Indirect holdings of securities and exercise of shareholder rights (a Spanish perspective)

The first 150 words of the full text of this article appear below. Key points

• Shareholder rights have been the centre of the debatein Corporate Governance since recently. At the same time, modernsecurities markets have evolved and changed profoundly in recentdecades, both in the way in which the securities are representedand transferred—through electronic book entries held byintermediaries—and in the geographical reach of such transfers:every corner of the world.
• Recent research has thoroughly analysedthe effects of the indirect holding system in those countriesthat have chosen to give legal status to indirect holding systems(where the paradigm is the USA), leading to the conclusion thatin these countries the issuer–investor relationship encountersfar more difficulties than in those that facilitate direct holding.Some scholars have even proposed that countries such as theUSA should move into a direct holding similar to the Spanishone.
• This article analyses whether direct holdings facilitatethe said issuer–investor relationship by reviewing . . . [Full Text of this Article]