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Repurposing Institutions: Trust Offices and the Dutch Financial System, 1690s–2000s

Published online by Cambridge University Press:  15 July 2021

Abe De Jong ,
Joost Jonker ,
Ailsa Röell  and
Gerarda Westerhuis
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Abstract

Since the late seventeenth century, trust offices (administratiekantoren) that repackage securities have been a central institution in Dutch finance. Their basic form and functioning have remained largely the same, but over time, the repackaging has come to serve different purposes. Originally set up for administrative convenience, they helped to create liquidity, notably for foreign securities. From the 1930s, their primary purpose became to shield directors of large corporations from shareholder influence and hostile takeover threats. Subsequently, the trust offices evolved from general-purpose administrative units into dedicated foundations closely tied to individual companies and increasingly popular with foreign corporations as cheap anti-takeover devices. Their reincarnation as foundations also turned them into vehicles for the tax-efficient routing of international revenue flows via the Netherlands.

Keywords

Trust officesThe NetherlandsCorporate governanceFinancial innovation
Type
Article
Information
Enterprise & Society , Volume 24 , Issue 1 , March 2023 , pp. 197 - 221
Copyright
© The Author(s), 2021. Published by Cambridge University Press on behalf of the Business History Conference. All rights reserved

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References

Bibliography of Works Cited

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Berle, Adolf, and Means, Gardiner. The Modern Corporation and Private Property. New York: Macmillan, 1932.Google Scholar
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Adams, Renée, and Ferreira, Daniel. “One Share-One Vote: The Empirical Evidence.” Review of Finance 12, no.1 (2008): 51–91.CrossRefGoogle Scholar
Bebchuk, Lucien, and Tallarita, Roberto. “The Illusory Promise of Stakeholder Governance.” Cornell Law Review (forthcoming).Google Scholar
Beurden, Tijn van, and Jonker, Joost. “A Perfect Symbiosis, Curaçao, the Netherlands, and Financial Offshore Services, 1951–2013.” Financial History Review 28 (2021). doi: 10.1017/S096856502000013X.Google Scholar
Braggion, Fabio, and Giannetti, Mariassunta. “Changing Corporate Governance Norms: Evidence from Dual Class Shares in the UK.” Journal of Financial Intermediation 37 (2019): 15–27.CrossRefGoogle Scholar
Burhop, Carsten, Chambers, David, and Cheffins, Brian. “Regulating IPOs: Evidence from Going Public in London, 1900–1913.” Explorations in Economic History 51 (2014): 60–76.CrossRefGoogle Scholar
Chambers, David, and Esteves, Rui. “The First Global Emerging Market Investor: Foreign & Colonial Investment Trust 1880–1913.” Explorations in Economic History 52 (2015): 1–21.Google Scholar
Cheffins, Brian R., Koustas, Dmitri K., and Chambers, David. “Ownership Dispersion and the London Stock Exchange’s ‘Two-Thirds Rule’: An Empirical Test.” Business History 55, no. 4 (2013): 670–693.CrossRefGoogle Scholar
Davis, Gerald F. “Agents Without Principles? The Spread of the Poison Pill Through the Intercorporate Network.” Administrative Science Quarterly 36, no. 4 (1991): 583–613.Google Scholar
DiMaggio, Paul J., and Powell, Walter W.. “The Iron Cage Revisited: Institutional Isomorphism and Collective Rationality in Organizational Fields.” Economics Meets Sociology in Strategic Management 17 (2000): 143–166.CrossRefGoogle Scholar
Goey de, Ferry, and de Jong, Abe. “The Netherlands: The Overlooked Variety of Big Business.” In Business Groups in the West: Origins, Evolution, and Resilience, edited by Colpan, Asli and Hikino, Takashi, 165–192. Oxford: Oxford University Press, 2018.Google Scholar
de Jong, Abe, De Jong, Doug, Mertens, Gerard, and Wasley, Charles. “The Role of Self-Regulation in Corporate Governance: Evidence and Implications from the Netherlands.” Journal of Corporate Finance 11, no. 3 (2005): 473–503.CrossRefGoogle Scholar
Jong, Abe de, Röell, Ailsa, and Westerhuis, Gerarda. “Changing National Business Systems: Corporate Governance and Financing in the Netherlands, 1945–2005.” Business History Review 84, no. 4 (2010): 773–798.CrossRefGoogle Scholar
Jonker, Joost, Milo, Michael, and Vannerom, Johan. “From Hapless Victims of Desire to Responsibly Choosing Citizens, The Emancipation of Consumers in Low Countries Consumer Credit Regulation.” BMGN 132 (2017): 115–138.CrossRefGoogle Scholar
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Pagano, Marco, and Volpin, Paolo F.. “The Political Economy of Corporate Governance.” American Economic Review 95, no. 4 (2005): 1005–1030.CrossRefGoogle Scholar
Raaijmakers, M. “Forum (1955) Revisited: Verschuivende Machtsverhoudingen binnen een Beurs-NV.” Ars Aequi 55, nos. 7–8 (2006): 522–529.Google Scholar
Rhee, Eunice Y., and Fiss, Peer C.. “Framing Controversial Actions: Regulatory Focus, Source Credibility, and Stock Market Reaction to Poison Pill Adoption.” Academy of Management Journal 57, no. 6 (2014): 1734–1758.CrossRefGoogle Scholar
Rouwenhorst, K. Geert. “The Origins of Mutual Funds.” In The Origins of Value, the Financial Innovations that Created Modern Capital Markets, edited by Goetzmann, Will N. and Rouwenhorst, K. Geert, 249–269. Oxford: Oxford University Press, 2005.Google Scholar
van der Valk, Tim. “Household Finance in France and the Netherlands: An Evolutionary Approach.” Dissertation, Utrecht University, Utrecht, 2019.Google Scholar
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Brill. 2004 Annual Report. In author’s possession.Google Scholar
Brill. “Statutes of the Stichting Administratiekantoor,” May 4, 2005, accessed October 20, 2020, https://brill.com/fileasset/downloads_static/static_corporategovernance_sakstatuten.pdf.Google Scholar
Burgerlijk Wetboek (Dutch Civil Code).Google Scholar
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Commissie Corporate Governance. De Nederlandse Corporate Governance Code, 2003.Google Scholar
CSM. 1997 Annual Report. In author’s possession.Google Scholar
Dutch Supreme Court. Forumbank, HR: 1955: AG2033, January 21, 1955.Google Scholar
van der Elst, Christoph, de Jong, Abe, and Raaijmakers, Theo, Een Overzicht van Juridische en Economische Dimensies van de Kwetsbaarheid van Nederlandse Beursvennootschappen, Report to Social-Economic Council, 2007. https://www.eerstekamer.nl/id/vi8vduhnxyzc/document_extern/w31083tknr22bijlage/f=/vi8vdvqt33kr.pdf.Google Scholar
Gids bij de Prijscourant , 1902–2006.Google Scholar
Hellema, H. J. (chair). Rapport van de Commissie ter bestudering van het vraagstuk van de beperking van de medezeggenschap van aandeelhouders in de N.V. aan het Bestuur van de Vereeniging voor den Effectenhandel. Amsterdam: Vereeniging voor den Effectenhandel, March 22, 1956.Google Scholar
Monitoring Commissie Corporate Governance. Monitoring Corporate Governance in Nederland 1998. Dordrecht, Netherlands: Kluwer, 1999.Google Scholar
De Nederlandsche Bank. 2007 Quarterly Report, accessed October 20, 2020, www.dnb.nl/binaries/Bijzondere%20financele%20instellingen_tcm46-147240.pdf.Google Scholar
Shearman & Sterling LLP. Proportionality Between Ownership and Control in EU Listed Companies: Comparative Legal Study, Report Commissioned by the European Union, May 18, 2007, accessed October 20, 2020, https://ecgi.global/sites/default/files/study_report_en.pdf.Google Scholar
Tax Justice Network. Narrative Report on the Netherlands, accessed October 20, 2020, www.financialsecrecyindex.com/PDF/Netherlands.pdf.Google Scholar
Archive Vereeniging voor den Effectenhandel, International Institute of Social History, Amsterdam (AVvdE)Google Scholar
City Archive Rotterdam, Rotterdam (CAR)Google Scholar
National Archives The Hague, The Hague (NATH)Google Scholar
Algemeen Handelsblad Google Scholar
Effect (Den Haag)Google Scholar
Financial Times Google Scholar
Het Financieele Dagblad Google Scholar
NRC Handelsblad Google Scholar
Prijscourant (official price current of the Amsterdam Stock Exchange)Google Scholar
Trouw Google Scholar
De Volkskrant Google Scholar
Wall Street Journal Google Scholar
Allen, Franklin, and Gale, Douglas. Comparing Financial Systems. Cambridge, MA: MIT Press, 2001.Google Scholar
Baubeau, Patrice, and Ögren, Anders. Convergence and Divergence of National Financial Systems: Evidence from the Gold Standards, 1871–1971. London: Routledge, 2016.Google Scholar
Berghuis, W. H. Ontstaan en Ontwikkeling van de Nederlandse Beleggingsfondsen tot 1914. Assen, Netherlands: Van Gorcum, 1967.Google Scholar
Berle, Adolf, and Means, Gardiner. The Modern Corporation and Private Property. New York: Macmillan, 1932.Google Scholar
Boelens, Gerard Johan. Oligarchische Clausules in Statuten van Naamlooze Vennootschappen. Kampen, Netherlands: J.H. Kok NV, 1946.Google Scholar
Bouwens, Bram, and Dankers, Joost. Tussen Concurrentie en Concentratie: Belangenorganisaties, Kartels, Fusies en Overnames. Amsterdam: Boom, 2012.Google Scholar
Cheffins, Brian R. Corporate Ownership and Control: British Business Transformed. Oxford: Oxford University Press, 2008.CrossRefGoogle Scholar
Cremers, J.H.F.J. Prioriteitsaandelen. Deventer, Netherlands: Kluwer, 1971.Google Scholar
Dijk, Michiel van, Weyzig, Francis, and Murphy, Richard. The Netherlands, A Tax Haven? Amsterdam: SOMO, 2006.Google Scholar
Elias, J. E. De Vroedschap van Amsterdam 1578–1795. Amsterdam: N. Israel, 1963.Google Scholar
Frentrop, Paul. Corporate Governance 1602–2002. Ondernemingen en hun Aandeelhouders sinds de VOC. Amsterdam: Prometheus, 2002.Google Scholar
Geljon, P. A. De Algemene Banken en het Effectenbedrijf 1860–1914. Amsterdam: NIBE, 2005.Google Scholar
Graaf, Ton de. Voor Handel en Maatschappij: Geschiedenis van den Nederlandsche Handel-Maatschappij, 1824–1964. Amsterdam: Boom, 2010.Google Scholar
Hall, Peter A., and Soskice, David. Varieties of Capitalism: The Institutional Foundations of Comparative Advantage. Oxford: Oxford University Press, 2001.CrossRefGoogle Scholar
Helmers, H. M., Mokken, R. J., Plijter, R. C., and Stokman, F. N.. Graven naar Macht: Op Zoek naar de Kern van de Nederlandse Economie. Amsterdam: Van Gennep, 1975.Google Scholar
Jongh, J. Matthijs de. Tussen Societas en Universitas: De Beursvennootschap en haar Aandeelhouders in Historisch Perspectief. Amsterdam: Wolters Kluwer, 2014.Google Scholar
Jonker, Joost, and Zanden, Jan Luiten van, From Challenger to Joint Industry Leader, 1890–1939. A History of Royal Dutch Shell. Vol. 1. Oxford: Oxford University Press, 2007.Google Scholar
de Kat, O.B.W.. Effectenbeheer: Rechtskundig, Economisch en Administratief Handboek. Haarlem: De Erven F. Bohn NV, 1932.Google Scholar
Kindleberger, Charles P. A Financial History of Western Europe. London: Allen & Unwin, 1984.Google Scholar
Leavitt, John Anton. The Voting Trust. A Device for Corporate Control. New York: Columbia University Press, 1941.CrossRefGoogle Scholar
van Lutterveld, W.M.J.. Effecten. Den Haag: W.P. van Stockum & Zoon NV, 1933.Google Scholar
Mansvelt, W.M.F. Geschiedenis van de Nederlandsche Handel-Maatschappij. Haarlem: Joh. Enschede en Zonen, 1924.Google Scholar
North, Douglas. Institutions, Institutional Change and Economic Performance. Cambridge: Cambridge University Press, 1990.CrossRefGoogle Scholar
North, Douglas. Understanding the Process of Economic Change. Princeton, NJ: Princeton University Press, 2005.CrossRefGoogle Scholar
Polak, R. Wering van Vreemden invloed uit Nationale Ondernemingen. Amsterdam: J.H. de Bussy, 1918.Google Scholar
Scheffer, C. F. Financiële Notities, Deel 1. Den Haag: Delwel, 1962.Google Scholar
Scott, W. Richard. Institutions and Organizations: Ideas, Interests, and Identities. Los Angeles: Sage, 2014.Google Scholar
Slot, Brigitte. Iedereen kapitalist, de ontwikkeling van het beleggingsfonds in Nederland gedurende de 20 ste eeuw . Amsterdam: Aksant 2004.Google Scholar
Sluyterman, Keetie E. Driekwart Eeuw CSM, Cashflow, Strategie en Mensen. Diemen, Netherlands: CSM, 1995.Google Scholar
Sluyterman, Keetie E.. Varieties of Capitalism and Business History. The Dutch Case. New York: Routledge, 2014.CrossRefGoogle Scholar
Tekenbroek, Egbert. De Verhouding Tusschen de Aandeelhouders en de Bestuurders bij de Publieke Naamlooze Vennootschap in Nederland: Een Onderzoek naar de Ontwikkeling der Publieke Naamlooze Vennootschap in Nederland. Delft: Universiteits-Boekencentrale, 1923.Google Scholar
Thornton, Patricia H., Ocasio, William, and Lounsbury, Michael. The Institutional Logics Perspective: A New Approach to Culture, Structure, and Process. Oxford: Oxford University Press, 2012.CrossRefGoogle Scholar
Treub, W.M.F. De Economische Toekomst van Nederland. Haarlem: H.D. Tjeenk Willink & Zoon, 1917.Google Scholar
Veenendaal, Augustus J. Slow Train to Paradise: How Dutch Investment Helped to Build American Railroads. Stanford: Stanford University Press, 1996.Google Scholar
Vries, Joh. de. Hoogovens IJmuiden 1918–1968. IJmuiden: KNHS, 1968.Google Scholar
Westerhuis, Gerarda, and de Jong, Abe. Over Geld en Macht: Financiering en Corporate Governance van het Nederlandse Bedrijfsleven. Amsterdam: Boom, 2015.Google Scholar
Aguilera, Ruth V., and Jackson, Gregory. “Comparative and International Corporate Governance.” Academy of Management Annals 4, no. 1 (2017): 485–556.CrossRefGoogle Scholar
Adams, Renée, and Ferreira, Daniel. “One Share-One Vote: The Empirical Evidence.” Review of Finance 12, no.1 (2008): 51–91.CrossRefGoogle Scholar
Bebchuk, Lucien, and Tallarita, Roberto. “The Illusory Promise of Stakeholder Governance.” Cornell Law Review (forthcoming).Google Scholar
Beurden, Tijn van, and Jonker, Joost. “A Perfect Symbiosis, Curaçao, the Netherlands, and Financial Offshore Services, 1951–2013.” Financial History Review 28 (2021). doi: 10.1017/S096856502000013X.Google Scholar
Braggion, Fabio, and Giannetti, Mariassunta. “Changing Corporate Governance Norms: Evidence from Dual Class Shares in the UK.” Journal of Financial Intermediation 37 (2019): 15–27.CrossRefGoogle Scholar
Burhop, Carsten, Chambers, David, and Cheffins, Brian. “Regulating IPOs: Evidence from Going Public in London, 1900–1913.” Explorations in Economic History 51 (2014): 60–76.CrossRefGoogle Scholar
Chambers, David, and Esteves, Rui. “The First Global Emerging Market Investor: Foreign & Colonial Investment Trust 1880–1913.” Explorations in Economic History 52 (2015): 1–21.Google Scholar
Cheffins, Brian R., Koustas, Dmitri K., and Chambers, David. “Ownership Dispersion and the London Stock Exchange’s ‘Two-Thirds Rule’: An Empirical Test.” Business History 55, no. 4 (2013): 670–693.CrossRefGoogle Scholar
Davis, Gerald F. “Agents Without Principles? The Spread of the Poison Pill Through the Intercorporate Network.” Administrative Science Quarterly 36, no. 4 (1991): 583–613.Google Scholar
DiMaggio, Paul J., and Powell, Walter W.. “The Iron Cage Revisited: Institutional Isomorphism and Collective Rationality in Organizational Fields.” Economics Meets Sociology in Strategic Management 17 (2000): 143–166.CrossRefGoogle Scholar
Goey de, Ferry, and de Jong, Abe. “The Netherlands: The Overlooked Variety of Big Business.” In Business Groups in the West: Origins, Evolution, and Resilience, edited by Colpan, Asli and Hikino, Takashi, 165–192. Oxford: Oxford University Press, 2018.Google Scholar
de Jong, Abe, De Jong, Doug, Mertens, Gerard, and Wasley, Charles. “The Role of Self-Regulation in Corporate Governance: Evidence and Implications from the Netherlands.” Journal of Corporate Finance 11, no. 3 (2005): 473–503.CrossRefGoogle Scholar
Jong, Abe de, Röell, Ailsa, and Westerhuis, Gerarda. “Changing National Business Systems: Corporate Governance and Financing in the Netherlands, 1945–2005.” Business History Review 84, no. 4 (2010): 773–798.CrossRefGoogle Scholar
Jonker, Joost, Milo, Michael, and Vannerom, Johan. “From Hapless Victims of Desire to Responsibly Choosing Citizens, The Emancipation of Consumers in Low Countries Consumer Credit Regulation.” BMGN 132 (2017): 115–138.CrossRefGoogle Scholar
Kleyn, J. D. “Weg met Structurele Beschermingsconstructies.” In Geschriften vanwege de Vereniging Corporate Litigation 2008–2009 , edited by Holtzer, M., Leijten, A.F.J.A., and Oranje, D. J., 215–226. Deventer, Netherlands: Kluwer, 2009.Google Scholar
Kolfschoten, D., de Haan, J., and Couwenberg, O.. “Nieuwe Fondsen Minder Beschermd.” Economisch Statistische Berichten 4142 (March 17, 2000): 222–224.Google Scholar
Morck, Randall. “How to Eliminate Pyramidal Business Groups: The Double Taxation of Intercorporate Dividends and Other Incisive Uses of Tax Policy.” In Tax Policy and the Economy, Vol. 19, edited by Poterba, James M., 135–179. Cambridge, MA: MIT Press, 2005.Google Scholar
Pagano, Marco, and Volpin, Paolo F.. “The Political Economy of Corporate Governance.” American Economic Review 95, no. 4 (2005): 1005–1030.CrossRefGoogle Scholar
Raaijmakers, M. “Forum (1955) Revisited: Verschuivende Machtsverhoudingen binnen een Beurs-NV.” Ars Aequi 55, nos. 7–8 (2006): 522–529.Google Scholar
Rhee, Eunice Y., and Fiss, Peer C.. “Framing Controversial Actions: Regulatory Focus, Source Credibility, and Stock Market Reaction to Poison Pill Adoption.” Academy of Management Journal 57, no. 6 (2014): 1734–1758.CrossRefGoogle Scholar
Rouwenhorst, K. Geert. “The Origins of Mutual Funds.” In The Origins of Value, the Financial Innovations that Created Modern Capital Markets, edited by Goetzmann, Will N. and Rouwenhorst, K. Geert, 249–269. Oxford: Oxford University Press, 2005.Google Scholar
van der Valk, Tim. “Household Finance in France and the Netherlands: An Evolutionary Approach.” Dissertation, Utrecht University, Utrecht, 2019.Google Scholar
Voogd, Rudolf P. “Statutaire Beschermingsmiddelen bij Beursvennootschappen.” Dissertation, Katholieke Universiteit Nijmegen, Nijmegen, Netherlands, 1989.Google Scholar
Voort, J. P. van de. “De Westindische Plantages van 1720 tot 1795: Financiën en Handel.” Dissertation, De Witte, Eindhoven, Netherlands, 1973.Google Scholar
Brill. 2004 Annual Report. In author’s possession.Google Scholar
Brill. “Statutes of the Stichting Administratiekantoor,” May 4, 2005, accessed October 20, 2020, https://brill.com/fileasset/downloads_static/static_corporategovernance_sakstatuten.pdf.Google Scholar
Burgerlijk Wetboek (Dutch Civil Code).Google Scholar
Business Roundtable. “Statement on the Purpose of a Corporation,” August 19, 2019, https://opportunity.businessroundtable.org/wp-content/uploads/2019/12/BRT-Statement-onthe-Purpose-of-a-Corporation-with-Signatures.pdf.Google Scholar
Commissie Corporate Governance. De Nederlandse Corporate Governance Code, 2003.Google Scholar
CSM. 1997 Annual Report. In author’s possession.Google Scholar
Dutch Supreme Court. Forumbank, HR: 1955: AG2033, January 21, 1955.Google Scholar
van der Elst, Christoph, de Jong, Abe, and Raaijmakers, Theo, Een Overzicht van Juridische en Economische Dimensies van de Kwetsbaarheid van Nederlandse Beursvennootschappen, Report to Social-Economic Council, 2007. https://www.eerstekamer.nl/id/vi8vduhnxyzc/document_extern/w31083tknr22bijlage/f=/vi8vdvqt33kr.pdf.Google Scholar
Gids bij de Prijscourant , 1902–2006.Google Scholar
Hellema, H. J. (chair). Rapport van de Commissie ter bestudering van het vraagstuk van de beperking van de medezeggenschap van aandeelhouders in de N.V. aan het Bestuur van de Vereeniging voor den Effectenhandel. Amsterdam: Vereeniging voor den Effectenhandel, March 22, 1956.Google Scholar
Monitoring Commissie Corporate Governance. Monitoring Corporate Governance in Nederland 1998. Dordrecht, Netherlands: Kluwer, 1999.Google Scholar
De Nederlandsche Bank. 2007 Quarterly Report, accessed October 20, 2020, www.dnb.nl/binaries/Bijzondere%20financele%20instellingen_tcm46-147240.pdf.Google Scholar
Shearman & Sterling LLP. Proportionality Between Ownership and Control in EU Listed Companies: Comparative Legal Study, Report Commissioned by the European Union, May 18, 2007, accessed October 20, 2020, https://ecgi.global/sites/default/files/study_report_en.pdf.Google Scholar
Tax Justice Network. Narrative Report on the Netherlands, accessed October 20, 2020, www.financialsecrecyindex.com/PDF/Netherlands.pdf.Google Scholar
Archive Vereeniging voor den Effectenhandel, International Institute of Social History, Amsterdam (AVvdE)Google Scholar
City Archive Rotterdam, Rotterdam (CAR)Google Scholar
National Archives The Hague, The Hague (NATH)Google Scholar
Algemeen Handelsblad Google Scholar
Effect (Den Haag)Google Scholar
Financial Times Google Scholar
Het Financieele Dagblad Google Scholar
NRC Handelsblad Google Scholar
Prijscourant (official price current of the Amsterdam Stock Exchange)Google Scholar
Trouw Google Scholar
De Volkskrant Google Scholar
Wall Street Journal Google Scholar