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This 2005 paper offers a series of measures that should be implemented by lending institutions to enable securities lending to be in line with good corporate governance. These recommendations include:

  • Transparency - All stakeholders, not just securities lending professionals, e.g. fund managers and corporate governance professionals, should have a thorough working knowledge of the overall framework necessary to combine good corporate governance with a successful securities lending programme.

  • Consistency - A clear policy is required so that any perceived economic conflict between the securities lending income forgone and the "value" of recalling to vote is addressed explicitly.

  • Information - All stakeholders should have access to the necessary information in time to make informed decisions.

  • Timing - Issuers might consider the scheduling of the dividend timetable and the possibility of further separating the record date from the AGM. This would allow lenders to participate in dividend-related lending activity with less voting conflict.
Securities Lending and Corporate Governance  [ 4 July 2005 ]
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 Please note that the file is ~2MB in size.
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