Abstract

http://ssrn.com/abstract=1120587
 
 

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Institutional Investors and Corporate Governance in Australia


Jennifer G. Hill


University of Sydney - Faculty of Law; Centre for International Finance and Regulation (CIFR); European Corporate Governance Institute (ECGI)


INSTITUTIONAL INVESTORS AND CORPORATE GOVERNANCE, Baums, Buxbaum and Hopt, eds., Walter de Gruyter & Co, Berlin/New York, pp. 583-607, 1994
Sydney Law School Research Paper No. 08/37

Abstract:     
The emergence of institutional investors as shareholders has challenged, and rendered outmoded, many of the traditional assumptions about shareholders and their engagement with the corporation. There has been considerable interest in, and reassessment of, the position of institutional investors and their capacity to monitor corporate management, within the broader debate on managerial accountability and corporate regulation. Corporate theory is, however, still grappling with the implications of these changes for a revised model of corporate governance. It is unclear whether the difference between institutional investors and other shareholders is qualitative or quantitative only, and the extent to institutional investors' distinctive characteristics will affect the nature of their participation in corporate governance.

The purpose of this paper is to examine changes in the role of institutional investors in corporate governance in Australia. By way of background to this issue, the paper briefly outlines the underlying flow of funds and patterns of investment in Australia and discusses important developments concerning collective investment, particularly superannuation. On the question of greater involvement by institutional investors in corporate governance, the paper examines some specific instances of investor activism and discusses the extent to which legal principles present an obstacle to increased institutional investor activity and power in Australia.

Number of Pages in PDF File: 25

Keywords: corporate governance, comparative corporate governance, institutional investors, shareholders, activism, superannuation, pension funds, collective investment

JEL Classification: D70, G30, G32, G38, K22, K33, M14

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Date posted: April 16, 2008  

Suggested Citation

Hill, Jennifer G., Institutional Investors and Corporate Governance in Australia. INSTITUTIONAL INVESTORS AND CORPORATE GOVERNANCE, Baums, Buxbaum and Hopt, eds., Walter de Gruyter & Co, Berlin/New York, pp. 583-607, 1994; Sydney Law School Research Paper No. 08/37. Available at SSRN: http://ssrn.com/abstract=1120587

Contact Information

Jennifer G. Hill (Contact Author)
University of Sydney - Faculty of Law ( email )
Faculty of Law Building, F10
The University of Sydney
Sydney, NSW 2006
Australia
+61 2 9351 0280 (Phone)
+61 2 9351 0200 (Fax)

Centre for International Finance and Regulation (CIFR) ( email )
Level 7, UNSW CBD Campus
1 O'Connell Street
Sydney, NSW 2000
Australia
European Corporate Governance Institute (ECGI)
c/o ECARES ULB CP 114
B-1050 Brussels
Belgium
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