Public Companies and the Role of Shareholders: National Models Towards Global Integration

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Sabrina Bruno, Eugenio Ruggiero
Kluwer Law International, 2011 - Business & Economics - 265 pages
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In the wake of the legality crisis that has affected a number of prominent companies in the last decade, studies have reinforced the growing conviction that the board of directors, as legally constituted in leading jurisdictions, is not able to balance the power of controlling shareholders and that of the company's executives. The perennial issue of the dynamic between corporate ownership and management has thus taken a far-reaching new turn that tends to favour larger and more effective participation and involvement of shareholders in corporate governance. Proceeding from the shareholder's perspective, this book examines the law of public companies in Italy, France, the United Kingdom, Germany, and the United States. Law professors from each of the five jurisdictions analyse the role of the shareholder as a member of the corporate organization and as an investor, with attention to the listing process, the size and relevance of the securities market, the ownership structure of public companies, the division of powers within the company, the role of the general meeting of shareholders, minority rights, remedies, public authorities, and takeovers. As might be expected, the debate is quite heated, covering such topics as the following: * how institutional investors are changing the terms of the collective action problem; * ever-increasing political and public demands for more disclosure and transparency; * conflicts of interest among controlling shareholders; * convergence of the traditional 'insider' and 'outsider' financial systems; * internal agreements protecting the position of minority shareholders; and * directors' remuneration.
 

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Contents

Introduction
1
Chapter
7
Chapter
13
The Ownership Structure
19
Shareholder Rights Duties and Protection
33
Shareholder Litigation
43
The Market for Corporate Control
49
Chapter 2
55
Shareholder Litigation
119
Chapter 4
139
Ownership Structure
146
The General Meeting of Shareholders
154
Shareholders Rights
164
Securities Markets
183
Chapter 5
197
The Ownership Structure
206

The General Meeting of Shareholders
65
Shareholders Rights Duties and Protection
79
Shareholder Litigation
87
Takeovers
93
Chapter 3
97
The Ownership Structure
103
Shareholders Rights Duties and Protection
113
The Role of Regulatory Authorities and Securities Markets
216
Shareholders Rights Duties and Protection
222
Shareholder Litigation
228
Chapter 6
239
Current Theories in Relation to Directors Duties
253
Copyright

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