Osakkeenomistajien päätösehdotukset suomalaisten pörssiyhtiöiden yhtiökokouksissa
Keywords:
yhtiökokous, corporate governance, pörssiyhtiö, osakkeenomistajien oikeudet, osakkeenomistaja-aktivismiAbstract
Shareholder proposals in Finnish listed companies
The research has examined shareholder proposals in Finnish listed companies in the years 2017–2021. Proposals are mainly made by groups of shareholders, but also by individual shareholders such as small investors. The reason behind the increase in the number of proposals during the review period is the increase in shareholders’ nomination committees. The proposals especially concern the election rights belonging to the general meeting. Based on the analysis, there is often a controlling shareholder with substantial ownership in shares in listed companies. The share of votes clearly below the majority limit is still enough to form a controlling position. Based on the evidence, shareholders are also able to influence decision-making without a controlling position. Despite the universal nature of the right to propose resolutions and its low transaction costs, shareholder activism based on its use was only slightly detectable in the material. Most proposals are accepted without a vote and there are hardly any counterproposals, which means that the controlling owners have a robust position, regardless of their share of ownership, which is rarely challenged. No abuse of the right to submit shareholder proposals was detected.
