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Proxy Rules and Proxy Practices: An Empirical Study of US and UK Shareholder Proposals

In May 2009, the SEC proposed the most significant amendments to proxy rules since 1942. We build comprehensive samples of US and UK shareholder proposals for the period 2000-2006 to study the relation between proxy rules and proxy practices and the effect of shareholder proposals on firm performance. We find that, despite perceived negligible power, US shareholder proposals have more significant and positive impact on firms than UK ones, which have greater legal power to effect changes. US shareholder proposals have a significant impact on long-term stock performance, CEO turnover and board structure.