ICGN: ‘Investors faced with regulatory schizophrenia on governance’

IPE Investment & Pensions Europe publie un article intéressant sur la position de l’ICGN sur le principe « une action=une voix » : « ICGN: ‘Investors faced with regulatory schizophrenia on governance' ». Même si l’on peut se douter que l’ICGN soit farouchement hostile à toute dérogation, la schizophrénie résultant de la situation actuelle est pertinente à mettre en lumière. Il est vrai que si on responsabilise de plus en plus les actionnaires, les dérogations trop fréquemment acceptées du principe « une action=une voix » mine les prérogatives des actionnaires.


High corporate governance standards and shareholders’ rights are under threat from a race to the bottom by regulators and stock exchanges, the executive director of the International Corporate Governance Network (ICGN) has argued.

In a comment on the organisation’s website, Kerrie Waring said the principle of ’one share, one vote’ was under attack. ICGN is an investor-led organisation seeking to promote effective standards of corporate governance and investor stewardship; several major pension investors, like France’s Fonds de réserve pour les retraites and Ontario Teachers’ Pension Plan, are represented on its board.

According to Waring, a growing number of companies were seeking to adopt multi-class share structures at the same time as stock exchanges and regulators were showing signs of being willing to accommodate companies with such share structures.

(…) It was ironic, said Waring, that the threat to shareholder rights was coming at the same time as politicians and regulators were putting pressure on investors to do more to monitor and engage with boards to safeguard the value of underlying investments and protect shareholders’ and stakeholders’ interests.

This was “regulatory schizophrenia of the worst kind”, she said.


À la prochaine…

Ivan Tchotourian

Ce contenu a été mis à jour le 8 septembre 2017 à 15 h 35 min.


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