Shareholder Proposal Rules and Practice: Evidence from a Comparison of the United States and United Kingdom


  • Bonnie G. Buchanan,

  • Jeffry M. Netter,

  • Annette B. Poulsen,

  • Tina Yang

  • We thank Christian Andres, Bernard Black, Jie Cai, Brandon Cline, Stephen Davis, Arif Khurshed, April Klein, Richard Nolan, Kristian Rydqvist, Laura Spira, Jun Yang, and seminar participants at the 2007 Oxford-Yale Corporate Governance Conference, the 2008 Financial Management meetings, the 2009 Mid-Atlantic Research Conference, the 2009 European Financial Management Symposium on Corporate Governance and Control at the University of Cambridge, the 2009 Eastern Finance Association, the 2010 8th International Conference on Corporate Governance at the University of Birmingham, the 2011 Northern Finance Association meetings, and Seattle University. We gratefully acknowledge a research grant from the Millstein Center of Corporate Governance at Yale University and research support from the Center for Global Leadership at Villanova University. We also acknowledge data provided by Institutional Shareholder Services (ISS). We wish to thank several anonymous referees and the editors of the American Business Law Journal for valuable comments and Jennifer N. Nix and Christopher R. Graving for excellent editing assistance. This paper previously circulated under the title of “Proxy Rules and Proxy Practices: An Empirical Study of US and UK Shareholder Proposals.”