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Breakingviews: Emerging market activism

Thursday, May 15, 2014 - 03:20

May 15 - Breakingviews columnists discuss the rise of investor agitation in Chile and similar nations and how it differs from Americans' pushier approach.

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We hear a lot about in. Investor activism theory here in the United States what with Carl Icahn and Dan -- and other assorted characters shaking up corporate boards. But there's a similar yet quieter sort of agitation going on it she'll lay. In other emerging markets and not for -- Juan you've written a piece about this tell us what's going on. What does he say an activist investing is very much activity in. United States or about ousting bowl it's -- anything right chief executives and generally assessing yourself. Politics and you relatively new songs that focus on the -- -- is trying different tact write in imagine month. Part of the reason it doesn't working quite the same way you have much left for you tonight says you know it says available to the public. Lot of family ownership a lot of and a big chunks of people related to the company owner of the company so given that Richard what leverage. Does an act of. I this is a few things you don't writes that as Chris says you don't have. So many public sort of objective settled is now you can get outside right things that you have families governments involved. You'll have -- don't have legal systems that help you so much they made -- give over. Settling systems may give minorities few rights and so coats and -- -- helped him. And the and the Presley don't be so helpful either but what you can do it mean to him quite a bit of what activists want to do is. Is figuring out how to improve governance and an improved strategy and all these things and if if if you have a case and -- and you can. And us troops a family let's say the controlling friendly -- is also thing. In a way that that that receptive to -- and then you can see him make some of these improvements and you can bring it and he's look at so ideas. Whatever so and then work its in its it's a much more subtle -- -- -- the -- than the beloved thing Internet. And Chris how has some work that we have examples here where things have been shaken up at least a little bit they're invested their content that is in Seattle test sentinel -- seven or eight different countries -- Seinfeld ever tens -- -- critique it. In the senate side of not having large public shareholding is you have a couple of shareholders who Cadbury started -- really -- -- terrorism if you can convince them that a small governance change. Increased transparency. And you've looked. And had been what do we have we have something that. Happen in the Philippines with the port company mess that was somewhat -- -- -- -- said that fifteen coal companies announced that they got a five fold return on under the kind of thing they were doing is just persuading the company's. Issue more disclosure and regularity -- that investors to understand about it -- -- -- -- -- and very quickly Richard what what kind of returns -- we -- There is a solid -- I thought I would like -- well I'm guessing dog it went looking for the Celtic the reason is sort of decent thing these high single digit. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- --

Breakingviews: Emerging market activism

Thursday, May 15, 2014 - 03:20

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