re: radrs - who owns the rights? Keith, bit of extra research shows this is a bit of a grey area, looks like different companies can do it different ways. Probably depends on the actual wording in RDF's articles of association as to whether ADR holders are members of RDF or not.
It seems pretty clear the ADR holder has voting rights, the difference seems to be voting rights can either be direct by the shareholder or via BNY as proxy.
Extract from Newcrest ADR details is:-
"US Investor Information
Newcrest may also be traded in the form of American Depositary Receipts (ADRs). Each ADR represents one Newcrest ordinary share. The program is administered on behalf of the Company by The Bank of New York and enquiries should be directed in writing to: The Bank of New York, 101 Barclay Street, New York, NY 10286.
ADR holders are not members of the Company but may instruct The Bank of New York as to the exercise of voting rights pertaining to the underlying shareholding."
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