施拉姆交通金融有限公司:代理顾问真的保护了非发起人的利益吗?

Q4 Business, Management and Accounting
A. Sinha, Suresh Kerani
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引用次数: 0

摘要

本案例研究展示了代理成本类型2如何导致发起人与金融机构之间的利益冲突。代理顾问公司通过解决由此引起的不和谐,进一步推动了股东激进主义的起因。他们就股东大会上讨论的重要决议投票时应采取的立场向股东提供建议。本研究案例探讨了在印度背景下,代理咨询公司如何在促进股东维权事业中发挥重要作用。它审查了几家印度代理咨询公司在挫败Shriram运输金融公司(STFC)重新任命独立董事的企图中的作用。在学术研究中,股东维权主义是一个相对较少探讨的话题,尤其是在印度。通过这个案例研究,作者希望解决这一差距。本案所研究的现象与现在越来越多地关注代理咨询公司的报告有关。两家印度代理咨询公司以董事出席率低为由,向金融机构提出了反对再次任命的决议。他们质疑他对公司事务的投入和能力,成功地挫败了STFC重新提名Puneet Bhatia为董事的企图。本案所涉及的困境在于,是否可以将独立董事从董事会中除名作为唯一标准。在主要商业出版物中进行的二次研究发现了案例研究中捕捉到的主要发展。该案例通过一个真实的例子,有助于提高人们对印度代理咨询公司日益增长的作用的认识。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Shriram Transport Finance Corporation Ltd: Do Proxy Advisors Really Protect Non-promoters’ Interests?
This case study demonstrates how agency cost type 2 may lead to a conflict of interest between the promoters and the financial institutions. Proxy advisory firms further the cause of shareholder activism by addressing the dissonance so caused. They advise shareholders on the stance to be taken at the time of voting on important resolutions to be discussed in the General Body Meeting. This research case study explores how proxy advisory firms are playing an important role in promoting the cause of shareholder activism in the Indian context. It examines the role of a few Indian proxy advisory firms in foiling the attempt of Shriram Transport Finance Company (STFC) to re-appoint an independent director. Shareholder activism is relatively a less explored topic in academic research, especially in India. The authors, through this case study, wish to address this gap. The phenomenon studied in the case pertains to increased attention now being paid to reports of proxy advisory firms. Citing low attendance track record of a director in previous meeting, two Indian proxy advisory firms appealed to financial institutions to oppose the resolution to re-appoint him. Questioning his commitment and ability to devote time to the company affairs, they succeeded in thwarting the attempt of STFC to re-nominate Puneet Bhatia as director. The dilemma addressed in the case pertains to whether attendance in meeting can be a sole criterion for removing an independent director from the board. Secondary research among leading business publications unearthed major developments that have been captured in the case study. The case contributes to increasing the awareness of growing role of proxy advisory firms in India through a real example.
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来源期刊
South Asian Journal of Business and Management Cases
South Asian Journal of Business and Management Cases Business, Management and Accounting-Management of Technology and Innovation
CiteScore
1.70
自引率
0.00%
发文量
19
期刊介绍: South Asian Journal of Business and Management Cases (SAJBMC) is a peer-reviewed, tri-annual journal of Birla Institute of Management Technology, Greater Noida (India). The journal aims to provide a space for high-quality original research or analytical cases, evidence-based case studies, comparative studies on industry sectors, products, and practical applications of management concepts. The journal likes to publish problem-solving, decisional and applied types of cases. Such cases must have linkage with theory, at least one dilemma (also known as case issue) and a protagonist around whom the case issue will revolve. Publication of pure research, applied research and field studies with empirical data do not fall under the domain of SAJBMC. Fictitious cases are not welcome.
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