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Tuesday 27 October 2015, 10:30-12:00
“Can Institutional Investors Improve Corporate Governance Through Collective Action?”
- 👤 Speaker: Professor Alexander Dyck, Professor of Finance and Business Economics and ICPM Professor in Pension Management, University of Toronto
- 📅 Date & Time: Tuesday 27 October 2015, 10:30 - 12:00
- 📍 Venue: Cambidge Judge Business School, W2.01
Abstract
Can institutional investors generate sufficient power through collective action to drive improvements in governance? We use proprietary data on the private communications of a formal coalition of Canadian institutional investors and find that its private engagements influenced firms’ adoption of majority voting and say-on-pay advisory votes, improved compensation structure and disclosure, and influenced CEO incentive intensity. Spillovers to non-engaged firms occur through board interlocks and to firms in which the CCGG is expected to be more powerful in a voting contest. This form of activism is both a substitute and complement to other interventions to address governance concerns.
Series This talk is part of the Finance & Accounting Seminar Series series.
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