Stewardship and Collateral

13 Pages Posted: 27 Jun 2017

See all articles by Joanna Benjamin

Joanna Benjamin

London School of Economics - Law School

Date Written: May 17, 2017


Recent case law has confirmed that investors in indirectly held securities are not recognised as shareholders or bondholders, and are thus disenfranchised. This cuts across calls for greater investor activism. Further, the post-crisis emphasis on financial market collateral promotes operational changes running counter to enfranchisement and activism. The suggested solution is to recognise two categories of holding, namely traditional securities and collateral depositary receipts.

Suggested Citation

Benjamin, Joanna, Stewardship and Collateral (May 17, 2017). LSE Legal Studies Working Paper No. 7/2017, Available at SSRN: or

Joanna Benjamin (Contact Author)

London School of Economics - Law School ( email )

Houghton Street
London WC2A 2AE, WC2A 2AE
United Kingdom

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