Aktivizam akcionara

Abstract

Autor u ovom radu daje odgovor na pitanje šta se podrazumeva pod aktivizmom akcionara, imajući u vidu ulogu akcionara u korporativnom upravljanju. Nakon definisanja aktivizma akcionara i analiziranja njegovih oblika, autor posebno ukazuje na potrebu razlikovanja poželjnog i nepoželjnog aktivizma akcionara. S obzirom na to da pasivni akcionari ne bi trebalo da imaju ključnu ulogu u korporativnom upravljanju, važno je pronaći adekvatan metod za podsticanje aktivizma akcionara. Kao prethodna pitanja, analizirana su prava akcionara čijim se vršenjem akcionari angažuju, kao i sam pojam akcionara u srpskom pravu. Autor dalje razmatra pojavu razdvajanja upravljačkih i ekonomskih prava i njen uticaj na aktivizam akcionara. Na kraju, uzimajući u obzir da je pravo glasa ključno upravljačko pravo akcionara, u radu su posebno analizirani isključenje prava glasa akcionara i moderni načini kupovine glasova: tzv. prazno glasanje, negativno glasanje i skriveno preobražajno vlasništvo.

In this paper, the author gives an answer to the question of what is meant by shareholder activism, in light of the role of shareholders in corporate governance. After defining shareholder activism and analyzing its forms, the author indicates the need for differentiation of desirable and undesirable activism of shareholders. Considering the fact that passive shareholders should not play a key role in corporate governance, it is important to find an adequate method to encourage shareholder activism. Shareholders' rights and the notion of shareholder in Serbian law are analyzed as preliminary issues since the engagement of shareholders is manifested by the exercise of their rights. The author further discusses the issue of decoupling voting rights form economic rights and its impact on shareholder activism. Finally, suspension of voting rights as well as the following forms of modern vote buying, the so called empty voting, negative voting and hidden (morphable) ownership, are considered in this paper having in mind that voting rights are key rights in relation to the shareholder monitoring.