Abstract
Abstract This book contrasts the role of institutional shareholders in corporate governance in the United Kingdom and Australia. Corporate governance is the system by which companies are directed and controlled. The companies of present concern are quoted public companies. The comparative aspect of the book is novel: the UK system of corporate governance has (along with that of the US) been contrasted commonly with the systems of continental European countries (especially Germany) and Japan,2 but not with that of Australia. The UK and US corporate sectors are characterized by a relatively large number of quoted companies, a liquid capital market where ownership and control rights are traded frequently, and few inter-corporate equity holdings. The corporate sectors of Germany and Japan are, in contrast, characterized by a relatively small number of quoted companies, an illiquid capital market where ownership and control rights are traded infrequently, and many inter-corporate shareholdings.
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