Stewardship and collateral

Joanna Benjamin

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: Recent case law has confirmed that investors in indirectly held securities are not recognised as shareholders or bondholders, and are thus disenfranchised. This cuts across calls for greater investor activism. Further, the post-crisis emphasis on financial market collateral promotes operational changes running counter to enfranchisement and activism. The suggested solution is to recognise two categories of holding, namely traditional securities and collateral depositary receipts.

JEL-codes: F3 G3 (search for similar items in EconPapers)
Pages: 13 pages
Date: 2017-06-27
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