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Corporate Governance. A Global Perspective.

The second edition of the highly acclaimed textbook "International Corporate Governance" is scheduled to be published by Cengage on 11 March 2018. The new edition will follow the style and approach of the first edition, but its title will change to "Corporate Governance. A Global Perspective". The book can already be pre-ordered from Blackwells.

A new chapter on boards of directors has been added to the book. There has been extensive updating of the material throughout the book, reflecting advances in research on and practice in corporate governance (full details can be found here). The table of contents (subject to change) of version two is as follows:

Part I – Introduction to Corporate Governance
Defining corporate governance and key theoretical modelsCorporate control across the worldControl versus ownership rightsPart II – Macro Corporate Governance
Taxonomies of corporate governance systemsCorporate governance, types of financial systems and economic growthCorpor…

DMGT Plc - Not your typical UK Plc

I haven't posted any of these corporate governance case studies for a while. As the updated version of my corporate governance textbook is about to be published on 11 March 2018, I thought it was a good time to investigate the corporate governance of another interesting company. The company I have chosen is the Daily Mail and General Trust Plc (DMGT Plc), a UK company. This is a media company which owns a.o. the tabloid The Daily Mail and the free newspaper Metro. It also has a holding in Euromoney Institutional Plc and Zoopla.



I chose DMGT Plc as it is not your run-of-the-mill UK stock-market listed Plc. The typical example of a UK exchange-listed corporation would be a Plc with dispersed ownership and weak control (see Section 3.3 of my textbook International Corporate Governanceor its updated version Corporate Governance. A Global Perspective). This is what I call combination A in my textbook (see below figure).


It what follows, I shall be using the 2017 annual report of DMGT P…

Ooh Danone – More than just yogurt

My previous blog was on the US corporation Google Inc. This time I'll be covering the French public limited company (Société Anonyme or S.A. in French) Danone S.A., a global food company. This is a pretty complex case study and I do not intend to do it full justice here. What follows is a summary of what I believe are key characteristics of Danone S.A.'s control and ownership structure. As it was the case for my previous blog, this case is built on the concepts discussed in Chapters 1-3 of "International Corporate Governance".
Danone S.A.'s most recent company report (or 'registration document') is available from here. You might need to click on '2013' to obtain the most recent available company report at the time of writing this blog. 
This might be obvious, but it is always a good idea to start by having a look at the table of contents. This should give you a fairly good idea where to find important information on control and ownership. Below I…