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商品編號: CG06 出版日期: 2007/04/12 作者姓名: Larcker, David F.;Tayan, Brian 商品類別: Other 商品規格: 22p 再版日期: 地域: 產業: Banking 個案年度: -
商品敘述:
In 2005, Relational Investors, a registered investment advisor, launched a proxy contest to gain two seats on the board of directors of Sovereign Bancorp. Relational accused Sovereign of operational mismanagement and poor corporate governance, representing a breach in fiduciary responsibility by the company''s board of directors. Relational claimed that a board reconstitution was in the best interest of investors. Subsequently, Sovereign entered into a controversial three-way deal with Banco Santander Central Hispano of Spain, which thwarted Relational''s efforts by diluting its ownership position and by giving Santander board seats and veto power over the removal of Sovereign''s CEO. Discusses the tactics used by Relational Investors to attempt to derail the Santander deal and the tactics used by Sovereign Bancorp to defend it.
涵蓋領域:
Management controls;Activists;Corporate governance;Board of directors
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