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1、SHAREHOLDERPROPOSALRULESANDPRACTICE:*EVIDENCEFROMACOMPARISONOFTHEUSANDUKBonnieBuchananDepartmentofFinanceAlbersSchoolofBusinessandEconomicsSeattleUniversitySeattle,WA98122-1090Ph:(206)296-5977Fax:(206)296-2486Email:buchanab@seattleu.eduJeffryM.NetterTerryCollegeofBusinessUniversi
2、tyofGeorgiaAthens,GA30602-6253Ph:706-542-3654Fax:(706)542-9434Email:jnetter@uga.eduAnnetteB.PoulsenTerryCollegeofBusinessUniversityofGeorgiaAthens,GA30602-6253Ph:706-542-3654Fax:(706)542-9434Email:apoulsen@uga.eduTinaYangDepartmentofFinanceSchoolofBusinessVillanovaUniversityVilla
3、nova,PA19085Ph:(610)519-5460Fax:(610)519-6881Email:tianxia.yang@villanova.edu*WethankChristianAndres,BernardBlack,JieCai,BrandonCline,StephenDavis,ChristopherGraving,ArifKhurshed,AprilKlein,RichardNolan,KristianRydqvist,LauraSpira,JunYang,andseminarparticipantsatthe2007Oxford-Yal
4、eCorporateGovernanceConference,the2008FinancialManagementmeetings,the2009Mid-AtlanticResearchConference,the2009EuropeanFinancialManagementSymposiumonCorporateGovernanceandthControlattheUniversityofCambridge,the2009EasternFinanceAssociation,the20108InternationalConferenceonCorpora
5、teGovernanceattheUniversityofBirmingham,the2011NorthernFinanceAssociationmeetingsandSeattleUniversity.WegratefullyacknowledgearesearchgrantfromtheMillsteinCenterofCorporateGovernanceatYaleUniversityandresearchsupportfromtheCenterforGlobalLeadershipatVillanovaUniversity.Wealsoackn
6、owledgedataprovidedbyInstitutionalShareholderServices(ISS).Thispaperpreviouslycirculatedunderthetitleof“ProxyRulesandProxyPractices:AnEmpiricalStudyofUSandUKShareholderProposals.”Correspondingauthor:BonnieBuchanan,SeattleUniversity,buchanab@seattleu.eduSHAREHOLDERPROPOSALRULESAND
7、PRACTICE:EVIDENCEFROMACOMPARISONOFTHEUSANDUKAbstractWeprovideanin-depthcomparisonofUSandUKshareholderproposalrulesandrelatethedifferencesinrulestodifferencesinproposingactivitiesandperformance,usingcomprehensiveshareholderproposaldatafrombothcountriesfor2000through2006.UKproposal
8、rulesaremoreonerousonproposalsponsorsbut
