Corporations are not like political democracies. This is especially so in Europe, judging from the exhaustive report commissioned by Brussels on the proportionality between ownership and control in 464 listed European companies.
The study was carried out by the Institutional Shareholder Services, the European Corporate Governance Institute and the law firm of Shearman & Sterling, on behalf of the EU internal market commissioner Charlie McCreevy. It is the first step of a tortuous process that could ultimately lead to a European recommendation, possibly even a new directive, on the control structures of companies.
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