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Par Chloe BOUTTEVILLE, consultante Initio
The agency cost is considered by many as a timeless concept. Indeed, the information asymmetry that exists between shareholders and the Chief Executive Officer is generally held to be a classic example.
In this context, the first Shareholder Right Directive (SRD) has been adopted by the European Parliament in 2007 in order to ensure a better protection of the exercise of shareholders rights in listed European companies, by implementing rules around transparency, proxy voting rights and the ability to vote in general meetings via electronic means.
Nevertheless, in the aftermath of the financial crisis in 2008, the European Union outlined numerous flaws with this Directive:
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