Shareholder rights: a comparative study of codes around the world

This study examines and compares the protection of shareholder rights contained in corporate governance codes in select countries around the world. Corporate governance codes are meant to provide shareholders with protection against expropriation. These codes are typically non-binding and are self regulatory in most countries with the requirement to disclose if any deviations are made. Governance codes are categorized into four distinct systems: the Anglo-Saxon system, the Germanic system, the Latin system, and the Japanese system. This study reviews and compares the codes of ten countries within the four systems identified to determine the level of protection provided to shareholders.