RETHINKING CORPORATE GOVERNANCE THE LAW AND ECONOMICS OF CONTROL POWERS ROUTLEDGE RESEARCH IN CORPORATE LAW

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Rethinking Corporate Governance

Author : Alessio Pacces
ISBN : 9781135099411
Genre : Law
File Size : 75.27 MB
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The standard approach to the legal foundations of corporate governance is based on the view that corporate law promotes separation of ownership and control by protecting non-controlling shareholders from expropriation. This book takes a broader perspective by showing that investor protection is a necessary, but not sufficient, legal condition for the efficient separation of ownership and control. Supporting the control powers of managers or controlling shareholders is as important as protecting investors from the abuse of these powers. Rethinking Corporate Governance reappraises the existing framework for the economic analysis of corporate law based on three categories of private benefits of control. Some of these benefits are not necessarily bad for corporate governance. The areas of law mainly affecting private benefits of control – including the distribution of corporate powers, self-dealing, and takeover regulation – are analyzed in five jurisdictions, namely the US, the UK, Italy, Sweden, and the Netherlands. Not only does this approach to corporate law explain separation of ownership and control better than just investor protection; it also suggests that the law can improve the efficiency of corporate governance by allowing non-controlling shareholders to be less powerful.
Category: Law

Rethinking Corporate Governance In Financial Institutions

Author : Demetra Arsalidou
ISBN : 9781134499267
Genre : Law
File Size : 68.39 MB
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There are many deep-seated reasons for the current financial turmoil but a key factor has undoubtedly been the serious failings within the corporate governance practices of financial institutions. There have been shortcomings in the risk management and incentive structures; the boards’ supervision was at times weak; disclosure and accounting standards were in some cases inadequate; the institutional investors’ engagement with management was at times insufficient and, last but not least, the remuneration policies of many large institutions appeared inappropriate. This book will provide a critical overview and analysis of key corporate governance weaknesses, focusing primarily on three main areas: directors’ failure to understand complex company transactions; the poor remuneration practices of financial institutions; and, finally, the failure of institutional investors to sufficiently engage with management. The book, while largely focused on the UK, will also consider EU and Australian developments as well as offering a comparative angle looking at the corporate governance of financial institutions in the US.
Category: Law

Behavioural Risks In Corporate Governance

Author : Ngozi Vivian Okoye
ISBN : 9781317701408
Genre : Business & Economics
File Size : 33.75 MB
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Recent cases of corporate failures, including the fixing of LIBOR rates and money laundering issues in the banking industry, highlight how behavioural issues on the part of company directors are significant contributory factors in corporate governance and the success or failure of companies. This book examines how personality and behavioural issues have contributed to major corporate failures, and how this risk may be managed. The book examines behavioural risks in corporate governance, and evaluates the extent to which risk management mechanisms have acknowledged various aspects of behaviour. Drawing from cases in the UK, the US and Australia and research in psychology and the behavioural sciences, Ngozi Vivian Okoye argues that current corporate governance mechanisms lack provision for identifying and managing personality risks, and suggests how constituent elements of behaviour should be engaged with when developing preventive mechanisms for corporate failures. Okoye presents a conceptual framework for identifying and managing personality risks, and explores how personality risk may be built into corporate governance regulation. The book will be of great use and interest to researchers and practitioners in business and company law, corporate governance, and critical management studies.
Category: Business & Economics

The Enlightened Shareholder Value Principle And Corporate Governance

Author : Andrew Keay
ISBN : 9781136251634
Genre : Law
File Size : 22.12 MB
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The enlightened shareholder value principle (ESV) was formulated during the comprehensive review of UK company law by the Company Law Steering Group in the late 1990s and early 2000’s and requires directors of companies to act in the collective best interests of shareholders. The principle was taken up by the then UK Government and is now embedded in the Companies Act 2006. The emergence of the principle constitutes an important development in corporate governance, particularly in determining what directors must consider when managing the affairs of their companies. This book explains and analyzes the nature of ESV and its contribution to corporate governance whilst also examining where it fits into the existing theoretical landscape. Andrew Keay traces the development of the principle of ESV and considers it in the context of the existing principles which have historically influenced corporate governance. In doing so, the book draws on several empirical studies thereby enabling us to gauge how the ESV principle is addressed in commercial practice. Keay goes on to compare ESV with the constituency statutes that apply in the US in order to determine whether anything can be learnt from the American experience. The book also assesses the reaction of other jurisdictions to the advent of ESV and considers what impact ESV will have on financial institutions and non-financial institutions in the aftermath of the global financial crisis.
Category: Law

Retail Depositor And Retail Investor Protection Under Eu Law

Author : Constantinos Tokatlides
ISBN : 9781317224204
Genre : Business & Economics
File Size : 87.96 MB
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Retail Depositor and Retail Investor Protection under EU Law offers an original perspective on EU financial law in the area of retail investor protection, examining the status of protection awarded by EU law to retail depositors and retail investors in the event of financial institution failure. The analysis of relevant EU law is on the basis of effectiveness and has been elaborated in two levels of comparison. The first comparative approach examines relevant EU law both externally and internally: externally, vis-à-vis relevant international initiatives and developments in the area of financial law, as the latter affect the features and evolution of EU law, and internally by examining relevant instruments of EU law with regard to each other as to their normative structure and content. The second comparative approach also examines the status of retail depositors in relation to that of retail investors under EU law, in the event of financial institution failure, and the relevant legal consequences thereof.
Category: Business & Economics

Global Governance And Regulation

Author : Leon Wolff
ISBN : 1472489012
Genre : International and municipal law
File Size : 69.35 MB
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With a diverse group of contributors from law, business and the social sciences, this book explores the line not only between order and disorder in global affairs, but also chaos and control, continuity and change, the core and the margins. The key themes include: global crises and the role of international law, norms and institutions; the challenge of pluralism to regulatory clarity; and critical assessments of taken-for-granted systems and values such as capitalism, centralised government, de-militarisation and the separation of powers. The book divides into two key parts. The first part, `Conceptions', considers the diverse way in which order/disorder can be conceived in global governance and regulation. The second part, `Case Studies', groups chapters around five topic areas: citizens, capitalism, conflict, crime and courts. The authors here build on the themes presented in the first part by embedding them within specific areas of international regulation, such as international criminal law, maritime law or finance regulation; jurisdictions and regions, such as Australia, Canada, China, Japan and South Asia; and subject-matter, such as water resources, citizenship, statelessness and public interest litigation. This blend of contemporary subject-matter, empirical studies, multi-disciplinary perspectives and academic theories provides a comprehensive analysis to current and emerging debates in the broader global community. In utilizing interdisciplinary studies to draw out common issues and alternative solutions, the book will appeal to a wide readership among academics and policy-makers.
Category: International and municipal law

Counter Terrorism And Beyond

Author : Andrew Lynch
ISBN : 9781136958540
Genre : Law
File Size : 60.29 MB
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This book considers the increasing trend towards a ‘culture of control’ in democratic countries. The post-9/11 counter-terrorism laws in nations such as the USA, the UK, Canada and Australia provide a stark demonstration of this trend. These laws share a focus on the pre-emption of crime, restrictions on the right to liberty of non-suspects, limited public access to information, and increased community surveillance. The laws derogate, in many respects, from the ordinary principles of the criminal justice system and fundamental human rights while also harnessing public institutions in the broader project of prevention and control. Distinctively, the contributors to this volume focus on the impact of these laws outside of the counter-terrorism context. The book draws together a range of experts in both public and criminal law, from Australia and overseas, to examine the effect of counter-terrorism laws on public institutions within democracies more broadly. Issues considered include changes to the role and functions of the courts, the expansion of executive discretion, the seepage of extraordinary powers and pre-emptive measures into other areas of the criminal law, and the interaction and overlap between intelligence and law enforcement agencies. Counter-Terrorism and Beyond: The Culture of Law and Justice After 9/11 will be of interest to students and scholars of criminal law, criminology, comparative criminal justice, terrorism and national security, public law, human rights, governance and public policy.
Category: Law

The Foundations And Future Of Financial Regulation

Author : Mads Andenas
ISBN : 9781135043377
Genre : Law
File Size : 31.25 MB
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Financial regulation has entered into a new era, as many foundational economic theories and policies supporting the existing infrastructure have been and are being questioned following the financial crisis. Goodhart et al’s seminal monograph "Financial Regulation: Why, How and Where Now?" (Routledge:1998) took stock of the extent of financial innovation and the maturity of the financial services industry at that time, and mapped out a new regulatory roadmap. This book offers a timely exploration of the "Why, How and Where Now" of financial regulation in the aftermath of the crisis in order to map out the future trajectory of financial regulation in an age where financial stability is being emphasised as a key regulatory objective. The book is split into four sections: the objectives and regulatory landscape of financial regulation; the regulatory regime for investor protection; the regulatory regime for financial institutional safety and soundness; and macro-prudential regulation. The discussion ranges from theoretical and policy perspectives to comprehensive and critical consideration of financial regulation in the specifics. The focus of the book is on the substantive regulation of the UK and the EU, as critical examination is made of the unravelling and the future of financial regulation with comparative insights offered where relevant especially from the US. Running throughout the book is consideration of the relationship between financial regulation, financial stability and the responsibility of various actors in governance. This book offers an important contribution to continuing reflections on the role of financial regulation, market discipline and corporate responsibility in the financial sector, and upon the roles of regulatory authorities, markets and firms in ensuring the financial health and security of all in the future.
Category: Law

Corporate Social Responsibility Human Rights And The Law

Author : Olufemi Amao
ISBN : 9781136715891
Genre : Business & Economics
File Size : 41.57 MB
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The control of multinational corporations is an area of law that has attracted immense attention both at national and international level. In recognition of the importance of the subject matter, the United Nations Secretary General has appointed a special representative to work in this area. The book discusses the current trend by MNCs to self regulate by employing voluntary corporate social responsibility (CSR) strategy. Olufemi Amao argues that the CSR concept is insufficient to deal with externalities emanating from MNCs’ operations, including human rights violations. Amao maintains that for CSR to be effective, the law must engage with the concept. In particular, he examines how the law can be employed to achieve this goal. While noting that the control of MNCs involves regulation at the international level, it is argued that more emphasis needs to be placed on possibilities at home, in States and host States where there are stronger bases for the control of corporations. This book will be useful to academic scholars, students, policy makers in developing countries, UN, UN Agencies, the African Union and its agencies, the European Union and its agencies and other international policy makers.
Category: Business & Economics

Russia S Regions And Comparative Subnational Politics

Author : William M. Reisinger
ISBN : 9781135122478
Genre : Political Science
File Size : 72.16 MB
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Subnational political units are growing in influence in national and international affairs, drawing increasing scholarly attention to politics beyond national capitals. In this book, leading Russian and Western political scientists contribute to debates in comparative politics by examining Russia’s subnational politics. Beginning with a chapter that reviews major debates in theory and method, this book continues to examine Russia’s 83 regions, exploring a wide range of topics including the nature and stability of authoritarian regimes, federal politics, political parties, ethnic conflict, governance and inequality in a comparative perspective. Providing both qualitative and quantitative data from 20 years of original research, the book draws on elite interaction, public opinion and the role of institutions regionally in the post-Soviet years. The regions vary on a number of theoretically interesting dimensions while their federal membership provides control for other dimensions that are challenging for globally comparative studies. The authors demonstrate the utility of subnational analyses and show how regional research can help answer a variety of political questions, providing evidence from Russia that can be used by specialists on other large countries or world regions in cross-national scholarship. Situated within broader theoretical and methodological political science debates, this book will be of interest to students and scholars of Russian politics, comparative politics, regionalism and subnational politics.
Category: Political Science