Empty Voting Revisited: The Telus Saga

Journal of International Banking and Financial Law, 2013, Forthcoming

Oxford Legal Studies Research Paper No. 18/2013

9 Pages Posted: 12 Mar 2013 Last revised: 26 Apr 2013

See all articles by Wolf-Georg Ringe

Wolf-Georg Ringe

University of Hamburg - Institute of Law & Economics; University of Oxford - Faculty of Law; Stanford University; European Corporate Governance Institute (ECGI)

Date Written: March 8, 2013

Abstract

The recent conflict between Canadian telecommunications provider Telus and US-based hedge fund Mason Capital is the most recent illustration of 'empty voting' – a strategy whereby activist investors eliminate their risk exposure to shares in target companies to pursue idiosyncratic motives. As courts are struggling to find adequate solutions, regulators worldwide are called upon to provide reliable tools to this threat to shareholder voting.

Keywords: empty voting, hidden ownership, Telus, dual-class shares, arbitrage, activist, hedge funds

JEL Classification: G32, G34, G38, K22, L22

Suggested Citation

Ringe, Wolf-Georg, Empty Voting Revisited: The Telus Saga (March 8, 2013). Journal of International Banking and Financial Law, 2013, Forthcoming, Oxford Legal Studies Research Paper No. 18/2013, Available at SSRN: https://ssrn.com/abstract=2230528

Wolf-Georg Ringe (Contact Author)

University of Hamburg - Institute of Law & Economics ( email )

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Stanford University ( email )

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