Empty voting has overstayed its welcome in today’s securities lending industry

As more information becomes available about last September’s Mediobanca borrowing of insurance company Generali shares ahead of a board vote, it appears that securities lending has been misused. In a world of ESG, this is where critics of the G have a point. “Empty voting,” the practice of borrowing securities to vote at corporate meetings, should be done away with once and for all.
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