Equity Jurisdictions, Classes, and the Voting ProcessLocked: included in All Access

Economic and voting rights across share classes and jurisdictions, depositary receipts, and how shareholder votes work: the roles of management, the board, proxy advisors, asset managers and asset owners.

1. 1. Common shares: voting rights, share classes, callable and putable sharesCommon shareholders own the company's residual value and govern it by voting; how votes are counted and how share classes are designed decide who really controls the board.Locked: included in All Access13 min
2. 2. Dual class shares: splitting economic rights from voting rightsA dual class structure gives share classes different votes, different cash-flow rights, or both, so insiders can keep control of a company while outside investors supply most of the capital.Locked: included in All Access12 min
3. 3. Investing in foreign equity: direct, depository receipts, GRS and BLDRsYou can buy foreign shares directly in their home market, or buy a local-currency proxy for them: a depository receipt, a global registered share or a basket of DRs.Locked: included in All Access14 min
4. 4. Depositary receipts in practice: ratios, implied exchange rates and when arbitrage failsA depositary receipt should trade at the underlying share price, scaled by the DR ratio and converted at the exchange rate; when conversion, liquidity or sanctions block arbitrage, the two prices can drift apart.Locked: included in All Access14 min
5. 5. The shareholder voting process: proposals, record date and proxy votesA shareholder vote is a timed chain: proposals are collected and vetted, a proxy statement goes out through custodians, holders as of the record date instruct their votes before a deadline, and a tabulator counts them.Locked: included in All Access12 min
6. 6. Proxy advisors, shareholder proposals and investor stewardshipProxy advisors help institutions vote across thousands of meetings, investors judge each shareholder proposal by whether it materially adds value or cuts risk, and asset owners use voting to make their stewardship principles concrete.Locked: included in All Access13 min