The problems of agency theory related to security valuation are normally discussed in the context of “owner-managers” and “outside shareholders”, and/or equity-holders and debt-holders. In this paper we discuss agency problems that emerge when there is only one shareholder (and no debt),...

A company called Aotearoa Fisheries Limited (AFL) was established under the Maori Fisheries Act 2004 to own shares in various fisheries assets that were transferred to Maori tribes as part of the Treaty of Waitangi Fisheries Settlement. The shares may only be owned by 'mandated iwi...