Business, Economics and Legal scholars have all argued about the theoretical importance of annual general meetings in assessing business shareholder relations and wider issues of corporate governance, but often without knowing how the AGM functions in practice. Anne Lafarre combines wide ranging empirical legal and economic research to analyse and understand the real role of the AGM in the European businesses and corporate governance frameworks today. Focusing on seven European member states (Austria, Belgium, France, Germany, Ireland, the Netherlands and the UK) the author persuasively explores how the impact of legal rulings and business pressures effects shareholder representation in European AGMs and their propensity to affect change through these forums. Drawing wide ranging data sets to challenge existing economic and legal theory, the author presents practical conclusions and future policy implications.
1, Introduction: The Law & Economics of the AGM 2, The European Framework of Shareholder Rights 3, The National Level of Shareholder Rights: Procedural and Information Rights 4, The National Level of Shareholder Rights: Decision-Making Rights 5, Descriptives of Shareholder Voter Turnout 6, Descriptives of Corporate Ownership Structures 7, Descriptives of Shareholder Voting Behaviour 8, Descriptives of Shareholder Types and Behaviour 9, 'The More the Merrier': What Drives (Small) Shareholder Attendance at Annual General Meetings? 10, The Impact of the Shareholder Rights Directive 11, Shareholder Dialogue: Assessing the Relevance of Dutch AGMs 12, Small Shareholder Voting Coordination in Concentrated Ownership Structures 13, Conclusions and Policy Implications