The Decoupling of Voting and Economic Ownership (IVOR nr. 88) 2012/3:Chapter 3 The Mechanisms of Voting Efficiency

The Decoupling of Voting and Economic Ownership (IVOR nr. 88) 2012/3

Chapter 3 The Mechanisms of Voting Efficiency

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mr. M.C. Schouten, datum 01-06-2012

Datum: 01-06-2012
Auteur: mr. M.C. Schouten
JCDI: JCDI:ADS599426:1
Vakgebied(en): Ondernemingsrecht / Rechtspersonenrecht

“The shareholders have no clue...”

Angelo Mozillo, CEO, Countrywide Financial Corp.1

3.1 Introduction 3.2 Defining Efficiency 3.3 The Mechanisms of Voting Efficiency 3.4 The Limits of Arbitrage 3.5 Policy Implications 3.6 Conclusion

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James R. Hagerty, Rainmaker Mozillo Exits Under a Cloud, Wall St. J., June 28, 2008, at B6 (reporting that when Mozillo was asked in 2007 about proposals to give shareholders a nonbinding vote on compensation, he said that “‘the shareholders have no clue’ how much Countrywide needed to pay to attract talent”).