Bridge over ocean
1 July 2013 Position Paper

Shareowner Rights across the Markets

Individual reports for 28 different markets

  1. Matt Orsagh, CFA, CIPM

In the pages that follow, we provide details of the current state of shareowner rights in 28 markets in a format that allows direct comparisons of similar standards among markets.

Each individual market report contains a brief tabular list of basic rights for shareowners in that market followed by a detailed explanation of the key features and rights unique to that market. Each report also contains a brief summary of the current practices, recent developments, and legal and regulatory frameworks in each jurisdiction.

Shareowner Rights across the Markets: Individual Reports for 28 Different Markets is intended to serve as a reference tool that will give investors the information they need to be informed, responsible shareowners. Our research is designed to provide shareowners a clear understanding of their rights and a means to compare those rights with the rights of shareowners in other—in some cases, competing—jurisdictions.

Because we believe no single set of corporate governance standards will suit every market, this manual does not provide a list of best practices. For those who do seek corporate governance codes for a specific market, we have included references to local codes wherever possible.

This manual is an extension of our earlier investor education pieces, such as The Corporate Governance of Listed Companies: A Manual for Investors. We recommend a review of those resources for investment professionals seeking further information about the corporate governance and shareowner rights standards governing the companies in which they invest. In general, CFA Institute uses the term “shareowner” in this manual rather than the term “shareholder.” We do so deliberately because share holding connotes a limited or passive engagement, comparable to the role of a custodian, whereas share owning connotes more active participation in exercising one’s rights, and active participation is the framework in which we present the information in this manual. In ownership, those invested in the shares must understand the rights afforded to them in order to understand the assets they own and to maximize the value of those assets.

Shareowner Rights across the Markets View the report (PDF)

List of Individual reports for 28 different markets

All of the following are PDF documents.





China (corrected August 2013)


Germany (corrected August 2013)

Hong Kong


Indonesia (corrected August 2013)




Malaysia (corrected August 2013)

Mexico (corrected August 2013)




South Africa

South Korea


Switzerland (corrected August 2013)

Taiwan (corrected August 2013)


The Netherlands


United Kingdom

United States

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