Publication: Nuevas formas de ejercicio del voto: la escisión entre la propiedad de las acciones y los derechos de voto
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2018-01-12
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Universidad Complutense de Madrid
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Abstract
La intensidad del derecho del voto se ha determinado tradicionalmente en proporción a la aportación del socio a la sociedad. Además de las posibles excepciones a este principio previstas por el Derecho de sociedades, los accionistas gracias al recurso a derivados equity y al préstamo de valores han conseguido crear disociaciones de facto que reciben el nombre de decoupling. Los accionistas pueden obtener una influencia relevante sin soportar el riesgo de mercado asociado a su participación (empty voting) o un inversor puede replicar una posición larga en acciones hasta conseguir determinar el sentido del voto de un accionista de manera informal sin llegar a ser el propietario de las mismas (hidden morphable ownership). El objeto de esta tesis es el examen de la incidencia que el uso cualificado de estos contratos en la toma de decisiones en la junta general. En consecuencia, ha sido necesario afrontar el estudio de los elementos de los contratos sobre acciones, sus usos y los posibles abusos del decoupling en las sociedades afectas, si se cuenta con la suficiente transparencia para detectar futuras estrategias y las posibles lagunas de nuestro ordenamiento en relación con la prevención y sanción de las nuevas disociaciones. A lo largo de la investigación se ha aplicado la aplicación la metodología basada en la Ciencia del Derecho que nos ha permitido finalmente ofrecer unas propuestas con el fin de prevenir y reducir los efectos adversos y mantener la vertiente positiva de las nuevas formas de voto.
The power to vote has traditionally been proportional to the interest of the shareholder in the corporation. Besides the possible exceptions to this principle which are established by company law, shareholders are able to achieve de facto deviations termed decoupling though equity derivatives and securities lending. Shareholders may obtain decisive influence without market risk exposure (empty voting) and investor who do not hold shares can mimic a long position in shares and even get informal voting rights (hidden morphable ownership). The objective of this thesis is to examine the qualified use of these contracts in the adoption of resolutions in the general meeting. Accordingly, there has been required to address the study of the intricacies of the aforementioned contracts, their uses and abuses of decoupling in the companies that takes place, if there is enough transparency to detect prospect strategies and the possible failures of our company law framework regarding the prevention and sanction of the new deviations. Alongside the investigation the legal science method is applied in order to finally offer the required de lege ferenda proposals to prevent and reduce the adverse effects and maintained the positive side of the new ways of voting.
The power to vote has traditionally been proportional to the interest of the shareholder in the corporation. Besides the possible exceptions to this principle which are established by company law, shareholders are able to achieve de facto deviations termed decoupling though equity derivatives and securities lending. Shareholders may obtain decisive influence without market risk exposure (empty voting) and investor who do not hold shares can mimic a long position in shares and even get informal voting rights (hidden morphable ownership). The objective of this thesis is to examine the qualified use of these contracts in the adoption of resolutions in the general meeting. Accordingly, there has been required to address the study of the intricacies of the aforementioned contracts, their uses and abuses of decoupling in the companies that takes place, if there is enough transparency to detect prospect strategies and the possible failures of our company law framework regarding the prevention and sanction of the new deviations. Alongside the investigation the legal science method is applied in order to finally offer the required de lege ferenda proposals to prevent and reduce the adverse effects and maintained the positive side of the new ways of voting.
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Tesis inédita de la Universidad Complutense de Madrid, Facultad de Derecho, Departamento de Derecho Mercantil, leída el 09-06-2017