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3 Va. L. & Bus. Rev. 1 (2008)

handle is hein.journals/valbr3 and id is 1 raw text is: VIRGINIA LAW & BUSINESS REVIEW VOLUME 3 SPRING 2008 NUMBER 1 SHAREHOLDER DEMOCRACY ON TRIAL: INTERNATIONAL PERSPECTIVE ON THE EFFECTIVENESS OF INCREASED SHAREHOLDER POWER Lisa M. Fairfaxt A B ST R A C T .................................................................................................................... 2 IN TRO D U CTIO N ..................................................................................................... 2 I. SHAREHOLDER DEMOCRACY IN THE UNITED STATES ........................... 5 A . Tyranny of the M ajority V ote .................................................................. 5 B. Shareholder Access to the Ballot ............................................................. 7 C. The Attack on Classified Boards ............................................................ 9 D . Say on P ay .................................................. ......................................... 10 II. SHAREHOLDER DEMOCRACY AROUND THE GLOBE ............................. 12 A . M ajority V ote Revisited ........................................................................... 12 B. Blocking Share Blocking. ................................................................... 14 C. O ne Share, O ne V ote. ....................................................................... 16 D . Say on Pay Revisited ........................................................................... 17 E . Shareholder A ctivism .............................................................................. 18 III. SHAREHOLDER DEMOCRACY THROUGH THE LENS OF INTERNATIONAL EXPERIENCES ................................................................ 21 A. The Shareholder Democracy Debate in the United States ............... 21 1 Professor of Law and Director of the Business Law Program, University of Maryland School of Law. I would like to thank the participants of the Future of Corporate Governance panel at the 2007 Law and Society Association Annual Convention in Berlin for their comments on earlier versions of this Article. Copyright © 2008 Virginia Law & Business Review Association