The Undermining of UK Corporate Governance (?)
Brian R. Cheffins
University of Cambridge - Faculty of Law; European Corporate Governance Institute (ECGI)
February 13, 2013
ECGI - Law Working Paper No. 203
University of Cambridge Faculty of Law Research Paper No. 4/2013
Over the past dozen years numerous overseas based businesses with dominant shareholders have become quoted on the London Stock Exchange, prominent examples of which have joined the ‘blue chip’ FTSE 100 stock market index. While this trend has generated concerns about the ‘undermining’ of UK corporate governance and has fostered reform proposals by the Financial Services Authority it has thus far escaped academic attention. This paper explains why companies with dominant shareholders have been migrating to London and discusses the policy implications. In so doing it shows that the Financial Services Authority’s proposals mostly cover familiar ground rather than being innovative but maintains that the case for radical reform has in fact not yet been made out.
Number of Pages in PDF File: 59
Keywords: corporate governance, corporate ownership and control, minority shareholder protection, FTSE 100, listing rules
JEL Classification: G34, G38, K22
Date posted: August 15, 2012 ; Last revised: March 27, 2013
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