7, 291

Forum rights

, 22, 36, 43–56, 59, 229, 232, 234–248

Austria

, 49

Belgium

, 50–52

categorization analysis

, 238–248

charter provisions

, 52–56

Dutch AGMs

, 237–238

France

, 49–50

Germany

, 47–49

Ireland

, 45

Netherlands, the

, 45–47

questions

, 234–237

United Kingdom

, 43–44

France

annual accounts

, 83

Annual General Meeting of Shareholders

, 37, 38

buyback own shares

, 81

cancelling shares and reducing share capital

, 81, 82

capital increases

, 80

corporate elections

, 66, 67

decision-making rights

, 64, 65

discharge

, 84

dividends

, 84

Extraordinary General Meeting

, 37, 38

forum rights

, 49–50

incentive schemes and share grants

, 74

ownership information rights

, 58

participation procedures

, 39

related-party transactions

, 74–75

remuneration policy

, 72

remuneration report

, 71

say-on-pay resolutions

, 172

Shareholder Rights Directive, impact of

, 206, 207

supervisory and non-executive remuneration

, 74

voting procedures

, 41–42

waiver of pre-emption rights

, 80, 81

Free-rider problems

, 8–10, 269, 275–277, 279

French Financial Markets Authority (Autorité des Marchés Financiers, AMF)

General Regulation of

, 58

Fresenius Medical Care AG

, 54

General method of moments (GMM) estimation method

, 184

Germany

amendments to articles

, 82

annual accounts

, 83

buyback own shares

, 81

cancelling shares and reducing share capital

, 81, 82

capital increases

, 78, 80

corporate elections

, 66, 67–68

decision-making rights

, 64, 65

discharge

, 84

dividends

, 83

enterprise agreements

, 86

forum rights

, 47–49

incentive schemes and share grants

, 73–74

ownership information rights

, 58

participation procedures

, 39

related-party transactions

, 86

remuneration policy

, 71–72

remuneration report

, 71

say-on-pay resolutions

, 172

supervisory and non-executive remuneration

, 74

voting procedures

, 41

waiver of pre-emption rights

, 80

GKN Plc

, 61n32

Governments

, 156, 157, 158, 174

Hedge fund activism

, 283

Herfindahl–Hirschman index (HHI)

, 121, 125, 126, 133, 134n5

HSBC Holdings Plc

, 61n32

Immobilien Anlagen AG

, 54

Incentive schemes

, 72–74

Incomplete information problem

, 120

Independent News & Media Plc

, 71

Independent voting

, 15

Information function

, 7, 291

Information rights

, 22, 28, 35–62

Informed voting

, 15

Institutional investors

, 155, 157, 174, 282–283

impact on small shareholders turnout

, 178

Institutional Shareholders’ Committee (ISC)

, 283

Institutional theory

, 13

Investmentgesetz

Article 32(1)

, 154

Investor-owned firms

, 13

Ireland

amendments to articles

, 82

annual accounts

, 82–83

buyback own shares

, 81

cancelling shares and reducing share capital

, 81, 82

capital increases

, 78, 79

corporate elections

, 66, 67

decision-making rights

, 64, 65

discharge

, 84

external auditor

, 85

forum rights

, 45

incentive schemes and share grants

, 73

notice period for general meetings

, 85

ownership information rights

, 56–57

participation procedures

, 38, 39

related-party transactions

, 75

remuneration policy

, 72

remuneration report

, 71

supervisory and non-executive remuneration

, 74

voting procedures

, 41

waiver of pre-emption rights

, 80, 81

Irish Central Bank

Transparency Rules of

, 57

Irish NPRF Act

, 164n16

Irish Stock Exchange (ISE)

, 154

Listing Rules

, 67, 71

Italy

corporate election system

, 172

Kapitalanlagegesetzbuch

Section 94(1)

, 154

Koninklijke BAM Group NV

, 4, 53

Labour-oriented model

, 15

Lack of dialogue

, 10

Law and economics

, 206, 210

Management proposals

, 173–174, 303n13

Manifest

, 71, 202n4

MAN SE

, 61n30

Marginal benefits (MB)

, 9, 10

Marginal costs (MC)

, 9, 10

Metro AG

, 61n30

Minimum notice period

, 38

Mitbestimmungsgesetz

Section

, 7, 94n13

Muenchener Rueckversicherungs AG

, 54

Nash Equilibrium

, 9

National Association of Pension Funds (NAPF)

, 138

National Dwellings Society v Sykes (1984)

, 43, 60n7

National level of shareholder rights

, 35–62

forum rights

, 43–56

ownership information rights

, 56–58

participation procedures

, 38–40

voting procedures

, 40–43

National Pensions Reserve Commission

, 158

National Pensions Reserve Fund Commission

, 125

Netherlands, the

amendments to articles

, 82

annual accounts

, 83

Annual General Meeting of Shareholders

, 37

buyback own shares

, 81

cancelling shares and reducing share capital

, 81, 82

capital increases

, 78, 79

corporate elections

, 66, 68–69

decision-making rights

, 64, 65

discharge

, 84

dividends

, 84

Extraordinary General Meeting

, 37

forum rights

, 45–47

incentive schemes and share grants

, 72–73

ownership information rights

, 57–58

participation procedures

, 38

remuneration policy

, 71

remuneration report

, 71

say-on-pay resolutions

, 172

Shareholder Rights Directive, impact of

, 206, 207

supervisory and non-executive remuneration

, 74

waiver of pre-emption rights

, 80, 81

Non-executive remuneration

, 74

Non-financial companies

, 155, 159

Notice period for general meetings

, 85

OECD Principles of Corporate Governance

principle II

, 155

Official Journal of the European Union

, 4

One-share-one-vote principle

, 14

Opportunistic behaviour

, 6

Opposition. See Dissent

Outsider Influence

, 163

Outsider shareholder opposition

, 159–162

Ownership concentration

, 125, 127, 133, 173, 249, 270

Ownership information rights

, 56–58

Ownership measures

, 120–121

Ownership structure

, 176

Participation by electronic means

, 211–212

Participation procedures

, 38–40

Philips NV

, 52–53

Policy implications

, 201–202, 224–225, 263–264, 291–300

AGMs costs, reducing

, 297–298

shareholder coordination, enhancing

, 298–299

shareholder rights, enhancing

, 296–297

Political democracy

, 14

Political elections, turnout in

, 174–176

Pre-emption rights

, 26, 143, 149, 151

waiver of

, 80–81

Private investors

, 228, 229, 233, 236–238, 243, 244, 246, 247–250, 254, 257–263

Procedural rights

, 22–24, 28, 35–62

Proportionality principle

, 14

Prospectus Directive (Directive 2003/71/EC)

, 164n14

Proxy voting

, 213

Public good games

, 276–278

common knowledge

, 277

communication

, 277–278

participant homogeneity

, 277

thresholds

, 278

Raiffeisen Bank AG

, 54

Random effects model

, 182

Rational apathy

, 8

Rational voting

, 15

Record date

, 33n, 12, 38

Related-party transactions

, 74–75, 85–86, 147, 151

Remote voting

, 40

Remuneration policy

, 71–72

Remuneration report

, 71, 248

Reorganisation Act

, 86

Re Piccadilly Radio Plc

, 44

Residual claimants

, 12

Residual loss

, 6

Rights-based reasoning

, 13

Right to ask questions

, 25–26, 212–213

Right to put items on agenda

, 210–211

Robustness tests

, 198–199

St Microelectronics NV

, 55, 61n31

Salzgitter AG

, 61n30

SAP SE

, 61n30

Say-on-pay resolutions

, 69, 71–77, 142, 143, 147, 150, 151, 172

incentive schemes and share grants

, 72–74

related-party transactions

, 74–75

remuneration policy

, 71–72

remuneration report

, 71

supervisory and non-executive remuneration

, 74

SBM Offshore NV

, 53, 61n29

Schelling point. See Focal point

Second Company Law Directive (Directive 2012/30/EU)

, 29

Shapley–Shubik index

, 127–132, 135n, 34, 136n, 38, 176, 199, 250, 254, 272

Share capital, reducing

, 81–82

Share capital resolutions

, 75, 78–82

buyback own shares

, 81

cancelling shares and reducing share capital

, 81–82

capital increases

, 78–80

waiver of pre-emption rights

, 80–81

Share grants

, 72–74

Shareholder, legal role of

, 299–300

Shareholder activism

, 139, 151n, 2, 177, 278

Shareholder attendance. See Attendance

Shareholder behavior

, 153–165

Shareholder communication facilities

, 280–283

acting in concert

, 281–282

institutional investors

, 282–283

Shareholder control

, 12–15

Shareholder coordination, enhancing

, 298–299

Shareholder, defined

, 122

Shareholder democracy

, 13–14

Shareholder dialogue

, 227–266

causal interference

, 248–261

Dutch law

, 229–231

forum rights

, 234–248

policy implications

, 263–264

Shareholder dissent. See Dissent

Shareholder efficiency

, 14–15

Shareholder equality

, 14

Shareholder opposition. See Dissent

Shareholder-oriented model

, 15

Shareholder participation

, 170, 199, 218, 263

Shareholder plutocracy

, 15

Shareholder proposals

, 25, 64–65, 139, 141–150, 171, 177

Shareholder rights

, 12

enhancing

, 296–297

European framework of

, 21–34

national level of

, 35–62

Shareholder Rights Directive (Directive 2007/36/EC)

, 4, 22, 34n, 23, 34n, 24, 175, 229, 283

Article 10

, 24, 35

Article 11

, 24

Article 14

, 24

Article 14(1)

, 60n5

Article 3a

, 32

Article 3c

, 32

Article 3f

, 30

Article 3h

, 30

Article 5

, 23

Article 5(3)

, 24

Article 5(4)

, 24

Article 6

, 64, 25, 138–139, 171, 177, 210

Article 7

, 24

Article 7(1)(a)

, 24

Article 8(1)

, 24

Article 9

, 26, 34n16

Article 9(a)

, 30

Article 9(a)(1)

, 30, 71

Article 9(b)(1)

, 30

Article 9(b)(4)

, 31

Article 9(c)(4)

, 31

Article 9(1)

, 34n, 16, 46

Article 9(2)

, 26, 43–44

current developments

, 28–32

decision-making rights

, 64

forum rights

, 43–45, 50, 51

Impact Assessment

, 23, 25, 30

impact of

, 205–226

implementation at national level

information prior to AGM

, 209–210

participation and voting, requirements for

, 211

participation by electronic means

, 211–212

proxy voting

, 213

right to ask questions

, 212–213

right to put items on agenda and table draft resolutions

, 210–211

voting results, publication of

, 214

participation procedures

, 38, 39

placebo analyses

, 221–223

policy implications

, 224–225

procedural rights

, 23–24

right to ask questions

, 25–26

shareholder proposals and calling a meeting

, 25

voter turnout

, 103

voting procedures

, 42–43

Shareholder structure

, 124–125

Shareholder turnout. See Attendance; Shareholder voter turnout; Turnout

Shareholder types

, 154–159

Shareholder voice

, 14

Shareholder voter turnout

, 103–117

sample selection

, 104–107

small

, 110–114

total

, 107–110, 178–179, 184–190

Shareholder voting

, 7, 8, 14–17, 170–174, 205

agreements

, 123

behavior

, 137–152

games

, 273–276

general studies

, 173–174

items

, 171–173

Share redemptions

, 99n77

Side-stepping behaviour

, 10–11

Sincere voting

, 15

Sixth Company Law Directive (Directive 82/891/EEC)

, 29, 33n18

Article 5

, 27

Article 7

, 27

Article 9

, 27

Small shareholders

attendance at AGM

, 169–204

benefits, increasing

, 201

policy implications

, 201–202

turnout

corporate insider’s impact on

, 178

institutional investor’s impact on

, 178

voting coordination, in concentrated ownership structures

, 269–288

coordination problems

, 271–276

de facto control

, 270–271

public good games

, 276–278

shareholder communication facilities

, 280–283

thresholds

, 284–285

vote trading and empty voting

, 278–280

voter turnout

, 110–114, 177–178, 190

Société Générale SA

, 280, 281, 282

Spanish Companies Act

Article 521

, 266

State dependency

, 184

Stichting rechtsbescherming beleggers (‘Foundation legal protection investors)

, 233

Stock Corporation Amendment Act of

, 2009, 225n3

Strabag SE

, 54

Supervisory remuneration

, 74

Sweden

say-on-pay resolutions

, 172

Table draft resolutions

, 210–211

Takeover Directive (Directive 2004/25/EC)

, 23, 27–29, 33n3

Article 9

, 28

Article 10(2)

, 121

Article 21

, 28

stakeholders, defined

, 122

Theory of the firm

, 5

Theory on transaction costs

, 5

Third Company Law Directive (Directive 2011/35/EC)

, 23, 27, 29, 33n6

Thresholds

, 284–285

adding

, 284

lowering

, 284

Total shareholder voter turnout

, 107–110, 178–179, 184–190

Transparency Directive (Directive 2004/109/EC)

, 23, 29, 33n, 4, 120

Article 9

, 28

Article 10

, 28

Article 14(4)

, 56

Article 54

, 33n9

ownership information rights

, 56

Trust office

, 122

Tunnelling behaviour. See Opportunistic behaviour

Turnout. See also Attendance

in political elections

, 174–176

shareholder voter

, 103, 103–117, 177–178, 190

sample selection

, 104–107

small

, 110–114

total

, 107–110, 178–179, 184–190

small shareholders

corporate insiders’ impact on

, 178

institutional investors’ impact on

, 178

UK Cadbury Report

, 154

UK Stewardship Code

, 154–155, 283

Principle

, 6, 282

United Kingdom (UK)

amendments to articles

, 82

annual accounts

, 83

Annual General Meeting of Shareholders

, 37

buyback own shares

, 81

cancelling shares and reducing share capital

, 82

capital increases

, 78, 79

Companies Act of 1990

, 99n77

corporate elections

, 66–67

decision-making rights

, 64, 65

discharge

, 84

dividends

, 84

external auditor

, 85

Extraordinary General Meeting

, 37

forum rights

, 43–44

incentive schemes and share grants

, 73

notice period for general meetings

, 85

ownership information rights

, 56

participation procedures

, 38, 39

related-party transactions

, 75

remuneration policy

, 71

remuneration report

, 71

say-on-pay resolutions

, 172

Shareholder Rights Directive, impact of

, 208

supervisory and non-executive remuneration

, 74

voting procedures

, 41

waiver of pre-emption rights

, 80, 81

United States

say-on-pay resolutions

, 172

Vastned Retail

, 37

VBDO (Association for investors of sustainable development)

, 233, 243, 247

VEB (Association for Securities Holders)

, 231, 233, 238, 243, 266n25

Vedanta Resources Plc

, 62n33

Volkswagen AG

, 54

Vote trading

, 278–280

Voting

costs

, 205, 208, 224, 225

economies of scale for

, 175

empty

, 278–280

general studies

, 173–174

independent

, 15

informed

, 15

items

, 171–173, 179

items, rejected

, 141–150

by poll

, 42, 43

power

, 176, 249

power index

, 120, 127–133, 135–136n37

power measures

, 127–133

power theory

, 271–273

procedures

, 40–43

proxy

, 213

rational

, 15

remote

, 40

requirements for

, 211

results, publication of

, 214

shareholder. See Shareholder

, v

oting

shareholder proposals

, 171

‘show of hands’ option

, 42

sincere

, 15

Voting Rights Agreement

, 123

Waiver of pre-emption rights

, 80–81

Wall Street Walk

, 8

Wolters Kluwer NV

, 53, 61n27