"Corporate Finance": Cumulative voting

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來(lái)源: 正保會(huì)計(jì)網(wǎng)校編輯：小鞠橘桔 2021/03/16 13:43:45　字體：大小

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Questions 1:

Which of the following conditions is most likely to facilitate shareholder activism?

A Cross-shareholdings

B、 Cumulative voting

C、 Staggered boards

Questions 2:

The least likely reason investors incorporate environmental and societal factors into their investment analysis is to:

A、 improve investment performance.

B、 have a more comprehensive understanding of a company’s risks.

C 、limit investments to those equities that are consistent with their moral or ethical values.

View answer resolution

【Answer to question 1】B

【analysis】

B is correct. Cumulative voting facilitates shareholder activism by allowing shareholders to accumulate and vote all their shares for a single candidate in an election involving more than one candidate. Minority shareholders, who may be activist shareholders, are more likely to successfully elect a board member in this way.

A is incorrect. Cross-shareholdings inhibit shareholder activism because the management teams of the cross-held companies implicitly agree to use their votes to support each other’s interests.

C is incorrect. Staggered boards inhibit shareholder activism by limiting the number of board members that are elected in a given year. This makes it difficult to implement immediate change.

【Answer to question 2】C

【analysis】

C is correct. Environmental, social, and governance investment analysis can be implemented across all asset classes and is not limited to equity investments. It is done to provide a more comprehensive understanding of a company’s risks and improve investment performance.

A is incorrect. ESG is done to provide a more comprehensive understanding of a company’s risks.

B is incorrect. ESG is done to improve investment performance.

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