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About the CFA Institute Investment Series xvii
CHAPTER 1 Corporate Governance 1
Learning Outcomes 1
1. Introduction 1
2. Corporate Governance: Objectives and Guiding Principles 2
3. Forms of Business and Conflicts of Interest 3
3.1. Sole Proprietorships 4
3.2. Partnerships 5
3.3. Corporations 5
4. Specific Sources of Conflict: Agency Relationships 6
4.1. Manager–Shareholder Conflicts 6
4.2. Director–Shareholder Conflicts 10
5. Corporate Governance Evaluation 10
MARTIN S. FRIDSON, CFA, is CEO of FridsonVision LLC in New York City and is known for his innovative work in credit analysis and investment strategy. He is the author of several highly acclaimed books on financial statement analysis, high-yield debt, and financial history and is the youngest person ever inducted into the Fixed Income Analysts Society Hall of Fame.
GEORGE H. TROUGHTON, CFA, is Professor Emeritus of Finance at California State University, Chico. He is a recipient of the C. Stewart Sheppard Award for the advancement of education in the investment profession as well as the Donald L. Tuttle Award for CFA Grading Excellence.