Emerging Prospects of Shareholder Engagement in India

The need for strengthening engagement between companies and its shareholders is being increasingly recognised over the past few years. Various authors have discussed about the role of shareholder engagement in enhancing corporate governance standards. The literatures discussing these aspects are focusing on developed countries. This study seeks to make a contribution to the debate by discussing the scope and challenges for shareholder engagement in India. Many reforms were introduced to enhance shareholder participation and engagement in India. The study explains the significance of shareholder engagement and the strategies adopted by shareholders to influence corporate policy. The study gives a brief overview of scheme of division of power between board of directors and the company in general meeting in India. It examines the statutory reforms introduced in India for promoting shareholder engagement in corporate governance processes. It also discusses some incidents in Indian corporate sector to examine the growth of shareholder engagement in India.

BUSINESS CIRCULAR STRATEGIES: EVALUATION CRITERIA AND INVESTMENT PROSPECTS

The international practices of realization of business circularity strategies are researched and systematized. The tendencies in change of value priorities of corporate policy of companies depending on phases of transformation of business models are revealed. The focus on the operational efficiency of production processes is strengthened by the transition to the principles of sustainable development and environmental responsibility, and then the creation of circular value chains. Creating circular value chains requires a change in corporate policy and management tools. The transformation of companies' business models affects its corporate culture. The mission and philosophy of business are changing, fundamentally new integrated indicators for assessing financial, economic and social performance are being formed. Environmental management can bring many benefits to producers of goods: saving money and resources, increasing customer satisfaction and loyalty, improving the morale of employees. The analysis of the structure of investments and investment agreements in digitization projects is performed. It is established that most of the financial resources are directed to waste collection and recycling. This has increased the demand for waste processing equipment and caused structural changes in the engineering market. Positive tendencies of growth of investment attractiveness of circularity projects are revealed. In Ukraine, as in the world society, there are demands for a healthy lifestyle and environmental protection, so the country must create an institutional framework for the implementation of these needs. It is necessary to encourage a new generation of entrepreneurs to learn and innovate, to initiate "green" business strategies for the development of territories and to promote cross-sectoral cooperation. Further research is needed on the divergence of circular business models by industry and practices of adaptive management tools in the context of conceptualization of change and structural redistribution of resources in the environment.

Corporate policy of mining companies: particular qualities of formation and implementation

On the example of the mining and metallurgical complex, the particular qualities of the corporate policy of industry enterprises are formulated. The principles of the formation and implementation of corporate policy, as well as the directions of the management's actions to create corporate value are stated. The formats of organizational regulations that implement the requirements of the corporate policy of mining companies in relation to the tasks of the integration interaction of enterprise management within metallurgical holdings are recommended. A method is proposed for a generalized assessment of the effectiveness of the integration interaction between the management of mining and metallurgical companies.

The preventive effect of hedge fund activism: investment, CEO compensation and payout policies

PurposeThe purpose of this paper is to examine the effectiveness of hedge fund activism (HFA) in preventing corporate policy deviations.Design/methodology/approachThis paper identifies HFA interventions through a hand-collected sample of Schedule 13D filings between 1994 and 2016, and uses mechanical mutual fund fire sales as the instrument variable (IV) for the likelihood of such interventions. Armed with the instrument, this paper estimates firm's distribution, managerial compensation and investment policies in response to a change in the perceived likelihood of HFA interventions.FindingsAn increase in the HFA intervention likelihood leads to increases in shareholder distribution, decreases in CEO pay and investments and increases in operating performance. Compared to the sample average, a one standard deviation increase in the intervention likelihood leads to a 9.29% increase in the firm's payout ratio, a 7.42% decrease in CEO compensation, a 2.67% decrease in capital expenditures and a 4.96% decrease in R&D expenses. These changes are consistent with the threat of intervention curbing managerial empire-building behaviors and improving firm operation. The relationships are causal, significant and robust to a variety of alternative specifications and sample divisions.Originality/valueResults of this paper suggest that as a mechanism for corporate governance, the threat of HFA is effective in preventing corporate policy deviations. They also demonstrate a stronger and broader impact of HFA on corporate policy than previously documented. By showing that HFA is an effective and viable mechanism for corporate governance, this study allows policymakers to make more informed decisions to whether increase hedge fund regulations or not.

Information policy of state corporations

This article discusses the general principles of the implementation of the information policy and the particular principles on the basis of which the information policy is implemented in PJSC FGC UES. The authors also studied corporate policy objectives and highlighted information security as a component of the information policy.

Corporate relationships in integrated business: key challenges and areas of improvement

The content of the terms «corporate relations» and «corporate policy» has been clarified, and the principles of rational organization of corporate relations in domestic companies have been systematized. The main tasks of management to improve corporate policy using the system of corresponding regulations (standards) have been formed. Recommendations are given to improve the practice of strategic business planning in terms of key functional areas of business. Methodical approach to evaluation of corporate synergy in integrated structures is proposed.