How to implement shareholder democracy

Oliver D. Hart, Hélène Landemore and Luigi Zingales

No 350, Working Papers from The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State

Abstract: We propose a novel way to give mutual funds' investors a voice, an alternative to the pass-through voting large mutual funds companies are starting to implement. Based on the experience of citizen assemblies in the political sphere, we propose allocating the power to decide how to cast mutual funds' votes in corporate ballots on environmental, social, and political issues to a randomly drawn assembly of its investors. We analyze the advantages and limitations of such a model and discuss various implementation issues.

Date: 2024
New Economics Papers: this item is included in nep-cdm, nep-env and nep-pol
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