Securities lending is raising big questions about governance responsibility and investor disclosure.
It’s hard to see why something as beneficial to market liquidity as stock lending is generating such bad headlines. In the UK, a government-backed report by Paul Myners, a former fund manager and chairman of retailer Marks & Spencer, warned recently that stock lending threatens to offset improvements made to share-voting practices through the adoption of electronic voting.‘Part of the problem is that it’s hard to tell how many shares end up on loan and how many get voted,’
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