Securities lending, empty voting and corporate governance

This paper examines the corporate governance implications of securities loans, in particular the impact of
securities loans on shareholders’ voting rights and the control of listed Australian companies. The paper
considers whether the current regulatory framework for securities loans in Australia adequately addresses
the concerns associated with securities loans and whether reform is required in order to protect the
interests of shareholders in listed Australian companies and to ensure that the governance of these
companies is not undermined by securities loans.

本文探讨了证券借贷在公司治理方面的意义，特别是证券借贷对股东投票权以及澳大利亚上市公司控制权的影响。文章分析了澳大利亚现行证券借贷监管框架是否充分解决了与证券借贷相关的担忧，以及是否需要改革以保护澳大利亚上市公司股东的利益，并确保这些公司的治理不受证券借贷的影响。