She added: "It won't work unless you can leverage extreme shareholder unhappiness.
Pirc also urged all members of the Lloyds board to stand for re-election at next year's meeting "in light of the extreme dilution that shareholders have suffered as a result of the acquisition and the need for government funding".
Pharmaceutical companies are under extreme pressure from shareholders to raise share value, and investors are becoming increasingly aware of the irreproducibility of animal studies.
In an extreme case, one shareholder might own 50 percent or more of a company's shares, giving him or her essentially complete control.
Chairman Keith Hellawell, a former police chief who has been widely criticised by shareholders, said an "extreme political, union and media campaign waged against this company" had damaged its reputation, influenced customers and had a negative impact on the morale of Sports Direct's staff.
The severance packages of most senior managers fired so far as a result of the financial crisis those triggering the most public outrage suggest the extreme "agency costs" imposed on shareholders in the financial industry.
Among those requirements, which Dish criticized as "extreme deal protections," were a shareholder rights plan that limited outside investors other than SoftBank from owning more than 17 percent of Sprint and a demand that any rival bid have fully committed financing.
It is also possible, he said, that some proprietary leases could allow the board to impose a fine for an improper sublet, making it possible to encourage compliance with the lease without having to take the extreme remedy of evicting a shareholder.
"Maybe if we had known they'd go to such extremes to thwart the will of shareholders, we would have thought twice about doing this," Mr. Blau said during an interview in his office overlooking Columbus Circle in Midtown Manhattan.
It's not impossible to trade local Chinese stocks, but it's not recommended due to the extreme volatility, illiquid market, lack of shareholder rights and lack of corporate management experience.
