Indirect Investors: A Greater Say in the Company?

Abstract

This article considers the Company Law Review's proposals for enfranchising indirect investors in shares. The article conducts the first detailed survey of current UK practice in the area, and, in the light of the survey's results, concludes that the CLR's proposals by themselves will not advance the law much beyond present practice. There are, however, other ways in which the CLR's welcome policy objectives might be achieved. These are examined and assessed. Finally, the article makes proposals for reform of the law concerning shareholder voting, both as regards companies and as regards nominee shareholders.