Una “primavera accionista”… que no es tal

CHICAGO – La actual crisis económica mundial no solo ha llevado a que en muchos países los partidos gobernantes pierdan las elecciones: también está causando un terremoto en las juntas directivas de las empresas. En otros tiempos, cuando las cotizaciones bursátiles y los beneficios empresariales parecían desafiar la ley de la gravedad, las asambleas de accionistas se parecían a las convenciones políticas estadounidenses: más que foros donde discutir asuntos contenciosos, parecían espectáculos montados para promover la imagen de las empresas. Pero la ronda anual de asambleas generales de este año fue diferente. Los inversores, decepcionados por los bajos rendimientos, están mucho más belicosos que antes.

En Credit Suisse y en Barclays, por poner dos ejemplos, más de la cuarta parte de los accionistas rechazó el paquete de pagos propuesto por la dirección de la empresa. En Citigroup, la mayoría de los accionistas se opuso a la propuesta de remuneración para los directivos de la empresa: es la primera vez que le sucede a una compañía listada en el S&P 500.

El activismo accionista también puede anotarse otra victoria (al menos parcial) en Yahoo!, donde un accionista disidente obligó al director ejecutivo recién designado a renunciar por falsear sus antecedentes académicos.

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