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Empty Voting and Securities Lending

"Empty Voting" occurs when an investor borrows shares and uses them to vote at a company Annual General Meeting (AGM) or Extraordinary General Meeting (EGM). The argument against it is the investor is exercising greater voting control than their economic interest in the company.

The topic has gained interest again due to the recent Assicurazioni Generali AGM where Mediobanca used borrowed shares to augment its already large holding.

In my recent video I explore the topic in more depth and some people don't like my conclusions. What do you think?



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