The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu The leading online blog in the fields of corporate governance and financial regulation. Wed, 24 Jun 2026 15:49:52 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.8 https://corpgov.law.harvard.edu/wp-content/uploads/2024/02/cropped-photography-4-e1706898544564-1-32x32.png Stock Exchanges and Shareholder Rights: A Race to the Top, Not the Bottom? – The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu 32 32 Stock Exchanges and Shareholder Rights: A Race to the Top, Not the Bottom? https://corpgov.law.harvard.edu/2018/12/28/stock-exchanges-and-shareholder-rights-a-race-to-the-top-not-the-bottom/?utm_source=rss&utm_medium=rss&utm_campaign=stock-exchanges-and-shareholder-rights-a-race-to-the-top-not-the-bottom https://corpgov.law.harvard.edu/2018/12/28/stock-exchanges-and-shareholder-rights-a-race-to-the-top-not-the-bottom/#comments Fri, 28 Dec 2018 14:05:43 +0000 https://corpgov.law.harvard.edu/?p=113616?d=20181228090543EST Posted by George S. Dallas, International Corporate Governance Network (ICGN), on Friday, December 28, 2018
Editor's Note:

George S. Dallas is Policy Director at International Corporate Governance Network (ICGN). This post is based on an ICGN memorandum by Mr. Dallas. Related research from the Program on Corporate Governance includes The Market for Corporate Law by Lucian A. Bebchuk, Michal Barzuza, and Oren Bar-Gill.

Stock exchanges form a critical component of the global financial market ecosystem, serving as gatekeepers linking companies to investors and as a platform for trading the securities of listed companies. Investors, as providers of capital, are customers of stock exchanges, and constitute a key stakeholder base. [1] In many areas, investors and stock exchanges are aligned in their views about promoting the health of financial markets, the protection of investors and the corporate governance of listed companies. But there are also potential areas of disconnect. These were explored in the plenary of ICGN’s 2018 Milan conference and also in a private meeting in Milan between ICGN members and some representatives of the World Federation of Exchanges. The discussions focused on how stock exchanges influence corporate governance, and also raised questions about conflicts of interest and the governance of stock exchanges themselves.

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