"Corporate Finance": Cumulative voting
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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.
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.
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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