Dissertations / Theses on the topic 'Economics of fiduciary duties'
To see the other types of publications on this topic, follow the link: Economics of fiduciary duties.
Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles
Consult the top 50 dissertations / theses for your research on the topic 'Economics of fiduciary duties.'
Next to every source in the list of references, there is an 'Add to bibliography' button. Press on it, and we will generate automatically the bibliographic reference to the chosen work in the citation style you need: APA, MLA, Harvard, Chicago, Vancouver, etc.
You can also download the full text of the academic publication as pdf and read online its abstract whenever available in the metadata.
Browse dissertations / theses on a wide variety of disciplines and organise your bibliography correctly.
1
Masconale, Saura. "The law of directors' fiduciary duties in U.S. corporations: an economic or ideological paradigm?" Doctoral thesis, Luiss Guido Carli, 2013. http://hdl.handle.net/11385/200831.
Full text
2
Cockrill, Chanté Ashley. "A shareholder’s personal claim against directors for causing pure economic losses through diminution in share value: A South African critical analysis." University of the Western Cape, 2020. http://hdl.handle.net/11394/7628.
Full textAbstract:
Magister Legum - LLMIf a company is harmed by the behaviour of a director as a result of financial misstatements, shareholders may suffer the economic consequences in the form of a diminution in the value of their shares. Failure on directorship level in these circumstances has on more than one occasion resulted in aggrieved shareholders seeking to recover damages suffered and losses incurred in terms of section 218(2) of the Companies Act 2008. This was the situation in the recent cases, Hlumisa Investment Holdings (RF) Limited v Kirkinis and in Itzikowitz v Absa Bank Limited. While I am unaware of any reported case arising from the much-publicised Steinhoff scandal, there appear to be moves in the direction of court action to recover pure economic loss. Steinhoff shareholders are seeking to hold the retail group‘s directors to account. Scandals like Steinhoff and African bank are disturbing because it points to a lack of clarity and certainty in South African company laws in respect of director‘s personal liability in these circumstances. It is for this reason that this study investigates whether shareholders can institute personal liability claims against directors for causing shareholders a diminution of the value of the shares in the company as a result of poor decision making on directorship level, since such a loss is merely reflective of the company‘s loss. Although, after Itzikowitz v Absa Bank Limited, the position seems to be settled in our law, we still have incidences where shareholders are seeking to hold directors personally liable for the diminution in share price under section 218(2) of the Companies Act 2008. It is for this reason that the study explores the scope of section 218(2) and investigates many related questions surrounding section 218(2), in light of directors‘ personal liability and shareholder protection.
3
Conaglen, Matthew Damian John. "Locating loyalty : fiduciary protection of non-fiduciary duties." Thesis, University of Cambridge, 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.615805.
Full text
4
Stratton, M. Lee. "Directors' fiduciary duties to shareholders." Thesis, University of Ottawa (Canada), 1993. http://hdl.handle.net/10393/6561.
Full textAbstract:
Since the 1902 decision of Percival v. $Wright\sp1,$ Canadian common law has provided that directors generally have no fiduciary duties to shareholders. Shareholders have continued to assert that directors have such duties, however. Moreover, shareholders have been attracted by the allure of the rigorously restitutionary remedies imposed on fiduciaries. Cases in which share holders have made claims of fiduciary duty against directors since the law reforms of the 1960s and 1970s are examined. The law reformers expected that the courts would develop the law of fiduciary relations within the corporation. Moreover, the nature of securities law reforms confronted the courts with the previously noted gulf between the statutory fiduciary obligations imposed on directors and insiders of widely-held corporations and the lack of such obligations in private companies. This review of judicial decisions begins with an examination of the compulsory acquisition cases which preceded the statutory take-over bid reforms. These cases arise from facts which would constitute take-over bids under the statutory reforms of the 1960s. In these cases, we see a very limited attempt by the judiciary to impose fiduciary obligations of good faith and candour in favour of minority shareholders. The courts' sense of commercial morality seems to have been stirred in these cases, a morality engendered by the arbitrary expropriation permitted by the statutory compulsory acquisition provisions. An examination of latter day cases involving claims of fiduciary duty show that the decisions are sprinkled with references to commercial morality. Despite this moral impetus, the courts seem unwilling to venture beyond the perceived constraints of the corporations statutes. This unwillingness, coupled with the courts' inability to articulate a uniform rationale for imposing fiduciary duties on directors in favour of shareholders contribute to the unsatisfactory state of the law. (Abstract shortened by UMI.) ftn$\sp1$ (1902) 2 Ch 421.
5
Lekgau, Emmanuel Tladiametse. "Fiduciary duties of nominee directors." Diss., University of Pretoria, 2016. http://hdl.handle.net/2263/60058.
Full text
6
Bean, Gerard M. D. "Fiduciary relationships, fiduciary duties and joint ventures : the joint operating agreement." Thesis, University of Cambridge, 1992. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.334089.
Full text
7
Gibbs, David. "Non-executive directors' self-interest : fiduciary duties and corporate governance." Thesis, University of East Anglia, 2014. https://ueaeprints.uea.ac.uk/49712/.
Full textAbstract:
The board of directors at a company usually comprises both executive and non-executive directors. Their role is to run and direct the company for its benefit since it is incapable of acting by itself. Where there is a separation of ownership and control it is recognised that there is a risk that those in control may use their power for self-interested means. Attention is often focused on the executive directors and how legal controls and governance mechanisms can reduce the possibility of self-interest in the performance of their functions. However, seldom are non-executives the focus of this problem yet they are playing an increasingly important role in the running and governance of the company. This thesis is an investigation in to whether the legal rules and governance mechanisms are suitable in reducing the possibility of self-interest amongst non-executive directors. The study uses multiple directorships as a proxy for non-executive self-interest to demonstrate whether the controls and incentives are suitable. It begins by examining the nature of a nonexecutive’s fiduciary liability to the company focusing on the nature and purpose of the duty to identify when and why the duty is owed. Identifying the nature and purpose of the duty will allow the thesis to demonstrate that existing authority and academic literature on the scope of a non-executive’s fiduciary duty is an unsuitable interpretation based on the company’s current objects and reanalyses it from the perspective of the non-executive’s undertaking on the board. Whilst the analysis concludes that this interpretation would offer a suitable scope in deterring self-interest the thesis continues by examining the enforcement of fiduciary duties by considering the new statutory derivative claim. This analysis reveals that enforcement is low and may reduce the deterrence the fiduciary duties themselves might have. With low levels of enforcement the thesis turns its attention to ex ante incentives, particularly corporate governance mechanisms, which can “nudge” the non-executive in to acting for the benefit of the firm. This analysis contains a review of the corporate governance theories and an empirical study to identify the ways non-executive self-interest may be reduced. The theoretical analysis considers the ways boards may be structured to reduce the potential for self-interested behaviour. Using multiple directorships as a proxy for self-interest the empirical analysis provides evidence as to whether they are in fact perquisite consumption and identifies possible means of control. It is considered herein that there are insufficient controls and incentives on non-executive behaviour, which may lead to increased self-interest to the detriment of the company.
8
Grove, Alewyn Petrus. "Company directors : fiduciary duties and the duty of care and skill." Diss., University of Pretoria, 2012. http://hdl.handle.net/2263/26667.
Full text
9
Junior, Mario Engler Pinto. "O Estado como acionista controlador." Universidade de São Paulo, 2009. http://www.teses.usp.br/teses/disponiveis/2/2132/tde-17112011-111844/.
Full textAbstract:
O presente trabalho acadêmico procura construir um referencial teórico baseado no ordenamento jurídico brasileiro para definir o papel da empresa estatal no mundo contemporâneo. Trata-se do ponto de partida para compreender a atuação do Estado como acionista controlador e as regras de convivência com acionistas privados em posição minoritária e com outros grupos de interesse afetados pela atividade empresarial. A abordagem do tema apóia-se na idéia central de que toda empresa estatal está investida de uma missão pública, explícita ou implicitamente incorporada no objeto social, que varia conforme a natureza da atividade exercida e está sujeita a adaptações ao longo do tempo. A missão pública coexiste com a finalidade lucrativa inerente ao modelo de companhia e serve para condicionar a ação do Estado enquanto acionista controlador e dos administradores, dando conteúdo a seus deveres fiduciários.This dissertation aims at establishing a theoretical framework according to Brazilian law to identify the role of state-owned enterprise in contemporary world. This is the first step to understand what the governments behavior should be as a controlling shareholder and the legal rules applied to its relationship with equity investors and others stakeholders. The approach is based on the assumption that every state-owned enterprise has a public mission implicitly or explicitly included in its bylaws objectives. The public mission varies according to the nature of the business and should be redefined from time to time to keep adherence to the external environment. The public mission coexists with the companys profit scope and guides the States actions, as well as those of directors and officers. For that reason the public mission is embedded in their fiduciary duties.
10
Li, Ting. "Does Chinese outside directors' use of Guanxi affect their independence and fiduciary duties?" Thesis, University of Manchester, 2015. https://www.research.manchester.ac.uk/portal/en/theses/does-chinese-outside-directors-use-of-guanxi-affect-their-independence-and-fiduciary-duties(e5688f5e-5b51-49e2-b976-e83dc101d920).html.
Full textAbstract:
As China has become one of the largest economic entities in the world, many studies focus on corporate governance in China. In 2001, the China Securities Regulatory Commission (CSRC) transplanted the outside director mechanism from the United States and the United Kingdom. CSRC hoped that outside directors could play a control role to monitor the behaviours of controlling shareholders, protecting the interests of minority shareholders. However, since it was established, the Chinese outside director mechanism has played an unsatisfactory control role because they are not truly independent of the controlling shareholders. In contrast, many Chinese outside directors use their Guanxi connections (a particular kind of social connections in China) to play a resource acquisition role very well. Based on the theories of the firm, the resource dependence theory, studies of Guanxi and the path dependence theory, this thesis finds that when Chinese outside directors use their Guanxi connections to play their resource acquisition role, their independence and fiduciary duties required by CSRC is compromised.
11
Idensohn, Kathleen. "The basis and boundaries of employee fiduciary duties in South African common law." Doctoral thesis, University of Cape Town, 2015. http://hdl.handle.net/11427/15469.
Full textAbstract:
The nature and potential application of the common-law fiduciary doctrine, and of the distinctive nature of the duties to which it gives rise, is seldom appreciated or analysed in South African law. This is particularly evident in the law of employment, where the courts’ references to the ‘fiduciary’ nature of employment and the ‘fiduciary duties’ of employees have often been ambiguous, confused and unprincipled. In addition, there is almost no reference to employee fiduciary duties in the general literature on South African labour and employment law and, even where these duties are (briefly) mentioned, they are not acknowledged as being in any way separate or distinct from the employee’s other duties to the employer. This contrasts noticeably with other Commonwealth jurisdictions, where fiduciary duties form the basis of increasing numbers of cases, and are well-established and extensively debated aspects of the general jurisprudence, both generally and in relation to employees. This thesis critically explores and advances certain propositions about the general theoretical nature of the South African common- law fiduciary concept and the principles that govern the incidence, nature, purpose, scope and operation of fiduciary duties, with comparative reference to the positions in English and Canadian law. The first six chapters provide a critical analysis of those general propositions and principles. They also locate them and the debates that surround them within their broader legal and theoretical context. Chapter 7 considers their application to relationships of employment in order to determine the basis and boundaries of the fiduciary duties of employees (as ‘ordinary’ employee and in certain other established ‘fiduciary’ capacities commonly associated with employment) in terms of South African common law. In particular, the chapter considers when those duties will arise, their scope of application, what they require of the employee, and how they differ from other employee duties. Chapter 8 considers the broader issues of whether all relationships of employment are inherently and necessarily ‘fiduciary’ ones and whether they ought generally to be classified as a class of ‘fiduciary relationship’. The final chapter critiques the current position in South African law on these matters. It also suggests a set of fiduciary principles and propositions for the future application and development of fiduciary duties, both generally and in relation to employment, that are theoretically sound, clear, coherent and, where appropriate, consistent with contemporary jurisprudence in other comparable jurisdictions.
12
Valsan, Remus. "Understanding fiduciary duties: conflict of interest and proper exercise of judgment in private law." Thesis, McGill University, 2012. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=110522.
Full textAbstract:
This dissertation analyses the content and justification of the notion of fiduciary duties in private law relations. The thesis promotes the following understanding of fiduciary duties: in a legal relation where one party undertakes to act in the interests of another, and acquires decision-making authority over the other's interests, such party undertakes a core duty to exercise his best judgement in the other's interests. The core judgement duty requires a fiduciary to exercise judgement based on relevant considerations. While what constitutes a relevant consideration can be determined objectively, the weight to be ascribed to each relevant factor is left at the fiduciary's subjective appreciation.Due to the existence of this core duty, the law imposes a set of proscriptive duties. The proscriptive duties require a fiduciary to manage situations of conflict of interest. Their purpose is prophylactic: they aim to prevent self-interest (or another duty to exercise proper judgement) from affecting the reliability of fiduciary's judgement in a conscious or subconscious way. The proscriptive duties protect the core duty to exercise judgement and, as a result, the beneficiary's right to a proper exercise of judgement by the fiduciary.Cette thèse examine le contenu et la raison d'être des devoirs fiduciaires dans les relations de droit privé. La permise de l'existence des devoirs fiduciaires en droit privé est la suivante : dans une relation juridique où une partie s'engage à agir dans les intérêts d'autrui, et acquiert un pouvoir de décision sur les intérêts de celui-ci, cette partie assume un devoir principal d'employer son meilleur jugement dans les intérêts d'autrui. Le devoir principal exige de la part du fiduciaire d'adopter des décisions basées sur des considérations pertinentes. Alors que ce qui constitue une considération pertinente peut être déterminé de manière objective, la relevance de chaque considération pertinente est laissé à l'appréciation subjective du fiduciaire. En raison de l'existence de ce devoir principal, la personne devient également assujettie à un ensemble de devoirs restrictifs. Les devoirs restrictifs sont imposés par la loi. Ils exigent de la part du fiduciaire de gérer les situations de conflit d'intérêt. Leur but est prophylactique: ils visent à empêcher l'intérêt propre du fiduciaire (ou un autre devoir principal) d'affecter la fiabilité du jugement du fiduciaire d'une manière consciente ou sous consciente. Les devoirs restrictifs protégent le devoir principal, et, par conséquent, le droit du bénéficiaire au meilleur jugement du fiduciaire.
13
Griffiths-Baker, Janine Elizabeth. "Conflicts of interest, fiduciary duties and regulatory rules : the problems of modern legal practice." Thesis, University of Bristol, 2000. http://hdl.handle.net/1983/f3ce9fd3-a953-469a-a61d-e5074b74c830.
Full text
14
Ajlouni, Leith. "Directors' duties and the protection of creditors' interest : an examination of directors' duties to creditors of financially troubled companies with the view of expanding the scope of directors' fiduciary duties to include the interests of creditors of c." Thesis, University of Reading, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.250594.
Full text
15
Ngaleka, Victor P. "A study of the impact of company legislation on the fiduciary duties of directors with regard to contracts with the company." Master's thesis, University of Cape Town, 2014. http://hdl.handle.net/11427/12905.
Full textAbstract:
Includes bibliographical references.A company, as a separate legal personality, is not able to act on its own accord. It must necessarily participate in legal transactions through natural persons acting on its behalf. Directors are the persons who act on behalf of the company in transactions with third parties. Their functions and responsibilities arise by virtue of the company as being a separate legal personality. The company acts through its organs. One of its organs is the board of directors, which is entrusted with the management of the business of the company. The other organ, through which a company acts, is the general meeting of the company, which is not the object of this study. The management of a company can only be effective if the directors are empowered with sufficient discretion to exercise their powers in an effective and efficient manner. However, it is also important that members of the company in its general meeting exercise effective oversight over the management of the company by the directors. It is, however, not easy for members to exercise judicious control over management because of the diversity and dispersal of shareholders. Hence, directors are subject to various duties, which are normally classified as the duty of care and skill, and the fiduciary duties. The effective control of the directors is dependent on the enforcement of these duties, which are based on common law.
16
Budriūnas, Justas. "Ar keičiasi įmonės vadovo fiduciarinės pareigos įmonės nemokumo laikotarpyje?" Master's thesis, Lithuanian Academic Libraries Network (LABT), 2010. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2010~D_20100614_111724-28495.
Full textAbstract:
Šiuolaikinėse teisinėse sistemose įtvirtintų įmonės vadovo fiduciarinių pareigų instituto tikslas - apsaugoti įmonės (akcininkų) interesus nuo įmonės vadovo veiksmų. Vadovaudamasis fiduciarinėmis pareigomis, įmonės vadovas privalo veikti išimtinai įmonės interesams. Šio darbo problema yra ta, kad įmonės vadovas veikdamas išimtinai įmonės (akcininkų) interesams įmonės nemokumo laikotarpiu, pažeistų įmonės kreditorių teises bei interesus. Šiam darbui keliami šie uždaviniai : (1) išsiaiškinti privataus juridinio asmens vaidmenį teisinėje sistemoje; (2) pateikti įmonės vadovo fiduciarinių pareigų sampratą ir reglamentavimą tarptautiniame kontekste; (3) atskleisti įmonės nemokumo atsiradimo momentą bei teisines pasekmes; (4) išsiaiškinti, kokį poveikį daro įmonės nemokumas privataus juridinio asmens vadovo fiduciarinėms pareigoms.
Šio darbo tikslas – išsiaiškinti įmonės vadovo fiduciarines pareigas bei atsakyti į klausimą, ar keičiasi įmonės vadovo fiduciarinės pareigos įmonei esant nemokiai. Šio darbo objektas – privataus juridinio asmens fiduciarinės pareigos. Įgyvendinant darbo tikslą, daugiausia dėmesio buvo skiriama įmonės vadovo fiduciarinių pareigų ir įmonės nemokumo sąvokų sampratoms bei įmonės vadovo fiduciarinių pareigų pasikeitimo nustatymui ryšium su įmonės nemokumu. Šis iškeltas tikslas darbe sėkmingai įgyvendintas – vadovaujantis Lietuvos bei tarptautine teismų praktika, įstatymais bei moksline literatūra. Vadovaujantis JAV (išskyrus Šiaurės Karolinos valstiją) ir... [toliau žr. visą tekstą]The title of this work is: do the fiduciary duties of director of the company change during the period of insolvency? The problem of this work is that lots of directors of companies uses creditors funds and deepens the company insolvency. It’s because they have a fiduciary duty to act in the best interests of their company, so they are trying to get back their company to solvency. The actuality. The main purpose of every company is to get the bigger profit in what their work. Often, profit enforces the director of the company to take untenable, risky business decisions independently of other subjects’ interests. In modern law countries, the fiduciary duties of director of the company are the main protector for other subjects (most often shareholders) from useless, conflicting business decisions. According to the statistics department of Lithuania and data of Lithuanian courts, there were 957 company bankruptcy cases in 2008 and 1409 company bankruptcy case in 2009. Constantly rising numbers of bankruptcy procedures in Lithuania show that more and more companies faces the insolvency financial stage during the economical crisis in the world, so proper regulation of directors fiduciary duties become more and more important question in every countries legal system. Insolvency of the company establishes specific relationships between company and the creditors of the company. In the financial period of insolvency, company starts to use creditors’ resources, to get back to the... [to full text]
17
Atkins, Matthew. "What is the purpose of the ongoing use of fiduciary duties in English business law, with particular reference to breaches of duty in relation to bribery, secret profits, conflicts of interest and unconscionability?" Thesis, Lancaster University, 2018. http://eprints.lancs.ac.uk/127025/.
Full text
18
Nadalin, Guilherme Frazão. "A responsabilidade civil dos administradores de companhias abertas: artigo 159, § 6°, LSA e a Business Judgment Rule." Universidade de São Paulo, 2015. http://www.teses.usp.br/teses/disponiveis/2/2132/tde-20052016-104823/.
Full textAbstract:
O estudo da responsabilidade civil dos administradores de companhias abertas na doutrina nacional trata usualmente dos deveres fiduciários, do ato regular de gestão e da teoria ultra vires, da culpa ou dolo do administrador, das ações ut universi e ut singuli e da solidariedade entre a responsabilidade do administrador e a da companhia. Poucos abordam as causas extintivas dessa responsabilidade, e raro são os que tratam da hipótese de exclusão de responsabilidade do artigo 159, § 6º, da Lei nº 6.404/76. Como a disciplina dos deveres fiduciários prevista na lei societária brasileira tem forte influência do Direito norte-americano, buscou-se na legislação, doutrina e jurisprudência daquele país os fundamentos necessários à melhor interpretação e aplicação da regra de exclusão e, em especial, na business judgment rule, doutrina que protege os administradores contra responsabilização por prejuízos à companhia decorrentes de decisões por eles adotadas, proteção esta também conferida pela hipótese do artigo 159, § 6º, da Lei nº 6.404/76, ao administrador leal e de boa-fé.The study of corporate directors civil liability in national doctrine usually deals with fiduciaries duties, regular management act and the ultra vires theory, directors malpractice or deceit, ut universi and ut singuli actions and solidarity between directors and companies responsibility. Few address the extinctive causes of such liability, and rare are those who address the liability exclusion hypothesis of the Article 159, § 6º, of the Law n. 6.404/76. Whereas that the fiduciary duties discipline provided for in Brazilian corporate law has strong influence of American law, was sought in the legislation, doctrine and jurisprudence of that country the fundamentals for a better understanding and application of the exclusion rule and, particularly, in the business judgment rule, a doctrine that protects directors against liability for damages to the company arising from their acts, protection also afforded by the Article 159, § 6º, of the Law n. 6.404/76, to the loyal and good faith director.
19
Sağlam, Aziz İbrahim. "Three essays on international trade strategic trade policies, intra-industry trade, and income convergence /." Morgantown, W. Va. : [West Virginia University Libraries], 2006. https://eidr.wvu.edu/etd/documentdata.eTD?documentid=4602.
Full text
20
Scalzilli, João Pedro. "Contribuições preliminares para uma análise da conduta de administradores e de controladores de S.A. em contexto de oferta hostil." reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2009. http://hdl.handle.net/10183/49732.
Full textAbstract:
O presente estudo versa sobre a conduta de administradores e controladores em contexto oferta hostil, tendo como principal objetivo a análise desta à luz do interesse social e dos deveres fiduciários, buscando, ao fim, comprovar que o Brasil possui um arcabouço legislativo apto a regular tais situações, bem como que a experiência norteamericana pode servir como fator de auxílio na investigação do papel desses sujeitos no referido contexto.This paper deals with the behavior of managers and controlling shareholders in hostile tender offer context, with the main goal of analyse it in the light of the “proper role of the companies” and the fiduciary duties, aiming, finally, to prove that Brazilian law is able to rule those situations, as well that American experience could serve as a helpful instrument in the search for directors and officers “proper role” in the related situations.
21
Balkauskaitė, Ramunė. "Bendrovės vadovo civilinė atsakomybė." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2011. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2011~D_20110705_125954-47258.
Full textAbstract:
Darbe analizuojami bendrovės vadovo civilinės atsakomybės teisinio reglamentavimo Lietuvoje trūkumai ir spragos bei, remiantis užsienio valstybių praktika ir tendencijomis, pateikiami pasiūlymai identifikuotų trūkumų šalinimui. Darbe bendrovės vadovų atsakomybė vertinama ne tik iš kreditorių ir bendrovės pozicijų – į vadovo atsakomybės teisinį reguliavimą pažvelgta taip pat ir iš bendrovės vadovo pozicijų. Darbe siūloma bendrovės vadovo, kaip civilinės atsakomybės subjekto, sąvoką, iki šiol neturinčią jokios aiškios koncepcijos ir turinio, deformalizuoti. Išnagrinėjus bendrovės vadovo pareigų bendrovei turinį, prieita išvada, jog šiuo metu galiojantys teisės aktai sudaro prielaidas klaidingai suvokti bendrovės vadovo pareigas bendrovei, kuomet vadovas sudaro sandorį su bendrove, todėl siūloma atitinkamai koreguoti reglamentavimą. Įvertinus vadovo atsakomybę bendrovės kreditorių atžvilgiu, prieita išvada, jog būtina išlaikyti pusiausvyrą, t. y. užtikrinti tik objektyviai pagrįstą kreditorių interesų apsaugą, nepagrįstai neišplečiant jos bendrovės vadovo atsakomybės sąskaita. Kartu atkreipiamas dėmesys, jog dabartinis kreditorių teisių įgyvendinimo mechanizmas dėl specialaus reglamentavimo nebuvimo neužtikrina vadovų teisinės padėties apibrėžtumo ir užtikrintumo.Weaknesses and lacks of legal regulation of civil liability of a company’s director in Lithuania are analyzed and suggestions, how to eliminate identified weaknesses, are given in this work, referring to the practice and tendencies of foreign countries. The liability of a company’s directors is evaluated not only from the point of view of creditors and a company, but also legal regulation of a leader’s responsibility is reviewed from the point of view of a company’s directors. In this work, the concept of a company’s director, as a subject of civil liability, which has not had a clear concept and content so far, is suggested to be deformalized. After analyzing the content of liability of a company’s director for a company, it was concluded, that recent laws capacitate to wrongly understand, what responsibilities of a company’s leader are to a company, when he transacts with a company; therefore, several suggestions to improve regulation are given. After evaluating the director’s responsibility in respect of a company’s creditors, it was concluded, that it is necessary to maintain the balance – to ensure just such interest security of creditors, which is objectively grounded, and gratuitously not to extend it for account of a liability of company’s leader. What is more, attention is drawn to the recent mechanism of creditors’ rights implementation, which does not ensure the determination and security of director’s legal status due to the absence of special regulation.
22
Piva, Luciano Zordan. "O earn-out na compra e venda de participações societárias." reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2018. http://hdl.handle.net/10183/185100.
Full textAbstract:
Este trabalho tem como objetivo analisar o earn-out nos contratos de compra e venda de participações societárias. Em específico, esse mecanismo é estudado na sua perspectiva prática e teórica a fim de compreender a sua função e causa, tendo em vista a sua execução no Direito brasileiro. O interesse pelo earn-out justifica-se diante o seu crescente uso em operações de fusões e aquisições na prática negocial brasileira. Esse recente movimento, por um lado, demonstra a grande utilidade do earn-out como instrumento para aproximar as expectativas das partes quanto ao valor correspondente ao preço da empresa-alvo; por outro lado, a utilização inadequada e não adaptada ao Ordenamento revela que o earn-out pode ser um mecanismo indesejado, diante do seu grande potencial de litigiosidade. Nesse contexto, duas foram as perspectivas abordadas no trabalho: a uma, analisa-se o ambiente em que inserto o earn-out, sendo que para cumprir com esse objetivo estuda-se, por um lado, a compra e venda de empresas como um processo e, por outro, as peculiaridades do contrato de compra e venda de participações societárias; a duas, analisa-se o earn-out “aplicado”, isto é, as motivações práticas para utilizar o mecanismo, bem como os melhores mercados em que sua utilização é recomendável. Em decorrência dessas perspectivas, a análise do earnout demonstra sua grande utilidade e eficiência para as partes vendedora e compradora de participações societárias que não chegam a um consenso sobre o preço do objeto do contrato de compra e venda. Contudo, verifica-se que a sua aplicação pode causar problemas de ordem contratual e societária, especialmente quando uma das consequências do mecanismo é manter o vendedor na empresa-alvo para o atingimento das metas do earn-out. Diante dos problemas verificados no âmbito da prática estadunidense e no Brasil, a parte final do trabalho enfrenta as questões que envolvem a execução do earn-out e as dificuldades para a verificação das condições ajustadas pelas partes como metas. Nesse sentido, são estudadas a posição das partes antes e depois da operação, assim como a potencial violação a deveres fiduciários pelos administradores da sociedade-alvo. Ao final, apresentam-se possíveis soluções no âmbito da prática contratual para evitar que a utilização do earn-out seja problemática, e, quando os conflitos já foram instaurados, analisa-se a aplicação de regras interpretativas ao earn-out no Direito brasileiro.This essay deals with the earn-out in stock purchase agreements. Specifically, the objective is to understand the mechanism, its function and causa, regarding its enforcement in the Brazilian Law. The reason to study the earn-out is justified by its increasingly use in the Brazilian market, which brings two consequences: by one side, it is clear that the earn-out is useful as an instrument to match the expectations of the parties concerning the value that represents the price of the target; on the other hand, the improper and inappropriate use of the earn-out in the Brazilian legal system may turn the mechanism into an unwanted clause, due to its great potential of lawsuits and legal conflicts. In this sense, two perspectives were approached in this research: first, it is analyzed the context in which the earn-out is utilized, for that matter it is studied the mergers and acquisitions as a whole, and the particularities of the stock purchase agreement; second, it is analyzed what is the earn-out as a clause, its legal nature and framework, function and causa, and motivations to use the mechanism, as well as the best markets in which its use is recommended. As an outcome, the results founded are that, although the earn-out may be a useful and efficient tool for the parties, its enforcement could cause contractual and corporate legal problems, since one of the main features of the mechanism is to maintain the seller working for the target in order to achieve the goals agreed as precedent conditions of the earn-out. Considering the problems that arise from the American and, in some cases, Brazilian practice the last part of the essay deals with questions that involve the enforcement of the earn-out and the difficulties to verify the precedent conditions agreed by the parties as goals. In order to achieve this objective, it is studied the position of the parties before and after the deal, as well the possibility of breach of the fiduciary duties by the board and directors of the target; consequently, the intention is to solve the conflicts using the contractual interpretation of the contracts concluded between business and corporate affairs and its repercussions to the stock purchase agreements. In the end of this paper, it is presented possible solutions to avoid the problematic use of the earnout; however, when the conflicts are already set by the parties, it is pondered about the interpretation of the earn-out in the Brazilian Law.
23
Piedra, Arjona Jordi. "Los deberes fiduciarios de los administradores de sociedades de capital tras la Ley 31/2014, para la mejora del gobierno corporativo." Doctoral thesis, Universitat Rovira i Virgili, 2020. http://hdl.handle.net/10803/670049.
Full textAbstract:
La posició de l'administrador de societats de capital després de la modificació que la Llei 31/2014, de 3 de desembre, per a la millora de el govern corporatiu, ha emprès en el capítol III del títol VI de la Llei de Societats de Capital, ve determinada per un cos estatutari de deures fiduciaris que caracteritza la gestió societària com una professió que imposa un necessari contingut i dedicació funcional, una observança de l'escenari normatiu -directa o indirecta-, i una aplicació a la gestió social alineada a l'interès social amb diligència general, bona fe i lleialtat corporativa. La delimitació funcional de la figura de l'administrador social ocupa un destacadíssim lloc en el moviment de Corporate Governance. La relació que uneix l'administrador amb la societat s'emmarca dins de les relacions representatives de gestió i es caracteritza pel seu caràcter fiduciari, atípic, bilateral, consensual, onerós i obligatori. L'alineament únic i exclusiu amb l'interès social aporta l'element fiduciari que fonamenta la relació gestora i causalitza tot el cos prestacional. En aquest escenari relacional, la Llei 31/2014 ha delimitat i precisat el marc conductual del gestor social sobre els dos deures tradicionalment lligats a la relació fiduciària d'administració societària: el deure de diligència i el deure de lleialtat. El primer, funcional i dispositiu, imposa un judici tècnic. El segon, disfuncional e imperatiu, imposa un judici ètic o axiològic. En el present treball s'analitza la posició nuclear d'administrador de societats en el moviment de govern corporatiu, la relació fiduciària de gestió representativa de l'administrador amb la societat, els deures fiduciaris que de la mateixa emanen i els efectes e instruments que ofereix l'ordenament en cas d'infracció dels deures fiduciaris pel gestor social.La posición del administrador de sociedades de capital tras la modificación que la Ley 31/2014, de 3 de diciembre, para la mejora del gobierno corporativo, ha acometido en el capítulo III del título VI de la Ley de Sociedades de capital, viene determinada por un cuerpo estatutario de deberes fiduciarios que caracteriza a la gestión societaria como una profesión que impone un necesario contenido y dedicación funcional, una observancia del escenario normativo -directa o indirecta-, y una aplicación a la gestión social alineada al interés social con diligencia general, buena fe y lealtad corporativa. La delimitación funcional de la figura del administrador social ocupa un destacadísimo lugar en el movimiento de Corporate Governance. La relación que une al administrador con la sociedad se enmarca dentro de las relaciones representativas de gestión y se caracteriza por su carácter fiduciario, atípico, bilateral, consensual, oneroso y obligatorio. El alineamiento único y exclusivo con el interés social aporta el elemento fiduciario que fundamenta la relación gestora y causaliza todo el cuerpo prestacional. En dicho escenario relacional, la Ley 31/2014 ha delimitado y precisado el marco conductual del gestor social sobre los dos deberes tradicionalmente ligados a la relación fiduciaria de administración societaria: el deber de diligencia y el deber de lealtad. El primero, funcional y dispositivo, impone un juicio técnico. El segundo, disfuncional e imperativo, impone un juicio ético o axiológico. En el presente trabajo se analiza la posición nuclear del administrador de sociedades en el movimiento de gobierno corporativo, la relación fiduciaria de gestión representativa del administrador con la sociedad, los deberes fiduciarios que de la misma emanan y los efectos e instrumentos que ofrece el ordenamiento en caso de infracción de los deberes fiduciarios por el gestor social.
The position of the capital company administrator after the amendment that Law 31/2014, of December 3, for the improvement of corporate governance, has undertaken in chapter III of title VI of the Capital Companies Law, is determined by a statutory body of fiduciary duties that characterizes corporate management as a profession that imposes a necessary content and functional dedication, an observance of the regulatory setting -direct or indirect-, and an application to social management aligned to social interest with general diligence, good faith and corporate loyalty. The functional delimitation of the figure of the social administrator occupies a very prominent place in the Corporate Governance movement. The relationship that unites the administrator with society is framed within representative management relationships and is characterized by its fiduciary, atypical, bilateral, consensual, onerous and obligatory nature. The unique and exclusive alignment with the social interest provides the fiduciary element that underlies the managerial relationship and causes the entire benefit body. In this relational setting, Law 31/2014 has defined and specified the behavioural framework of the social manager regarding the two duties traditionally linked to the fiduciary relationship of corporate administration: the duty of diligence and the duty of loyalty. The first, functional and discretionary, imposes a technical judgment. The second, dysfunctional and imperative, imposes an ethical or axiological judgment. This paper analyses the nuclear position of the company administrator in the corporate governance movement, the fiduciary relationship of representative management of the administrator with society, the fiduciary duties that emanate from it and the effects and instruments offered by the law in case of infringement of fiduciary duties by the social manager.
24
Rungta, Kanupriya. "Explaining the “Explained”: An Examination of the Gender-Based Education Gap in India and its Impact on the Wage Gap." Scholarship @ Claremont, 2013. http://scholarship.claremont.edu/cmc_theses/724.
Full textAbstract:
Analysis of the National Sample Survey Data from 2011-2012 shows that a gender-based education gap exists. Women are more likely than men to be illiterate. Some parents continue to view household duties as more important than education in the case of girls, causing some to drop out in primary and middle school, which leads to lower experience accumulation. However, females are almost equally as likely as males to be enrolled in school, and an equal proportion of males and females earn higher education degrees. More importantly, the difference in resource allocation seems to be minimal. Although education has a strong, positive impact on wages, returns to education for women are lower than those for men. This is taken into account by parents when making education decisions for their children. As a result, the wage gap appears to be a cause and effect of the education gap.
25
Nicolau, Carla Mosna Tomazella. "Proteção de acionistas e credores nas operações de incorporação envolvendo sociedades anônimas." Universidade de São Paulo, 2011. http://www.teses.usp.br/teses/disponiveis/2/2132/tde-31072012-144415/.
Full textAbstract:
Este estudo busca aprofundar a análise dos mecanismos de proteção disponíveis no direito pátrio para a proteção dos interesses de acionistas não controladores e credores, inclusive aqueles titulares de debêntures, bônus de subscrição e partes beneficiárias, das sociedades envolvidas em uma operação de incorporação. Para tanto, são abordados os dispositivos legais, as interpretações jurisprudenciais e as posições doutrinárias no direito pátrio e no direito comparado. A primeira parte do trabalho apresenta o instituto da incorporação envolvendo sociedades anônimas e a sua importância no contexto econômico brasileiro. A segunda parte do trabalho expõe um panorama sobre os mecanismos utilizados para a proteção dos interesses dos acionistas não controladores, com relação a eventuais abusos por parte da administração ou da acionista controladora, nas operações de incorporação envolvendo sociedades anônimas. A terceira parte do trabalho aborda os mecanismos utilizados para a tutela dos credores nas operações de incorporação de sociedades anônimas, com relação aos arbítrios da administração e dos acionistas da companhia.This paper aims to deepen the analysis of the mechanisms provided by Brazilian Law to protect non-controlling shareholders and creditors, including those who are holders of bonds, warrants and share certificates, of companies involved in a merger transaction. For this purpose, this work examines the legal provisions, case law understandings and doctrinal positions in Brazilian Law and Comparative Law. The first part of this paper presents the merger institute involving corporations and its importance in the current Brazilian economy. The second part of this paper provides an overview of the mechanisms used to protect the interests of non-controlling shareholders, with respect to possible abuses by the management or the controlling shareholder in mergers. The third part of this paper deals with the mechanisms used to protect creditors in the mergers of corporations against the whims of the companys management and shareholders.
26
Silva, Thiago José da. "Limites à vinculação de administradores a acordo de acionistas." Universidade de São Paulo, 2014. http://www.teses.usp.br/teses/disponiveis/2/2132/tde-27012015-164557/.
Full textAbstract:
Esta dissertação analisa os limites e a conveniência da vinculação de administradores a acordo de acionistas. Com a promulgação da lei nº 10.303, de 31 de outubro de 2001, foram incluídos os §§ 8º e 9º, ao art. 118 da lei nº 6.404, de 15 de dezembro de 1976 (LSA), que indisputavelmente passaram a vincular os administradores de companhias aos termos dos acordos de acionistas arquivados em suas sedes. Desde então, inexiste consenso doutrinário e jurisprudencial acerca dos limites de tal vinculação. A dissertação analisa, pois, as principais posições doutrinárias que variam desde a vinculação genérica, até a vinculação relativa. A primeira é capaz de abranger todos os atos da administração; a segunda, por sua vez, limita a possibilidade de vinculação da administração apenas com relação aos atos que não sejam de sua competência privativa previstos em lei ou pelo estatuto e, ainda, preserva o poder (dever) finalístico do administrador, previsto no art. 154 da LSA, de buscar e privilegiar o interesse da companhia. A dissertação tece, ainda, diversos comentários e posicionamentos sobre a conveniência de se vincular administradores.This dissertation analyses the limits and the convenience of binding administrators to the shareholders\' agreement. With the promulgation of law nº 10,303, of October 31, 2001, §§ 8º and 9º were included to the article 118 of law nº 6,404, of December 15, 1976 (LSA), which indisputably began to bind companies administrators to the terms of the shareholder agreements filed in their headquarters. Since then, there is no consensus in the doctrine or the precedents about the limits of such binding situation. The dissertation analyses, thus, the main doctrinal positions ranging from the generic binding form until the relative one. The first is able to cover all acts of the administration; the second, on it turn, limits the possibility of binding the administration only with respect to acts that are not part of its competence provided for by law or by companies by-laws, and also preserves the finalistic power (duty) of the administrator provided for in article 154 of the LSA, of pursuing and giving priority to the companies interest. The dissertation also weaves several commentaries and positions on the desirability to bind administrators.
27
Roos, Jacques Thomas. "What role should the financial planners of ABSA Brokers play when ABSA Business Bank extends credit facilities to its SME customers?" Thesis, Stellenbosch : Stellenbosch University, 2008. http://hdl.handle.net/10019.1/965.
Full textAbstract:
Thesis (MBA (Business Management))--Stellenbosch University, 2008.ENGLISH ABSTRACT: Small and medium enterprises have an important role to play in the South African economy. The success of SME’s will lead to economic growth, that will play a major role in reducing unemployment in South Africa. It will also be the main driver for black economic empowerment. As elsewhere in the world one of the main problems that SME’s face is the need for finance and access to finance. Banks play a major role in providing finance to SME’s by providing different forms of finance to SME’s. The finance that the shareholders / directors can access in their personal capacity plays a critical role in the provision of finance to SME’s. Banks will require security when advancing credit facilities and the security that is offered by the shareholders / directors play an important role in the decision of banks to advance credit. The risk that the banks carry when granting credit facilities to SME’s is reduced when personal suretyships of the directors / shareholders are required. The personal assets of the shareholders / directors are used as security to obtain credit facilities for the SME’s. If the SME’s should fail, the banks will liquidate the personal assets of the directors / shareholders to settle the credit facilities that were granted to the SME’s. Customers are not aware of the dangers when signing surety. Banks have fiduciary duties towards their customers to inform them of any risks and what possible solutions might exist that will minimize the adverse financial effect of such risk consequences. If the surety should die, the bank will have the option to liquidate the assets of the sureties to settle the debts of the entities for which the surety has signed personal surety. Life cover can be affected on the lives of the sureties that will provide the necessary liquidity to settle the debts of the entities without the bank having to liquidate the personal assets of the sureties. Consumer protection has become widespread where the phrase caveat emptor has been replaced by caveat vendor – let the seller be aware. In addition to this the South African Government has also enacted legislation that banks have to adhere to that will lead to customers making informed decisions. The National Credit and the Financial Advisory and Intermediary Services Acts have been introduced to afford the customer more protection. The banking industry has adopted the Code of Banking Practice which places responsibility on the banks to fully disclose all risks to their customers. It is especially the surety, the person that provides security for the debts of others that now enjoys increased protection. The National Credit Act affords a surety the same protection as the principal debtor and the Code of Banking Practice also contains very specific references with regards to sureties. Banks have become a business and the traditional notion that holds that business ethics and absolute adherence to legislation, industry codes and its own code of ethics will have an adverse effect on business, no longer holds. Many reasons have been given by ABSA Bank as to why the financial planners of ABSA Brokers should not be part and parcel of each transaction where credit facilities are extended to their customers. The reality however is that the Financial Planners must be made part of the process when credit facilities are extended. The Financial Planners must provide a financial needs analysis to the customer that will enable the customer to make an informed decision as to whether to implement life cover or not. By making the financial planners part of the process ABSA Business Bank will ensure adherence to legislation, industry codes and most importantly, it will fulfill the fiduciary duty that it has towards its customers.
AFRIKAANSE OPSOMMING: Klein en medium ondernemings (KMO’s) speel ‘n belangrike rol in die Suid-Afrikaanse ekonomie. Die sukses van klein en medium ondernemings sal lei tot ekonomiese groei, wat sal bydra tot ‘n afname in werkloosheid in Suid Afrika. Dit sal ook die hoof drywer wees van swart ekonomiese bemagtiging. Soos elders in die wêreld is een van die hoofprobleme wat deur KMO’s in die gesig gestaar word die behoefte aan finansiering en die toegang tot finansiering. Banke speel ‘n belangrike rol in die verskaffing van finansiering deurdat finansiering in verskeie vorme aan KMO’s beskikbaar gestel word. Die finansiering wat aandeelhouers / direkteure in hulle persoonlike hoedanigheid kan bekom speel ‘n kritieke rol in die verskaffing van finansiering aan KMO’s. Banke vereis sekuriteit wanneer kredietfasiliteite beskikbaar gestel word en die sekuriteit wat deur die aandeelhouers / direkteure aangebied word speel ‘n belangrike rol in die banke se besluit om krediet te verskaf. Die risiko’s wat banke loop wanneer kredietfasiliteite aan KMO’s beskikbaar gestel word, word verminder wanneer persoonlike borgskappe van aandeelhouers / direkteure vereis word. Die persoonlike bates van die aandeelhouers / direkteure word gebruik as sekuriteit om kredietfasiliteite vir KMO’s te bekom. Indien die KMO’s sou misluk, sal die banke die persoonlike bates van direkteure / aandeelhouers te gelde maak om die kredietfasiliteite wat aan die KMO’s beskikbaar gestel was af te los. Kliënte is nie bewus van die gevare wat hulle loop wanneer hulle borgskappe verleen nie. Banke het fidusiêre pligte teenoor hulle kliënte om hulle in te lig aangaande enige risiko’s en watter moontlike oplossings daar bestaan wat enige nadelige finansiële gevolge sal beperk. Indien die borggewer tot sterwe sou kom, het die bank die opsie om die bates van die borggewer te gelde te maak om die skulde te delg van die entiteite waarvoor die borggewers persoonlike sekuriteite verskaf het. Lewensdekking kan aangegaan word op die lewe van die borggewers wat die nodige likiditeit sal verskaf om die skulde van die entiteite te delg sonder dat die persoonlike bates van die borggewers te gelde gemaak hoef te word. Verbruikersbeskerming geniet hedendaags voorrang waar die frase 'caveat emptor' - laat die koper op sy hoede wees - vervang is deur 'caveat vendor' – laat die verkoper bedag wees. Hiermee saam het die Suid-Afrikaanse regering ook wetgewing in plek gestel waaraan banke moet voldoen wat daartoe sal lei dat kliënte ingeligte besluite kan neem. Die Nasionale Kredietwet en die Finansiële Adviseurs- en Tussengangerswet is in werking gestel om meer beskerming aan die verbruiker te verleen. Die bank industrie het ook die Kode van Bankpraktyk aanvaar wat groter verantwoordelikhede op banke plaas om alle risiko’s ten volle aan hulle kliënte te openbaar. Dit is veral die borggewer, die persoon wat sekuriteit verskaf vir die skulde van ander persone / entiteite wat groter beskerming geniet. Die Nasionale Kredietwet bied aan die borggewer dieselfde beskerming as die hoofskuldenaar en die Kode van Bankpraktyk bevat ook spesifieke verwysing na die regte van borggewers. Bankwese het ‘n besigheid geraak en die tradisionele siening dat sake etiek en streng onderworpenheid aan wetgewing, industrie kodes en banke se eie etiese kodes ‘n negatiewe effek op besigheid sal hê, dra nie meer water nie. Verskeie redes is al deur ABSA Bank aangevoer oor hoekom die finansiële beplanners van ABSA Makelaars nie deel moet wees van elke transaksie waar krediet aan kliënte verleen word nie. Die realiteit is egter dat die finansiële beplanners deel van die proses gemaak moet word. Die finansiële beplanners moet ‘n finansiële behoefte ontleding aan die kliënt beskikbaar stel wat die kliënt in staat sal stel om ‘n ingeligte besluit te neem om lewensdekking te implementeer al dan nie. Deur die finansiële beplanners deel van die proses te maak verseker ABSA Besigheidsbank nakoming aan wetgewing en industrie kodes. Wat egter meer belangrik is, is dat die bank dan ook sy fidusiêre plig wat die bank teenoor sy kliënte het, sal nakom.
28
Cruz, Cristine Basseto. "Fomento de ofertas públicas iniciais de ações reflexões jurídicas sobre alocação de deveres fiduciários e conflito de interesse das instituições intermediárias." reponame:Repositório Institucional do FGV, 2016. http://hdl.handle.net/10438/18010.
Full textAbstract:
Submitted by CRISTINE BASSETO CRUZ (crisbasseto@gmail.com) on 2017-03-02T23:43:51Z
No. of bitstreams: 1
dissertacao 2017-02-24 final.pdf: 2091106 bytes, checksum: 2ffbc1ca866db49e442bf1009d316bf2 (MD5)Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2017-03-02T23:47:20Z (GMT) No. of bitstreams: 1 dissertacao 2017-02-24 final.pdf: 2091106 bytes, checksum: 2ffbc1ca866db49e442bf1009d316bf2 (MD5)
Made available in DSpace on 2017-03-06T12:53:39Z (GMT). No. of bitstreams: 1 dissertacao 2017-02-24 final.pdf: 2091106 bytes, checksum: 2ffbc1ca866db49e442bf1009d316bf2 (MD5) Previous issue date: 2016-12-08
This paper intends to discuss the legal adequacy of loan arrangements among shareholders, companies offering shares in initial public offer and their underwriters pre-initial public offer. These transactions – known as 'equity kickers' – became popular during 2004 – 2007 Brazilian capital markets’ IPO wave, when several Brazilian corporations went to public offering their shares after borrowing pre-IPO money from their underwriters. Taking into account the usual arrangements among those agents and a few researches made afterwards, we examine the economic and social consequences to the issuer and to the securities market, the legal role of the underwriter under the Brazilian securities exchange legal environment and discuss the fiduciary duty imposed to financial intermediaries in capital. Further on, we discuss the potential conflict of interest arising from credit relationship between underwriters and issuing companies and the adequacy of mandatory information provided in IPO information memorandum (prospecto) for the purpose of warning potential conflict that may arise from such credit relationship. Finally, we conclude our legal analysis and suggest a review of security exchange commission (CVM) current regulation in order to address fiduciary duties to financial intermediaries and improve disclosure standards on conflict of interest to potential investors during securities public offers.
Este trabalho pretende discutir a legalidade dos arranjos contratuais e empréstimos firmados entre acionistas, companhias ofertantes e instituições intermediárias previamente à realização de ofertas públicas iniciais. Esses arranjos – conhecidos como 'equity kickers' – foram largamente utilizados por companhias brasileiras que ofertaram suas ações durante os anos de 2004 a 2007. Tendo por base o formato usualmente utilizado nessas transações e os resultados trazidos por algumas pesquisas realizadas após a realização dessas ofertas, analisamos as consequências econômicas e sociais observadas e sua pertinência para o contexto do mercado de capitais, o papel das instituições intermediárias sob a ótica da regulamentação Brasileira e seu dever fiduciário perante os demais agentes de mercado. Ademais, discutimos o potencial conflito de interesse inerente ao papel simultâneo de distribuidor e credor desempenhado pelo coordenador nessas ofertas e a comunicação desse conflito ao mercado através da divulgação das informações pertinentes no prospecto de distribuição da oferta. Por fim, apresentamos uma análise jurídica e sugerimos a revisão da regulamentação da Comissão de Valores Mobiliários no sentido de tratar expressamente o tema do dever fiduciário das instituições intermediárias no mercado de captais e aumentar a exigência de informações acerca de transparência das situações de conflito ao mercado na realização de ofertas públicas de valores mobiliários.
29
Amaral, Jose Romeu Garcia do. "Ensaio sobre o regime jurídico das debêntures." Universidade de São Paulo, 2014. http://www.teses.usp.br/teses/disponiveis/2/2132/tde-21012015-093339/.
Full textAbstract:
Este trabalho propõe-se a estudar, mediante abordagem teórica e prática, o regime jurídico das debêntures, tendo em vista as recentes alterações introduzidas pela Lei nº 12.431, de 24 de junho de 2011, que promoveu mudanças significativas em sua disciplina, bem como examinar os problemas e questões atuais das debêntures em um contexto evolutivo da doutrina e dos casos práticos que lhe são submetidos à análise, tendo em vista o uso cada vez mais frequente desse mecanismo de financiamento das sociedades. Busca-se, também, examinar o funcionamento do mercado de debêntures e as novas propostas para incentivar a circulação dos títulos de dívida. Dentre as questões mais controvertidas a serem estudadas neste trabalho, destacam-se as seguintes: (i) evolução da natureza jurídica do instituto, em que as debêntures são vistas como títulos de dívida pertencentes à categoria dos valores mobiliários; (ii) criação do novo mercado de debêntures, como avanço à proposta do Novo Mercado de Renda Fixa; (iii) possibilidade de emissão de debêntures por sociedades limitadas e cooperativas, em razão da ausência de vedação legal e da existência de normas que lhe dão suporte jurídico; (iv) realização de negócios jurídicos com debêntures que vão além da sua função econômica de financiamento da empresa; (v) existência da organização dos debenturistas, em complemento à ideia de comunhão de interesses, tendo em vista o seu caráter orgânico; e, por fim, (vi) se os deveres fiduciários dos administradores se voltariam também aos interesses dos debenturistas, como credores especiais da sociedade emitente.This work aims to study, through a theoretical and practical approach, the legal system of debentures in view of the recent changes introduced by Law No. 1431, of June 24, 2011, affecting significantly their discipline, and also to examine their current problems and issues within the evolutionary context of the doctrine and the case studies that are submitted to analysis, since the use of this financing mechanism by companies has been increasingly frequent. It also seeks to examine the functioning of the debenture market and the new proposals to stimulate the circulation of debt bonds. Amongst the most controversial issues to be studied in this work, the following are highlighted: (i) the evolution of the legal nature of this institute, in which debentures are seen as debt notes pertaining to the category of securities; (ii) the creation of a new debenture market as an advancement to the proposal of the New Fixed Income Market; (iii) the possibility of limited partnerships and cooperatives issuing debentures in view of the absence of a legal prohibition and the existence of norms that give legal support to it; (iv) the consummation of legal transactions with debentures that go beyond their economic function of business financing; (v) the existence of a debenture holder organization as a complement to the idea of pooling of interests, in view of its organic character; and, finally, (vi) whether the fiduciary duties of the administrators would also accommodate the interests of the debenture holders, while in their position of special creditors to the issuing business.
30
Kakurinas, Olegas. "Valdybos narių atsakomybė: ypatumai ir teismų praktikos analizė." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2014. http://vddb.library.lt/obj/LT-eLABa-0001:E.02~2014~D_20140127_132834-41236.
Full textAbstract:
Teisės doktrinoje teigiama, kad juridinis asmuo yra išvestinis civilinės teisės subjektas, įgyjantis civilines teises, prisiimantis civilines pareigas ir jas įgyvendinantis per savo organus, kurie sudaromi ir veikia pagal įstatymus ir juridinių asmenų steigimo dokumentus. Atsižvelgiant į ribotą darbo apimtį, darbe nagrinėjami valdybos, kaip kolegialaus valdymo organo, narių civilinės atsakomybės labiausiai Lietuvos Respublikoje paplitusiai privačiųjų juridinių asmenų rūšiai – bendrovei taikymo ypatumai. Turint omenyje, kad teisinė atsakomybė kyla nevykdant ir/ar netinkamai vykdant asmeniui nustatytas teisines pareigas, visų pirma, darbe yra identifikuojamos valdybos narių pareigos bendrovei, šių pareigų turinys, aptariama valdybos teisinė prigimtis.
Pagrindinis darbo tyrimas yra nukreiptas į valdybos narių teisinės atsakomybės prigimties, jos taikymo prielaidų ir pagrindų nustatymą. Šiuo tikslu darbo autorius nagrinėja ir apibrėžia teisinį santykį, susiklostantį tarp bendrovės ir valdybos narių. Darbe analizuojama kokia civilinės teisinės atsakomybės rūšis yra taikoma valdybos nariams – sutartinė ar deliktinė. Siekiant nustatyti valdybos narių civilinės teisinės atsakomybės taikymo prielaidas, analizuojama koks iš civilinės teisinės atsakomybės valdybos nariams modelių – individualus ar kolektyvinis, yra taikomas Lietuvos Respublikoje. Taip pat darbe yra nagrinėjami civilinės teisinės atsakomybės valdybos nariams taikymo sąlygų probleminiai aspektai.
Darbe plačiai... [toliau žr. visą tekstą]Legal doctrine holds that a legal entity is a derivative subject of the Civil law which acquires civil rights, assumes civil obligations and implements it through their bodies which are formed and act in accordance with the laws and documents of incorporation. Considering the limited scope of work, this thesis analyzes the peculiarities of civil liability of Board members as a collegial body to the most widespread type of private legal entities in the Republic of Lithuania - companies. Taking into account that the civil liability arises due to a failure to perform or improper performance of civil duties, thesis defines the duties of Board members to the company, the scope of such duties, as well as discusses the legal nature of the Board. The main focus of the study is to determine the nature of legal liability of Board members, its assumptions and bases. To achieve this goal the author examines and defines the legal relationship between the company and Board members. Thesis analyzes which kind of civil liability - contractual or tort - applies to the members of the Board. In order to determine the assumptions of civil liability of the members of the Board, it is analyzed whether individual or collective model of civil liability of Board members is applied in the Republic of Lithuania. Moreover, thesis covers the problematic aspects of the conditions of civil liability applied to Board members. Thesis extensively relies on jurisprudence of the courts of the Republic of... [to full text]
31
Colonnelli, De Gasperis Mattia. "Le azioni correlate.Tracking Stocks." Doctoral thesis, Università degli studi di Trieste, 2010. http://hdl.handle.net/10077/3667.
Full textAbstract:
2008/2009Il lavoro ha ad oggetto l’istituto giuridico delle azioni correlate o di settore (già noto e diffuso in ordinamenti stranieri con il nome tracking stocks e tracking shares), introdotto nell’ordinamento giuridico italiano dalla recente riforma di diritto societario al fine di rendere le forme di finanziamento della società per azioni più efficienti, flessibili e maggiormente adatte alle esigenze degli investitori e dei mercati di capitali. Tale strumento di partecipazione azionaria offre l’opportunità di un investimento remunerato secondo la produttività di uno specifico settore dell’attività esercitata dalla società emittente. Ai sensi del novellato art. 2350, comma 2, c.c., le azioni correlate sono, infatti, “azioni fornite di diritti patrimoniali correlati ai risultati dell’attività sociale in un determinato settore”. Lo studio si apre con l’analisi delle ragioni economico-finanziarie sottostanti l’emissione di tracking stocks, soffermandosi sul diversification discount, la corporate governance, l’asimmetria informativa, le operazioni straordinarie di ristrutturazione aziendale, i particolari equilibri nell’ambito di compagini complesse, l’incentivazione ai managers, la predisposizione di poison pills in caso di scalate ostili. Il precedente storico dell’istituto risale al 1984 quando General Motors al fine di acquisire Electronic Data System attribuì agli azionisti di quest’ultima azioni correlate al core business della medesima società acquisita. La prima operazione europea di ammissione alla quotazione di azioni correlate è avvenuta in Francia nel 2000, anno in cui Alcatel S.A. collocava sul premier marchè azioni correlate all’attività della società controllata Alcatel Optronics. In Italia, le tre società chiuse AIMAG S.p.A. (2006), ATAF S.p.A. (2005) e Friulia S.p.A. (2005) e l’investment company quotata Cape Live S.p.A. (2007) hanno emesso azioni correlate. Vengono approfonditi, tra l’altro, l’ambito di applicabilità dell’istituto, con particolare riguardo alla definizione di settore, alle divisional tracking stocks ed alle subsidiary tracking stocks, e la correlazione dei diritti patrimoniali ai risultati di un settore specifico di attività sociale esercitata dall’emittente (correlazione in senso forte, o close tracking, e correlazione in senso debole, o loose tracking), quale elemento minimo e caratterizzante tale categoria azionaria. Si conclude che sul piano strutturale e funzionale il risultato del settore rappresenta il parametro quantitativo, il criterio, relativo o assoluto, fisso o variabile, per il calcolo della parte di risultato di esercizio di spettanza delle azioni correlate. Sono analizzati, poi, i diritti patrimoniali tipici delle azioni correlate, quali il diritto agli utili, la partecipazione alle perdite ed il diritto alla quota di liquidazione, e i diritti amministrativi, quali il diritto di voto in assemblea generale ed in assemblea speciale, anche nel contesto dell’autonomia statutaria. Il lavoro prosegue con la trattazione del tema dell’accertamento del risultato di settore e delle modalità di rendicontazione da inserirsi all’interno dello statuto. Si argomenta che il risultato di settore non può considerarsi concetto giuridico e/o contabile predefinito e non rappresenta il contenuto del diritto patrimoniale dell’azionista, ma solo un parametro di commisurazione dello stesso, in funzione del criterio di correlazione prescelto. Viene trattato, inoltre, il diritto di conversione delle azioni correlate in azioni ordinarie come meccanismo di exit, funzionale a disciplinare la sorte delle azioni correlate al verificarsi di predeterminati eventi o condizioni. Si esaminano le clausole di conversione ricorrenti nella prassi internazionale, di cui si verifica la compatibilità con l'ordinamento italiano. Infine, vengono identificate le nuove criticità di corporate governance cui le azioni correlate danno luogo, come ad esempio le nuove conflittualità orizzontali tra i soci relative all’allocazione di risorse, delle opportunità d’affari (corporate opportunities), delle spese e dei costi comuni. In tale contesto si forniscono alcuni standards di condotta che gli amministratori di società multi settoriali devono seguire, onde evitare di incorrere in responsabilità verso la società, i soci o i creditori sociali. In tale contesto, si parte dalla constatazione di carattere economico per cui l’impresa multi settoriale è accostabile al fenomeno del gruppo di società ovvero dell’imprenditore-persona fisica o comunque soggetto che abbia rilevanti interessi economici in altre imprese, individuali o collettive. E’ interesse comune a tutti gli azionisti sia che la società mantenga un sano equilibrio economico e finanziario sia che la società venga gestita, nel suo complesso, in modo efficiente. Nel caso in cui la società è insolvente perdono tutti i soci. Una gestione economicamente efficiente conduce alla massimizzazione del valore aggregato delle azioni, cui corrisponde la massimizzazione del valore di ciascuna categoria di azioni, cuore della teoria del c.d. shareholder value. In tale prospettiva l'attenzione si sposta necessariamente sulle modalità gestionali. Infatti, tale interesse comune può essere perseguito esclusivamente attraverso una continua e costante azione perequativa da parte degli amministratori volta ad armonizzare ed ottimizzare il funzionamento particolare di ciascun settore con quello degli altri.
XXII Ciclo
1975
32
Sanchez, de Lozada Louis. "Trusts exprès privés anglo-américains, fidéicommis latino-américains et la fiducie française." Thesis, Paris 2, 2012. http://www.theses.fr/2012PA020043/document.
Full textAbstract:
Les trusts anglo-américains (anglais, américain et des Iles Cook) coexistent avec les trusts de droit civil (les fidéicommis argentin, bolivien, panaméen et la fiducie française). Ils appartiennent aux deux familles de droit de Common Law et romano-germanique et ont des structures différentes. Les trusts exprès anglo-américains sont créés par acte unilatéral du constituant et mettent en place une relation trustee-bénéficiaire. Les trusts de droit civil sont créés par contrat (ou testament) entre le constituant et le fiduciaire et ne donnent pas des droits réels aux bénéficiaires. Malgré leur différence de structure, les deux trusts fonctionnent de manière équivalente, grâce au transfert de propriété au fiduciaire et à l’étanchéité du patrimoine fiduciaire. Les réserves héréditaires sont un élément extérieur à la structure des trusts testamentaires ; ceux-ci fonctionnent de manière analogue. Les techniques d’investissement et de gestion fiduciaire sont aussi similaires : des clauses conditionnelles d’accès ou fin de la propriété fiduciaire et des pouvoirs discrétionnaires donnés au trustee sont communs aux deux modèles de trust. La séparation du patrimoine sert à mettre en place des trusts de gestion, de protection ou de garantie de financement de projet, de défaisance ou de titrisation. Le fonctionnement du FCP, similaire à celui des Unit Trusts, devrait donner la propriété fiduciaire des actifs au dépositaire. Des éléments de la loi, extérieurs à la structure de la fiducie, qui n’existent pas chez ses homologues latino et anglo-américains, empêchent son fonctionnement normal. Nous proposons de modifier la loi sur la fiducie, sur les FCP et les fonds de titrisationAnglo-American express private trusts, Latin-American fideicomiso and French fiducia”. Common Law trusts (English, American and Cook Islands) co-exist with civil law domestic trusts (Argentinean, Bolivian and Panamanian fideicomiso and French fiducia). They belong to the Common Law and continental law families respectively and have different structures. Anglo-American express trusts are settled by a settlor (declaration, gift) or by a will that creates an equitable relationship between the trustee and the cestui, whereby both share legal and equitable interests on the trust property. Civil law trusts are settled by a contract between the settlor and the trustee and by a will. Thus, a civil law trust beneficiary has only personal remedies against a trustee in respect of breach of trust. Despite the structural differences, both types of trusts operate in similar ways, due to the transfer of property to the trustee and the separation of the trust property. Testamentary trusts also work in a similar way; forced heirship is an external element of both. Trust managing and investment techniques and practices are also similar: condition precedent and condition subsequent clauses and discretionary trusts and powers are common to both trust models. Separation of the trust property allows for the settlement of protective trusts, trusts for project financing, defeasance and securitization. French Mutual Funds are comparable to Unit Trusts. Both should give legal title to the trustee (custodian). External elements of French law, which do not exist in Anglo or Latin American trusts, restrain the normal operation and use of French fiducia. We propose to modify the fiducia, mutual and securitization funds law
33
Djäken, Johan. "Doing Good While Being Good : A study of the relationship between Corporate Social Responsibility and the Swedish Companies Act." Thesis, Uppsala universitet, Juridiska institutionen, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-306630.
Full textAbstract:
This thesis investigates the current interrelationship between the provisions contained in the Swedish Company Act (2005:551) and activities related to Corporate Social Responsibility (CSR) pursued by companies listed at Nasdaq Stockholm. The focal point of this thesis could be argued to be of particular relevance in this day and age, as companies listed at Nasdaq Stockholm continue to perform at the top of the league in global sustainability performance measurements, and Swedish and European legislators have intensified their efforts to encourage businesses to operate in a way that does not incur unacceptable social costs to society. Thus, most companies, particularly those with a vested interest in the private consumer market, seem to recognise the importance of fostering long-term relationships with a wide sphere of stakeholders. The purpose of the thesis has been to contribute to the steadily increasing body of legal research that discusses to what extent Swedish companies, without breaching corporate law, could involve themselves in CSR investments. Since I, initially, conclude that Swedish publicly listed companies seem to increasingly invest in activities related to CSR, the thesis also discusses whether the relevant provisions of the SCA need to change to better adapt to companies’ involvement in CSR activities. In brief, I argue, that current business research on CSR coupled with the aforementioned relevant provisions of the SCA allow boards and managing directors to pursue practically any CSR investments, and that shareholders are mostly restricted to rely on relatively blunt ex post actions against a board and/or managing director that has pursued an ill-considered CSR investment, including the obvious choices of voting to replace the board or selling their shares. And since current business research has not consistently proven the positive impact of CSR policies on the financial performance of businesses there are reasons to suspect that the law practically, due to the shielding force of the business judgment rationale and the legislator’s wish to protect most transactions, cannot be effectively applied to stop CSR investments, even if these are nothing but costs for the business. On the other hand, the findings of the thesis also suggest that the occurrence of such unwise CSR investments is not necessarily a proliferating problem, since many companies listed at Nasdaq Stockholm nowadays have powerful and short-sighted institutional owners. The situation might therefore very well be the opposite and that executives struggle to manage for the long-term, as the logic of the market tell them to do otherwise.Den här examensuppsatsen utforskar förhållandet mellan några av aktiebolagslagens regler och det engagemang som bolag noterade på Nasdaq Stockholm uppvisar i frågor rörande Corporate Social Responsibility (CSR). Ämnet kan sägas vara särskilt relevant då såväl det samtida näringslivet som lagstiftaren tycks präglas av en ökad medvetenhet kring CSR-frågor. Den ökade medvetenheten i näringslivet förefaller alltmer inverka på affärsbeslut, ett faktum som inte minst avspeglas i de svenska bolagens topplaceringar i globala index som mäter bolags arbete med hållbarhetsfrågor. Samtidigt speglas lagstiftarens ökade medvetenhet av allt fler svenska som europeiska regulatoriska initiativ på området och vars yttersta syfte är att uppmuntra och stimulera hållbara företag som inte pådyvlar samhället oacceptabla sociala kostnader. Det är således inte särskilt anmärkningsvärt att bolagen, i synnerhet de med intressen anknutna till konsumentmarknaderna, tycks erkänna vikten av att bygga och underhålla långsiktiga relationer med en vidare krets av intressenter än deras aktieägare. Det är min förhoppning att den här uppsatsen kommer att bidra till den ständigt växande del av den aktiebolagsrättsliga diskursen som diskuterar till vilken grad bolag, utan att handla i strid med ABL:s bestämmelser, kan företa åtgärder kopplade till CSR. Eftersom jag inledningsvis anför att bolagen på Nasdaq Stockholm tycks ägna sig allt mer åt CSR diskuterar också uppsatsen om några av ABL:s bestämmelser bör förändras för att bättre hantera dessa företags allt större engagemang i CSR-frågor. Sammanfattningsvis argumenterar jag för att nuvarande företagsekonomisk forskning kring CSR tillsammans med de aktuella bestämmelsernas juridiska innebörd innebär att såväl bolagsstyrelser som verkställande direktörer kan företa i princip vilken investering relaterad till CSR som helst. Aktieägare är i praktiken hänvisade till att söka åstadkomma långsiktigt lönsamma satsningar på hållbarhet genom sanktioner ex post, exempelvis genom att sälja sina aktier eller rösta bort styrelsen. Detta innebär å ena sidan i praktiken, med tanke på att nuvarande företagsekonomisk forskning kring CSR:s inverkan på bolags vinster är tvetydig, att de relevanta bestämmelserna i ABL såsom de nu är utformade utgör en trygg hamn även för många av de transaktioner relaterade till CSR som är direkt värdeförstörande. Å andra sidan argumenterar jag i uppsatsen för att problemet med överinvesteringar i CSR inte nödvändigtvis behöver vara särskilt utbrett då bolagen och deras bolagsstyrning allt mer kommit att präglas av kortsiktiga investeringsperspektiv.
34
Larsson, Rebecca, and Linnea Månsson. "Understanding the Implications of Sustainability Inclusion : A Case Study of the Role of the Financial Advisor and Sustainability." Thesis, KTH, Industriell ekonomi och organisation (Inst.), 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-300150.
Full textAbstract:
The role of the financial advisor is subject to fiduciary duty, which means that the advisor always should act in the best interest of the client and has traditionally referred to the financial aspects. Finance is now experiencing a revolution, where the concept of sustainable finance is on the agenda of many actors when the sustainability amendments to MiFID II entered into force, as part of the EU Action Plan on Sustainable Finance. The new regulations will add to the already intensified information load characterizing the financial advisory landscape. Moreover, this new dimension of sustainability is very different from the strictly financial one, which in itself is subject to both conceptually and operational complexity. This study aims to investigate what difficulties and complexities are arising from the growing amount of sustainability demands and information and how these affect the financial advisor and its role. This was done as a qualitative case study where nine semi-structured interviews were conducted with financial advisors working in Denmark, Finland, and Sweden, together with two interviews with employees working with sustainability at a central level in a Nordic bank. The analysis is based on the interviews combined with current literature and together lays the foundation for the findings. The key findings of the study are that there are five identified difficulties stemming from different areas that are seen as important for understanding what the inclusion of sustainability preferences into financial advisory might mean going forward, and what effects that it will have on the financial advisor: (i) regulatory changes and compliance, (ii) sustainability preferences, (iii) the information-intensive landscape, (iv) advisors’ required awareness and knowledge, and (v) the perceived advisor’s role. When adding these identified difficulties together, the conclusion is that the concept of sustainable finance is not as uncomplicated as perhaps portrayed, and this holds extra true for the studied inclusion of sustainability in the advisory process.Den finansiella rådgivarens roll är föremål för fiduciary duty, vilket innebär att rådgivaren alltid ska agera i kundens bästa och traditionellt har hänvisat till de ekonomiska aspekterna. Finans upplever nu en revolution, där begreppet hållbar ekonomi står på dagordningen för många aktörer när hållbarhetsändringarna till MiFID II trädde i kraft, som en del av EU: s handlingsplan för finansiering av hållbar tillväxt. De nya reglerna kommer att öka den redan intensifierade informationsbelastningen som kännetecknar det finansiella rådgivande landskapet. Dessutom skiljer sig denna nya hållbarhetsdimension mycket från den strikt ekonomiska, som i sig är föremål för både konceptuell och operativ komplexitet. Studien syftar till att undersöka vilka svårigheter och komplexiteter som uppstår till följd av den ökande mängden hållbarhetskrav och information och hur dessa påverkar den finansiella rådgivaren och dess roll. Detta gjordes som en kvalitativ fallstudie där nio semistrukturerade intervjuer genomfördes med finansiella rådgivare som arbetade i Danmark, Finland och Sverige, tillsammans med två intervjuer med anställda som arbetade med hållbarhet på en central nivå i en nordisk bank. Analysen baseras på intervjuerna i kombination med aktuell litteratur och lägger tillsammans grunden för resultaten. De viktigaste resultaten i studien är att det finns fem identifierade svårigheter som härrör från olika områden som ses som viktiga för att förstå vad införandet av hållbarhetspreferenser i finansiell rådgivning kan innebära framöver och vilka effekter det kommer att få för finansiella rådgivare: (i) regeländringar och efterlevnad, (ii) hållbarhetspreferenser, (iii) det informationsintensiva landskapet, (iv) rådgivarnas medvetenhet och kunskap och (v) den upplevda rådgivarens roll. När man sammanställer dessa identifierade svårigheter är slutsatsen att begreppet hållbar ekonomi inte är så okomplicerat som det kanske framställs, och detta gäller extra för den studerade inkluderingen av hållbarhet i rådgivningsprocessen.
35
Turnour, Matthew Dwight. "The stewardship paradigm : an enquiry into the ethical obligation associated with being in control of resorces." Thesis, Queensland University of Technology, 1999. https://eprints.qut.edu.au/35810/1/35810.pdf.
Full textAbstract:
The resource allocation and utilization discourse is dominated by debates about rights particularly individual property rights and ownership. This is due largely to the philosophic foundations provided by Hobbes and Locke and adopted by Bentham. In our community, though, resources come not merely with rights embedded but also obligations. The relevant laws and equitable principles which give shape to our shared rights and obligations with respect to resources take cognizance not merely of the title to the resource (the proprietary right) but the particular context in which the right is exercised. Moral philosophy regarding resource utilisation has from ancient times taken cognizance of obligations but with ascendance of modernity, the agenda of moral philosophy regarding resources, has been dominated, at least since John Locke, by a preoccupation with property rights; the ethical obligations associated with resource management have been largely ignored. The particular social context has also been ignored. Exploring this applied ethical terrain regarding resource utilisation, this thesis:
(1) Revisits the justifications for modem property rights (and in that the exclusion of obligations);
(2) Identifies major deficiencies in these justifications and reasons for this;
(3) Traces the concept of stewardship as understood in classical Greek writing and in the New Testament, and considers its application in the Patristic period and by Medieval and reformist writers, before turning to investigate its influence on legal and equitable concepts through to the current day;
4) Discusses the nature of the stewardship obligation,maps it and offers a schematic for applying the Stewardship Paradigm to problems arising in daily life;
and,
(5) Discusses the way in which the Stewardship Paradigm may be applied by, and assists in resolving issues arising from within four dominant philosophic world views:
(a) Rawls' social contract theory;
(b) Utilitarianism as discussed by Peter Singer;
(c) Christianity with particular focus on the theology of Douglas Hall;
(d) Feminism particularly as expressed in the ethics of care of Carol Gilligan;
and, offers some more general comments about stewardship in the context of an ethically plural community.
36
Šimek, Stanislav. "Česká úprava kapitálových společností z pohledu law and economics školy." Master's thesis, 2019. http://www.nusl.cz/ntk/nusl-403890.
Full textAbstract:
Czech regulation of limited companies from the point of view of the 'law and economics' school Abstract Law and economics has a potential to provide us with an uncommon and to the Czech jurisdiction often neglected point of view on laws. The aim of this paper is to apply economic theories on directors' liability for breach of fiduciary duties and to consider its consequences on the economic efficiency of companies. The critical question is whether not having such liability could provoke an increase of wealth of all stakeholders. The paper also aims to come up with instruments capable of minimizing the lost caused to companies by mandatory rules regarding director's liability. At the end of the thesis, the Czech laws regarding the director's liability for breach of fiduciary duties are analyzed in the point of view of economic analysis. The analysis is followed by proposition of instruments that could make companies operating in Czech legal environment more effective. Directors' liability, which can result in an aversion to make risky decisions, can cause significant losses to companies (so called agency costs). For that reason, the possibility to determine the scope of director's liability given to shareholders can have, in some cases, positive effect on the company's efficiency. The paper concludes that...
37
Raubenheimer, Leon George. "Management buy-outs and directors' fiduciary duties." Diss., 1992. http://hdl.handle.net/10500/17595.
Full textAbstract:
Management Buy-Outs occur when the managers of a company buy the
company from its owners, namely the shareholders. Where such a
company is a listed public company, the transaction is known as "going
private. 11 The critics allege that this type of buy-out leads to irreconcilable
conflicts of interests, a breach of fiduciary duties and to insider trading by
the directors. For this reason Management Buy-Outs should be prohibited
or alternatively, regulated to such an extent as to make them virtually
unworkable.
It is submitted that these conflicts are not irreconcilable and that they are no
different to the myriad of other conflicts which arise out of the promotion,
incorporation and the operation of a company. Both statute and the
common law effectively deal with most of the critics' apprehensions without
necessarily prohibiting the transactions giving rise to them.Private Law
LL.M
38
Lai, Yi-jang, and 賴義璋. "A Study of Bank Directors’ Fiduciary Duties." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/09163172707796988406.
Full textAbstract:
碩士國立成功大學
法律學研究所
97
According to the special “public interest” character of bank organization, bank directors’ fiduciary duty is different from general corporate directors’. In other words, bank directors’ fiduciary duty is stricter than corporate directors’ duty. Directors are expected and encouraged to do their best to maximize the interests of bank. They owe duties of fidelity and loyalty to the bank in connection with their actions. These duties are generally referred to as “fiduciary duties”. Directors owe duties to bank to manage bank’s affairs on a fully informed basis, in good faith, and with due diligence and proper care. And they are not permitted to use their position to further their private interests, especially involved with the conflict of interest transactions. However, bank directors must understand their duties and responsibilities are more important than corporate directors’. In addition to the fiduciary duties that apply to all companies’ directors, bank directors need to be conscious, and regularly reminded by banking supervisors, of their fiduciary duties to depositors because banks accept and manage other people’s money in the form of deposits. Besides, they owe a duty of exercising such care and diligence as an ordinary prudent man would exercise with reference to the administration and management of financial institutions. Thus, a bank director was held to stricter accountability than the director of an ordinary business. Above all, this theory of bank directors’ fiduciary duty can not only protect the right of shareholders and depositors, but improve overall financial order and economic development.
39
Havenga, Michele Kyra. "Fiduciary duties of company directors with specific regard to corporate opportunities." Thesis, 1995. http://hdl.handle.net/10500/18316.
Full textAbstract:
South African company law is currently the object of comprehensive review. One o f the areas under
scrutiny is that of corporate governance. Control over management is vital in the interests of the
company itself, its shareholders and its creditors. Effective accountability should be balanced
against the need to allow those who manage a certain measure of freedom and discretion in the
exercise of their function.
Company directors are subject to various duties. This thesis concentrates on their fiduciary
obligation. It is suggested that this sui generis obligation is owed to the company as a separate
entity. Interests of other groups may sometimes merit con sideration.
Against the background o f a com parative investigation, a "corporate opportunity" is
defined as any property or economic opportunity to which the com pany has a claim. South African
law protects a company’s claim to an opportunity if it is in the company’s line of business and if
the company has justifiably been relying upon the director(s) to acquire it or to assist in its
acquisition for the company. The application of established fiduciary principles suffice to resolve
corporate opportunity matters. Essentially the application o f these rules amount to a
determination whether the director has complied with his fundamental duty to act in the company’s
best interests. There seems to be no need for a separate doctrine of corporate opportunities.'
A director should only be absolved from liability on account of the company’s inability to pursue
an opportunity or its rejection by the company if there was no real conflict of interest. The
appropriation of corporate opportunities should not be ratifiable, both because the ratification
constitutes a fraud on the minority, and because the decision to ratify cannot be regarded as being
in the interests of the company.
The relationship between the appropriation of corporate opportunities, misuse
of confidential information and competition is investigated. These aspects fre quently overlap,
but should be distinguished because their bases, and accordingly their appropriate remedies, may
differ.
Effective control may benefit by a restatement of directors’ fiduciary duties in
the Companies Act. To this end certain amendments to the Act are recommended.Mercantile Law
LLD
40
Yu-YunHo and 何宥昀. "Contests for Corporate Control and Directors' Fiduciary Duties: Focusing on Proxy Solicitation." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/49287290714523106817.
Full textAbstract:
碩士國立成功大學
法律學系
100
Abstract Due to the scandals of corporations in Taiwan and the United States in these years, it becomes more important to know how to balance between monitoring mechanism and efficiency. And that’s why the concept of “corporation governance“ is well discussed all over the world. In the United States, One usually takes over the corporation by tender offer; however, one in Taiwan uses tender offer as well, but other than that, proxy is another way to get to the same purpose. By the use of proxy, in the good way, one could replace the improper incumbents; but on the other, one could also abuse the power of proxy, and do harm to the corporation. Prof. Loss said that “Unregulated, it is an open invitation to self-perpetuation and irresponsibility of management. Properly circumscribed, it may well turn out to be the salvation of the modern corporate system.”, therefore how to regulate the use of proxy becomes a major issue which needs to be discussed. The use of proxy is quite often In Taiwan, but the regulation still has some improvement to be done, such as the neutral of proxy rules, the shareholder list, and the expense of proxy solicitation. Therefore by introducing the regulation in the United States, we will know which concepts could be improved in Taiwan, and can also look into the fiduciary duty of directors at the same time. Last by these real cases happened in Taiwan, we can apply the theory mentioned above in order to examine the possibility of applying same rule. Keywords: corporation governance, tender offer, proxy system, regulations of proxies, shareholder’s list, souvenir of shareholders’ meeting, expense of proxy solicitation, fiduciary duty
41
Bily, Karen. "Corporate Managers and the Wide Discretion for their Fiduciary Duties: Problematic or not?" Thesis, 2009. http://hdl.handle.net/1807/18159.
Full textAbstract:
As a result of the Supreme Court’s broad definition for ‘best interests of the corporation’ in recent decisions, the author examines to whom managers ought to owe their fiduciary duties normatively and what role managerial discretion has in this debate. The author argues that the lack of clarity offered by the judiciary, in this area of corporate law, has led to the adoption of a wide discretion being afforded to managers. An examination of several rationales fails to justify this continued adoption of a broad discretion. The author argues that granting managers with wide discretionary powers is problematic because the interests of constituencies will not be adequately protected. At the very least, statutory reform is necessary to protect the most vulnerable stakeholders. The author recommends that the law be amended to require that managers, in performing their fiduciary duties, regard the interests of employees and shareholders.
42
Yi-ChingChung and 鍾宜靜. "Directors’ Fiduciary Duties in Banking and Insurance Industries: Focusing upon Depositors and Insured." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/6wk36t.
Full textAbstract:
碩士國立成功大學
法律學系
107
Given the special “other people’s money” character of bank and insurance industries’ assets, mostly come from depositors and insured, when company pursuing the purpose of company’s biggest interests should also considering the protection of depositors and insured interests. Relative to traditional discussions about agency costs under the company law, we should pay more attention to the problem about agency cost of debt. The supervision of financial institutions not only depends on financial safety net setting but also internal monitoring mechanisms, specific functioning of directors’ fiduciary duties and responsibilities. Although we have central deposit insurance corporation and Taiwan insurance guaranty fund, directors still bear the burden of risks. Under the common law, directors’ fiduciary duties in bank and insurance industries including diversification in investment, continuing duty to supervise company’s affairs and preventing from conflict of intersts. However, numerous financial scandals are caused by directors’ negligence in supervision or violation of their duties of loyalty. And how depositors and insured seeking the protection of their rights is an important thing. Though this thesis, we would like to try to propose some possible amendments including reference to cases under common law that consider the protection of creditors’ rights in director’s fiduciary duties in some conditions. In other words, directors should also consider depositors and insured’s interests under their fiduciary duties given to special reliance between both sides. Nowadays, Company Law in Taiwan focus directors’ duties and liabilities on the relationship with company, yet neglect relationship with the shareholders or creditors. Thus, in terms of the litigation, it is necessary to regulate rights and duties between directors and shareholders by statute in the future. It may not only be helpful to construct a sound system of director’s fiduciary duty but also be good for advance of protection the right of shareholders, depositors and the insured.
43
Tseng, Po-Hsin, and 曾博欣. "A Discussion of Fiduciary Duties under Taiwan''s Corporate Law : from the American Perspective." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/74812822099983103828.
Full textAbstract:
碩士逢甲大學
財經法律研究所
94
Since the enaction of Article 23, Paragraph 1 of Taiwan’s Corporate Law in 2001, the fiduciary duties, including duty of care and the duty of loyalty, have become a new corporate mechanism in Taiwan’s Corporate Law. In 2002, the Business Mergers and Acquisitions Law, another offspring of Corporate Laws, was enacted, and the concept of fiduciary duties was also adopted into its Articles 5 and 6. Obviously, unlike Article 23, Paragraph 1 of the Corporate Law, Articles 5 and 6 are intentionally imitating the Revlon duty and the Van Gorkom duty under Delaware corporate law. Although it can’t be said that there are no provisions relating to the fiduciary duties in Taiwan’s Corporate Law before 2001, the concept of the fiduciary relationship is really totally new to Taiwan’s corporate law and practices. Therefore, this thesis tries to study the development of the fiduciary duties under Taiwan’s Corporate Law from the American perspective. To begin with, this thesis introduces the formation of the fiduciary duties and the theory of corporate fiduciary duty, and then researches the famous business judgment rule, the duty of care and duty of loyalty under American corporate law. The business judgment rule represents the judicial “hands off” attitude, rather than a prescription of standards of behavior. In brief, the rule is a presumption that directors’ actions are honest, and that their decisions are informed and rationally undertaken. As a commentator observed, the elements of business judgment rule contains five elements :(1) a business decision; (2) disinterestedness and independence; (3) due care; (4) good faith; (5) no abuse of discretion. Unless this presumption is rebutted, the courts will refrain from second-guessing the business decisions of directors even when they are flops. The duty of care addresses the attentiveness and prudence of directors and officers in performing their decision-making and supervisory functions. In this issue, although the standard of care like 1984 MBCA § 8.30 has been codified by some states, the statutory standard still can’t limit the courts’ judicial review. Under the business judgment rule, the degree of culpability in a directors’ decision-making function is the concept of gross negligence. But in oversight context, it’s a still unsettled issue. Besides, after the Smith v. Van Gorkom, the Delaware legislature amended its General Corporation Law to allow the charters of Delaware corporations to include provisions that eliminate or limit the liability of directors for damages arising from breaches of their duty of care. Following Delaware’s lead, numerous states have since enacted similar statutory provisions. The duty of loyalty addresses fiduciaries’ conflict of interests and prohibits fiduciaries from putting their own interests ahead of the corporation’s. However, there is no uniform standard to evaluate the violation of the duty of loyalty, because the duty of loyalty is an abstract concept. Therefore, the courts and commentators observed the evolution of cases about the duty of loyalty issues and divided into some typical types: (1) conflict-of-interest transaction; (2) corporate opportunity doctrine; (3) competition with the corporation; (4) executive compensation. However, in each type, the standard of review the courts adopted is different. In the merger and acquisition context, the Delaware courts create the Unocal standard, pursuant to which the Delaware courts apply enhanced judicial scrutiny to defensive measures adopted by directors before the business judgment rule can be applied. And, the Delaware courts hold that the directors must focus on one primary objective—to secure the transaction offering the best value reasonably available for the stockholders—and they must exercise their fiduciary duties to further that end. Directors’ duties in this context frequently are called “Revlon duties”. The evolution of fiduciary duties under American corporate law is very diversified. Because the fiduciary duty is the product of equity, the courts have the power to adopt appropriate standards of review and remedies in accordance with different situations. In contrast, the development of fiduciary duties under Taiwan’s Corporate Law seem to be very difficult, because it depends on some problems: (1) how to balance the difference between Common law and Civil law; (2) how to interpret or amend the current provisions relating to fiduciary duties issue in Taiwan; (3) whether Taiwan’s court can allocate the appropriate burden of proof on the parties; (4) how to correct the shareholders’ passive attitude or amend the current provision relating to representative suits. In the end, this thesis contends that there is no single fiduciary rule in the world, and the development of the fiduciary duties must be based on the correlative regulation of the state. Thus, the fiduciary duties system of American shall be served as our reference, rather than the imitative objective.
44
Chiang, Ju-Jung, and 江如蓉. "The Research of the Criminal Responsibilities of Securities Issuers Violating the Prospectus Fiduciary Duties." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/65774663484804831704.
Full textAbstract:
博士國立臺灣大學
國家發展研究所
99
This research is by using document analysis, case method and comparative method to approach the relevant issues of Prospectus, Fiduciary Duties, information disclosure, corporate governance and securities fraud. Speaking of the structure of this study, Chapter 2 and Chapter 3 are the general remarks from the investors’ protection and information disclosure prospect, discussing the purpose and importance of the Prospectus, the certain responsibilities and obligation of the security issuers to the shareholders and the Competent Authority. Chapter 4 and Chapter 7 are part discussions by orders of the false modules of the Prospectus, the securities issuers violating the fiduciary duties and their relevant criminal responsibilities, analyzing and studying the real cases and court practices. Besides, referring to foreign law regulation, such as US, European Union and Germany, this research also proceed the full-dimension study of the criminal behaviors and responsibilities for violating the Prospectus fiduciary duties. The following is the finding: the essence of financial crime of the stock exchange is uncoordinated information. Therefore, to ensure the best interests of the public investors, the information disclosed by Prospectus should expand to the holding status of corporate shareholders. And in accordance to the tendency of global enterprise and multi-task administration business, the related information of corporate enterprises should also include into the Prospectus. In addition, to enforce the transparence of business management of individual company, the Competent Authority should re-examine the procedure of effective registration and inappropriate deteriorating the supervisory system. Furthermore, the criminal responsibility of violating the Prospectus fiduciary duties should return to criminal judicature practice and eliminate the deviation of internal false.
45
Lupa, Patrick. "The BCE Blunder: An Argument in Favour of Shareholder Wealth Maximization." Thesis, 2010. http://hdl.handle.net/1807/25783.
Full textAbstract:
The traditional approach to corporate governance in Canada has centered on shareholders. This model of governance is commonly referred to as shareholder primacy. The shareholder primacy model has recently been rejected by the Supreme Court of Canada in Peoples v. Wise and BCE v. 1976 Debentureholders.
This paper will be argued that directors should be required to focus exclusively on increasing shareholder value in the change of control context. It is within the change of control context that shareholders most require fiduciary protection. In addition, the shareholder primacy rule provides an enforceable standard for evaluating the actions of directors. As stakeholders have a variety of mechanisms to ensure that their interests are not disregarded, they are not in need of fiduciary protection. In contrast, shareholders face greater risks, which validate a need to be protected by an exclusive fiduciary duty in the change of control context.
46
Chiang, Pei-Ju, and 江姵儒. "A Comparative Corporate Governance Study in Taiwanese Fiduciary Duties-Take Business Judgment Rule For Example." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/b7fxm6.
Full textAbstract:
碩士國立中興大學
法律學系科技法律碩士班
101
Global economic integration has influenced corporate governance around the world. To pursuit the best corporate governance system, many countries has changed law by legal transplantation. Scholars argue whether the corporate governance model would be convergence or divergence and the path dependence theory explains persistence. The section 1 of Article 23 of Taiwanese Corporation law was amended in November, 2001, and fiduciary duties were transplanted. However, this transplantation didn’t introduce the business judgment rule as well. Therefore, this transplantation causes issues in practice. Recent years, the business judgment rule have addressed on the lawsuits increasingly in Taiwan and the court’s application to the business judgment rule seems different from America court. Hence, the thesis will introduce the corporate governance concept first and introduce the content of fiduciary duty. Second, this thesis will discuss the related issues in Taiwan. Third, this thesis will discuss the related cases of business judgment rule both in Taiwan and the United States. Finally, this thesis will try to compare the difference and analyze practical issues.
47
Lin, Wan-Jing, and 林婉靜. "A Study on the Shareholder Direct Action—Focusing on the Breach of Directors' Fiduciary Duties." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/6e77qc.
Full textAbstract:
碩士國立臺北大學
法律學系一般生組
102
The purpose of corporate governance was for a sound corporate governance framework, and since separating corporate ownership from corporate management was a trend now in the world, and the board of directors was in charge of making de-cisions more beneficial to management for a corporate, the board of directors was held liable for the consequences of the corporate's policies, actions, and failures to act. Therefore, in the prevention of the board of directors abusing his power, the mechanisms of a shareholder’s suit was important. Article 23 of Company Act of Republic of China (Taiwan), amended on No-vember 12, 2001, was adopted the concept of fiduciary duties in common law. How-ever, since paragraph 1 of Article 23 of Company Act provided that directors owe their fiduciary obligations to the corporate, not to the shareholders, the directors wouldn’t file a lawsuit against himself or supervisor if he/she breached of fiduciary duty. In the mean time, although a derivative suit could be brought by a shareholder on behalf of a corporation under Article 214 of Company Act, the legal requirements of the a derivative suit were quite strict for the shareholder, and it was a big disadvantage to shareholders. Therefore, the author did research into a shareholder’s direct suit and deriva-tive suit under American Law, and the possibility of adoption of these two lawsuits into Company Act of Taiwan. Consequently, the author recommends that it was nec-essary to well establish minority shareholder’s remedies, so it was better to establish a shareholder’s direct suit like American law under Article 23 of Company Act of Tai-wan. With the possibility for shareholders to file a direct suit against the wrongdoers, a better corporate governance will be promoted accordingly.
48
Lopes, Inês Viegas. "Fiduciary duties of directors and the problem of uncertainty of the “Zone of Insolvency”: comparative perspective." Master's thesis, 2020. http://hdl.handle.net/1822/76473.
Full textAbstract:
Dissertação de mestrado em European and Transglobal Business LawThe fiduciary duties of corporate directors are one of the most important principles in the management of modern corporations and have the main objective of controlling the people who manage the company as well as giving an answer to the agency theory. Traditionally the fiduciary duties are an Anglo-Saxon concept that were transplanted to the civil-law world. Directors must comply with those duties, in the different financial stages where the company may find itself, under the penalty of triggering their personal liability. The vicinity of insolvency is a problematic financial period in which a company may find itself. In most jurisdictions, the vicinity of insolvency is regarded as an undefined period between solvency and insolvency. This lack of precise definition, be it legal or economic, and the inherent difficulty (and even impossibility) to establish clear and precise guidelines for those who manage the firm’s assets create insecurity for the all business enterprise. Some jurisdictions, such as the UK, apply a shifting duty to creditors during the vicinity of insolvency. That is to say that when the company is presumed to be in the vicinity of insolvency, the creditors’ interests become paramount. After comparing with two other jurisdictions – the US corporate law Portuguese jurisdiction – that do not apply the shifting during the vicinity of insolvency, it is possible to conclude that creditors are already strongly protected by the law and, for this reason, the shifting can only add more uncertainty to the twilight zone. The objective of this thesis is to prove that, although the shifting duty theory may grant more protection for creditors in an earlier stage before insolvency and also can, in some cases, be easier for directors to balance the conflict of interests, the shifting duty theory during the “zone” will be detrimental for the business activity. That can happen due to the pressure added on directors, who fear to trigger their personal liability and thus make decisions which can compromise the company’s ability to create wealth and a possible turnaround.
Os deveres fiduciários dos administradores são um dos princípios mais importantes na gestão das empresas, tendo como principal objetivo controlar aqueles que fazem parte dessa gestão e dar resposta aos problemas da teoria da agência. Os deveres fiduciários são, tradicionalmente, vistos como uma criação Anglosaxónica que foram posteriormente transplantados para o contexto legal dos países com um sistema legal Romano. Os administradores corporativos devem cumprir essas obrigações, nos diferentes estágios financeiros em que a empresa se possa encontra; caso não o façam podem desencadear a sua responsabilidade civil. A zona de insolvência é um período problemático da vida de uma empresa. Na maioria das jurisdições, a insolvência iminente é considerada um período incerto entre solvência e insolvência. Esta lacuna (jurídica e económica), aliada da impossibilidade inerente de estabelecer diretrizes claras e concretas de como se espera que o administrador atue, cria insegurança para toda a empresa e para a atividade económica da mesma. Algumas jurisdições, como o UK, adotaram a transferência de prioridade dos deveres fiduciários da empresa e respetivos acionistas para os credores, durante situações de insolvência iminente. Nesse sentido, quando se presume que a empresa está próxima da insolvência, a satisfação dos interesses dos credores torna-se a prioridade. Comparando com as outras duas jurisdições – US e Portugal – que não aplicam esta teoria no limiar da insolvência é possível concluir que os credores já se encontram devidamente protegidos pelos meios legais e contratuais existentes, não sendo necessário a aplicação de uma mudança de prioridade dos deveres fiduciários dos administradores durante a zona de insolvência, uma vez que a mesma poderá criar ainda mais incerteza. O objetivo desta tese é provar que, embora a teoria da priorização dos interesses dos credores durante o estágio anterior à insolvência possa, em alguns casos, facilitar a gestão dos conflitos de interesses pelos administradores, esta priorização poderá ser muito mais prejudicial para toda a atividade empresarial. Ao aplicar a teoria da priorização dos interesses dos credores pressionará os administradores a tomar decisões menos arriscadas, o que pode comprometer a criação de riqueza da empresa e uma possível recuperação.
49
Liang, Ren-Haw, and 梁仁豪. "A Study on the Effectiveness of Non-Competition Clause:From the Perspective of Fiduciary Duties of Managers." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/sd4cja.
Full textAbstract:
碩士國立臺灣海洋大學
海洋法律研究所
105
Based on Taiwan's judicial practice and opinions on the traditional judgment about the effective of after the departure of the non competition clause in the view of the constitutional people's employment rights protection, and then derive the post employment non competition clause five elements, resulting in after the departure of non competition clauses in practical operation were often the court verdict is invalid. However, companies require employees to sign after the departure of noncompete clauses, is to protect the trade secrets of enterprises, prevent employee turnover for service industry, or to prevent the vicious poaching and other improper competition, so after the departure of the non competition agreement is necessary and value of its existence, so this paper from the manager's duty of fiduciary point of view, a reference to the United States, Germany and Japan and Chinese legislation and court practice views, and the relevant provisions of China's laws and court practice Opinion review manager after the departure of the non competition agreement is effective or not to judge the benchmark to be moderately relaxed, and the relaxation of geographical restrictions, the facts on the basis of different cases, to relax the burden of the parties, and strengthen the violation of non competition obligation liability clause, in order to provide practical recognition of executive turnover prohibition theory the basic terms of the effectiveness of the domestic industry, to maintain the core competitiveness and key technology.
50
Lee, Chih-Yu, and 李芷毓. "A Comparative Analysis of Fiduciary Duties between theU.S. and Taiwan-Lessons from the Restatement (Third) of Trusts-." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/88akfz.
Full textAbstract:
碩士國立臺灣大學
法律學研究所
105
Taiwan has introduced Trust Law for more than two decades during which political and economic changes make the existing Trust Law no longer a fit and proper legislation, and as Taiwan becomes an aged society, the use of trust would certainly increase. Also, the trends in drafting practices are to leave the protection of settlor objectives and beneficiary interests primarily to the fiduciary duties imposed upon trustees. To ensure that the purpose of trust could be accomplished, the legislation concerning the duties of trustees shall be carefully reviewed. In response to the newest Trust Law amendment proposal, this thesis bases on lessons learned from Restatement (Third) of Trust, compares different regulations, makes references to the cases and academic views of the U.S., and then attempts to provide suggestions for the amendment. The first chapter of this thesis is the preface. The second chapter first introduces the term “fiduciary duty” and analyzes the merits of including this general concept. Considering the concept of fiduciary duty has already been embodied in different specific duties, this thesis suggests that we need not codify the concept. The third chapter discusses whether there is sufficient justification for introducing the duty to administer. In terms of legislation, codifying the duty to administer could avoid debate over the administration of trustees and provide a clear guidance for trustees. Therefore, this article recommends codifying the duty to administer (including ascertaining the duties and powers of the trusteeship, the beneficiaries and purposes of the trust; collecting and protecting trust property; managing the trust estate to provide returns or other benefits from trust property; and applying or distribviiiuting trust income and principal). The fourth chapter probes whether the existing regulation fits the current circumstances, and then suggests that duty to earmark trust property is needed to eliminate all of the potentially conflicting interests occasions. The fifth chapter concerning the duty of prudence first analyzes if the test of prudence should vary depending on whether the trustee receives compensation. By comparing trust with the contract of mandate in Taiwan’s Civil Code and the idea of Company, this thesis suggests that, to reconcile Trust Law with Civil Code and Company Act, the duty of prudence should not depend on being compensated or not. As to the question of whether the settlor could modify the standard of care and whether there is a limit, to maintain the flexibility of trust and consider the need of settlor to draft around fiduciary rules in order to effectuate his or her purpose, the settlor who wishes to modify the standard of care shall be free to do so, but with a limit not to absolve the liability for gross negligence. This thesis further suggests that the standard of care shall include the subjective test that takes the trustee’s special skills into account and makes the trust administration more efficient in turn. The sixth chapter studies the duty of loyalty. The chapter starts with the issue of whether the duty of loyalty shall require a trustee to administer the trust “solely in the interest of the beneficiary” or “in the best interest of the beneficiary”. In light of the monitoring problem, the important protection provided by the sole interest rule, and the comparison between the trust law and the law of corporations, this thesis takes the view that the legislation of Taiwan shall adopt the sole interest rule. This chapter then reviews the duty of loyalty articles of the Trust Law amendment proposal, on the basis that the trust law policy is to prefer to remove altogether the occasions of temptation rather than to monitor fiduciary behavior, this thesis recommends the Trust Law amendment proposal shall prohibit conflicted transactions in which the risk outweigh the gain, such as employing trustee’s family members and taking advantage of a trust opportunity for personal gain, and allow the conflicted but benign transactions, such as loans by trustees personally with reasonable interest and trustees dealings with beneficiaries. In addition, this chapter analyzes the queries advanced by scholars with respect to article 34 of Taiwan’s Trust Law and agrees with the view that the article shall be abolished. The seventh chapter affirms the regulation of duty of impartiality in the Trust Law amendment proposal. The eighth chapter discusses the duty to diversify, considering that a diversified portfolio can eliminate a significant amount of risk and stabilize the return, this thesis is deeply convinced that the amendment proposal shall include the duty to diversify. The ninth chapter recommends that the amendment proposal sets the duration for records and accounts keeping to 15 years. The tenth chapter argues that the rationale of the duty to furnish information and the asymmetrical information problem justify requiring the trustee to proactively furnish information to fairly representative beneficiaries. The eleventh chapter introduces the duty with respect to co-trustees in the U.S. and endorses Taiwan’s regulation that trust shall be jointly administered by all the trustees. The twelfth chapter regarding the duty with respect to delegation first points out that excusing the trustee who made improper delegation merely because the delegate did not act unreasonably would encourage trustees to betray the confidences reposed in them, and considers the interrelationship between Taiwan’s Civil Code and Trust Law, this thesis argues that the liability for improper delegations shall be absolute. Next, the chapter makes the point that article 25 of the amendment proposal might hinder trust from getting astute investment advice, and the law shall allow the cost of delegation be paid from trust property when both the delegation and the cost are proper. The end of this chapter proposes that, in view of the monitoring problem and risk allocation, Taiwan’s Trust Enterprise Act shall include the liability rule with respect to the improper delegation. The above analysis shows that the existing Trust Law and the amendment proposal could be further improved. This thesis intends to provide guidance to the amendment of Trust Law and attempts to suggest an enforceable trust law amendment proposal on the theory level. It is expected that through taking advantage of the experience from the Restatement (Third) of Trust, the trust scheme in Taiwan could be both theoretically and practically justified, thereby illuminates deeper debates about trust issues.