Corporate governance practices at Annual general meetings in listed firms in Colombia
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Dec 1, 2014
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Abstract
This study analyzes the Annual General Meetings (AGM) under the corporate governance approach, taking in care the meetings for year 2012 of 11 Colombian firms which represent more than 50% of COLCAP. Referencing the Apostolides’ AGM scorecard and the guidelines of the Country Code, are presented assessment indexes with respect to these meetings. The results show that in the AGM pay too little attention to some relevant aspects as the voting process, the composition and remuneration of the board members, the disclose information about the candidates for the board and the AGM transmission via the internet. On the other hand, it is given more importance to refreshments, stationery and office supplies, and the location the AGM takes place
Keywords
Annual general meetings, minority shareholder, corporate governanceAsambleas Generales de Accionistas, gobierno corporativo, accionista minoritarioGoverno corporativo, Assembleias gerais de acionistas, acionista minoritário
References
Apostolides, N., and Boden, R. (2005). Cedric the Pig: Annual General Meetings and Corporate Governance in the UK. Social Responsibility Journal, 1 (1), 53-62.
Apostolides, N. (2007). Directors versus shareholders: Evaluating corporate governance in the UK using the AGM scorecard. Corporate Governance: An International Review, 15 (6), 1227-1287.
Apostolides, N. (2010). Exercising corporate governance at the annual general meeting. Corporate Governance. The International Journal of Business in Society, 10 (2),140-149.
Chong, A., and López de Silanes, F. (2007). Corporate Governance in Latin America. In A. Chong and F. Lopez-de-Silanes (Eds.), Investor protection and corporate governance: Firmlevel evidence across Latin America. Stanford: Stanford University Press. De Jong, A., Mertens, G., and Roosenboom, P. (2006).
Shareholders’ voting at general meetings: Evidence from the Netherlands. Journal of Management & Governance, 10 (4), 353-380.
Dimitrov, V., and Jain, P. (2011). It’s showtime: Do managers report better news before annual shareholder meetings? Journal of Accounting Research, 49 (5), 1193-1221.
Fairfax, L. (2010). Virtual Shareholder Meetings Reconsidered. Seton Hall Law Review, 40 (4), 1367-1431.
Hodges, R., Macniven, L. and Mellett, H. (2004). Governance of UK NHS Trusts: The Annual General Meeting. Corporate Governance: An International Review, 12 (3), 343-352.
Iwatani, M., and Taki, T. (2009). Evolution of General Shareholders’ Meetings in Japan. Nomura Journal of Capital Markets, 1 (1), 1-17.
Jensen, M., and Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3 (4), 305-360.
Klapper, L., and Love, I. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of Corporate Finance, 10 (5), 703-728.
La Porta, R., Lopez-De-Silanes, F., and Shleifer, A. (1999). Corporate Ownership around the World. The Journal of Finance, 54 (2), 471-517.
La Porta, R., Lopez-De-Silanes, F., Shleifer, A., and Vishny, R. W. (1997). Legal determinants of external finance. The Journal of Finance, 52 (3), 1131-1150.
La Porta, R., Lopez-De-Silanes, F., Shleifer, A., and Vishny, R. W. (1998). Law and Finance. The Journal of Political Economy, 106 (6), 1113-1155.
Lefort, F. (2005). Ownership structure and corporate governance in Latin America. ABANTE, 8 (1), 55-84.
OCDE (2004). Principios de Gobierno Corporativo de la OCDE. Paris.
Poulsen, T., Strand, T., and Thomsen, S. (2010). Voting power and shareholder activism: A study of Swedish shareholder meetings. Corporate Governance: An International Review, 18 (4), 329-343.
Shleifer, A., and Vishny, R. W. (1986). Large shareholders and corporate control. The Journal of Political Economy, 94 (3), 461-488.
Sjostrom, W. (2007). The case against mandatory annual director elections and shareholders’ meetings. Tennessee Law Review, 74 (2), 199-239.
Strätling, R. (2003). General meetings: A dispensable tool for corporate governance of listed companies? Corporate Governance: An International Review, 11 (1), 74-82.
Superintendencia Financiera de Colombia (2010). Documento Conceptual de Gobierno Corporativo. Delegatura para riesgos de conglomerados y gobierno corporativo. Subdirección de metodologías de supervisión y análisis de riesgos. Bogotá, Colombia.
Tirole, J. (2001). Corporate Governance. Econometrica, 69 (1), 1-35.
Zetzsche, D. (2005). Shareholder interaction preceding shareholder meetings of public corporations – a six country comparison. Available at SSRN: http://dx.doi.org/10.2139/ssrn.624241.
Zetzsche, D. (2007). Virtual Shareholder Meetings and the European Shareholder Rights Directive – Challenges and Opportunities. Available at SSRN: http://dx.doi.org/10.2139/ssrn.996434.
Apostolides, N. (2007). Directors versus shareholders: Evaluating corporate governance in the UK using the AGM scorecard. Corporate Governance: An International Review, 15 (6), 1227-1287.
Apostolides, N. (2010). Exercising corporate governance at the annual general meeting. Corporate Governance. The International Journal of Business in Society, 10 (2),140-149.
Chong, A., and López de Silanes, F. (2007). Corporate Governance in Latin America. In A. Chong and F. Lopez-de-Silanes (Eds.), Investor protection and corporate governance: Firmlevel evidence across Latin America. Stanford: Stanford University Press. De Jong, A., Mertens, G., and Roosenboom, P. (2006).
Shareholders’ voting at general meetings: Evidence from the Netherlands. Journal of Management & Governance, 10 (4), 353-380.
Dimitrov, V., and Jain, P. (2011). It’s showtime: Do managers report better news before annual shareholder meetings? Journal of Accounting Research, 49 (5), 1193-1221.
Fairfax, L. (2010). Virtual Shareholder Meetings Reconsidered. Seton Hall Law Review, 40 (4), 1367-1431.
Hodges, R., Macniven, L. and Mellett, H. (2004). Governance of UK NHS Trusts: The Annual General Meeting. Corporate Governance: An International Review, 12 (3), 343-352.
Iwatani, M., and Taki, T. (2009). Evolution of General Shareholders’ Meetings in Japan. Nomura Journal of Capital Markets, 1 (1), 1-17.
Jensen, M., and Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3 (4), 305-360.
Klapper, L., and Love, I. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of Corporate Finance, 10 (5), 703-728.
La Porta, R., Lopez-De-Silanes, F., and Shleifer, A. (1999). Corporate Ownership around the World. The Journal of Finance, 54 (2), 471-517.
La Porta, R., Lopez-De-Silanes, F., Shleifer, A., and Vishny, R. W. (1997). Legal determinants of external finance. The Journal of Finance, 52 (3), 1131-1150.
La Porta, R., Lopez-De-Silanes, F., Shleifer, A., and Vishny, R. W. (1998). Law and Finance. The Journal of Political Economy, 106 (6), 1113-1155.
Lefort, F. (2005). Ownership structure and corporate governance in Latin America. ABANTE, 8 (1), 55-84.
OCDE (2004). Principios de Gobierno Corporativo de la OCDE. Paris.
Poulsen, T., Strand, T., and Thomsen, S. (2010). Voting power and shareholder activism: A study of Swedish shareholder meetings. Corporate Governance: An International Review, 18 (4), 329-343.
Shleifer, A., and Vishny, R. W. (1986). Large shareholders and corporate control. The Journal of Political Economy, 94 (3), 461-488.
Sjostrom, W. (2007). The case against mandatory annual director elections and shareholders’ meetings. Tennessee Law Review, 74 (2), 199-239.
Strätling, R. (2003). General meetings: A dispensable tool for corporate governance of listed companies? Corporate Governance: An International Review, 11 (1), 74-82.
Superintendencia Financiera de Colombia (2010). Documento Conceptual de Gobierno Corporativo. Delegatura para riesgos de conglomerados y gobierno corporativo. Subdirección de metodologías de supervisión y análisis de riesgos. Bogotá, Colombia.
Tirole, J. (2001). Corporate Governance. Econometrica, 69 (1), 1-35.
Zetzsche, D. (2005). Shareholder interaction preceding shareholder meetings of public corporations – a six country comparison. Available at SSRN: http://dx.doi.org/10.2139/ssrn.624241.
Zetzsche, D. (2007). Virtual Shareholder Meetings and the European Shareholder Rights Directive – Challenges and Opportunities. Available at SSRN: http://dx.doi.org/10.2139/ssrn.996434.
How to Cite
González, G.-P., Guzmán, A., Prada, F., & Trujillo, M.-A. (2014). Corporate governance practices at Annual general meetings in listed firms in Colombia. Cuadernos De Administración, 27(49), 37–64. https://doi.org/10.11144/Javeriana.cao27-49.pgca
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