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.

本文探讨证券借贷（securities loans）对公司治理的影响，尤为关注证券借贷对澳大利亚上市公司股东表决权及公司控制权的影响。本文将审视澳大利亚现行证券借贷监管框架是否能够充分应对证券借贷相关的各类顾虑，同时探讨是否需要推进改革，以保护澳大利亚上市公司股东的权益，并确保此类公司的治理不会因证券借贷而遭到削弱。