Дисертації з теми "Economics of fiduciary duties"
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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.
Повний текст джерелаCockrill, 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.
Повний текст джерелаIf 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.
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.
Повний текст джерелаStratton, M. Lee. "Directors' fiduciary duties to shareholders." Thesis, University of Ottawa (Canada), 1993. http://hdl.handle.net/10393/6561.
Повний текст джерелаLekgau, Emmanuel Tladiametse. "Fiduciary duties of nominee directors." Diss., University of Pretoria, 2016. http://hdl.handle.net/2263/60058.
Повний текст джерелаBean, 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.
Повний текст джерелаGibbs, David. "Non-executive directors' self-interest : fiduciary duties and corporate governance." Thesis, University of East Anglia, 2014. https://ueaeprints.uea.ac.uk/49712/.
Повний текст джерелаGrove, Alewyn Petrus. "Company directors : fiduciary duties and the duty of care and skill." Diss., University of Pretoria, 2012. http://hdl.handle.net/2263/26667.
Повний текст джерелаJunior, 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/.
Повний текст джерелаThis 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.
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.
Повний текст джерелаIdensohn, 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.
Повний текст джерелаValsan, 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.
Повний текст джерелаCette 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.
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.
Повний текст джерелаAjlouni, 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.
Повний текст джерелаNgaleka, 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.
Повний текст джерелаA 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.
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.
Повний текст джерелаThe 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]
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/.
Повний текст джерелаNadalin, 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/.
Повний текст джерелаThe 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.
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.
Повний текст джерелаScalzilli, 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.
Повний текст джерелаThis 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.
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.
Повний текст джерелаWeaknesses 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.
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.
Повний текст джерелаThis 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.
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.
Повний текст джерелаLa 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.
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.
Повний текст джерелаNicolau, 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/.
Повний текст джерелаThis 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.
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/.
Повний текст джерелаThis 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.
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.
Повний текст джерелаENGLISH 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.
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.
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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.
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/.
Повний текст джерелаThis 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.
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.
Повний текст джерелаLegal 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]
Colonnelli, De Gasperis Mattia. "Le azioni correlate.Tracking Stocks." Doctoral thesis, Università degli studi di Trieste, 2010. http://hdl.handle.net/10077/3667.
Повний текст джерелаIl 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
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.
Повний текст джерелаAnglo-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
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.
Повний текст джерелаDen 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.
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.
Повний текст джерелаDen 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.
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.
Повний текст джерелаŠimek, Stanislav. "Česká úprava kapitálových společností z pohledu law and economics školy." Master's thesis, 2019. http://www.nusl.cz/ntk/nusl-403890.
Повний текст джерелаRaubenheimer, Leon George. "Management buy-outs and directors' fiduciary duties." Diss., 1992. http://hdl.handle.net/10500/17595.
Повний текст джерелаPrivate Law
LL.M
Lai, Yi-jang, and 賴義璋. "A Study of Bank Directors’ Fiduciary Duties." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/09163172707796988406.
Повний текст джерела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.
Havenga, Michele Kyra. "Fiduciary duties of company directors with specific regard to corporate opportunities." Thesis, 1995. http://hdl.handle.net/10500/18316.
Повний текст джерелаMercantile Law
LLD
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.
Повний текст джерела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
Bily, Karen. "Corporate Managers and the Wide Discretion for their Fiduciary Duties: Problematic or not?" Thesis, 2009. http://hdl.handle.net/1807/18159.
Повний текст джерелаYi-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.
Повний текст джерела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.
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.
Повний текст джерела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.
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.
Повний текст джерела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.
Lupa, Patrick. "The BCE Blunder: An Argument in Favour of Shareholder Wealth Maximization." Thesis, 2010. http://hdl.handle.net/1807/25783.
Повний текст джерелаChiang, 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.
Повний текст джерела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.
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.
Повний текст джерела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.
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.
Повний текст джерелаThe 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.
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.
Повний текст джерела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.
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.
Повний текст джерела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.