Publication

This document contrasts shareholder democracy and the one-share-one-vote (1S1V) rule in the contexts of the EU and US marketplaces. The document includes the author's findings on how corporate law can efficiently police and limit the ability of controlling shareholders to extract private benefits and expropriate rights from minority shareholders. The author concludes that 1S1V cannot promote a value-enhancing corporate governance regime in the EU in general, or meet the policy objectives of the intervention in particular in terms of strengthening the rights of shareholders, enhancing third-party protection or fostering the efficiency and competitiveness of businesses in the EU.