cambridge university press convergence in shareholder law jan 2008 kho tài liệu bách khoa

Thus, Convergence in Shareholder Law not only provides a thorough comparative legal analysis but also shows how company law interconnects with political forces and economic development a

On the one hand, it can be argued that the increasing economic and cal interdependence of countries has led to the convergence of national legal systems On the other hand, advocates of the counterhypothesis maintain that this development is both unrealistic and unnecessary.

politi-Mathias Siems examines the company law of the UK, the USA, Germany, France, Japan and China to see how this issue affects share- holder law The author subsequently analyses economic and political fac- tors which may or may not lead to convergence, and assesses the extent of

this development Thus, Convergence in Shareholder Law not only provides

a thorough comparative legal analysis but also shows how company law interconnects with political forces and economic development and helps

in evaluating whether harmonisation and shareholder protection should

be enhanced.

mathias m siems is a Reader in Commercial Law at the University of Edinburgh and a Research Associate at the Centre for Business Research, University of Cambridge.

financial market regulation

Recent years have seen an upsurge of change and reform in corporate law and financial market regulation internationally as the corporate and institutional investor sector increasingly turns to the international financial markets This follows large-scale institutional and regulatory reform after a series of

international corporate governance and financial disclosure scandals

exemplified by the collapse of Enron in the US There is now a great demand for analysis in this area from the academic, practitioner, regulatory and policy sectors.

The International Corporate Law and Financial Market Regulation series will

respond to that demand by creating a critical mass of titles which will address the need for information and high quality analysis in this fast developing area.

Series Editors

Professor Eilis Ferran, University of Cambridge

Proessor Niamh Moloney, University of Nottingham

Professor Howell Jackson, Harvard Law School

Editorial Board

Professor Marco Becht, Professor of Finance and Economics at Universit´e Libre

de Bruxelles and Executive Director of the European Corporate Governance Institute (ECGI).

Professor Brian Cheffins, S.J Berwin Professor of Corporate Law at the Faculty

of Law, University of Cambridge.

Professor Paul Davies, Cassel Professor of Commercial Law at the London School of Economics and Political Science.

Professor Luca Enriques, Professor of Business Law in the Faculty of Law at the University of Bologna.

Professor Guido Ferrarini, Professor of Law at the University of Genoa and Honorary Professor, Faculty of Law, University College London.

Professor Jennifer Hill, Professor of Corporate Law at Sydney Law School Professor Klaus J Hopt, Director of the Max Planck Institute of Comparative and International Private Law, Hamburg, Germany.

Professor Hideki Kanda, Professor of Law at the University of Tokyo.

Professor Colin Mayer, Peter Moores Professor of Management Studies at the Sa¨ıd Business School and Director of the Oxford Financial Research Centre James Palmer, Partner of Herbert Smith, London.

Professor Michel Tison, Professor at the Financial Law Institute of the

CONVERGENCE IN SHAREHOLDER LAW

MATHIAS M SIEMS

Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore, São Paulo Cambridge University Press

The Edinburgh Building, Cambridge CB2 8RU, UK

First published in print format

ISBN-13 978-0-521-87675-9

ISBN-13 978-0-511-39307-5

© Mathias Siems 2008

2007

Information on this title: www.cambridge.org/9780521876759

This publication is in copyright Subject to statutory exception and to the provision of relevant collective licensing agreements, no reproduction of any part may take place without the written permission of Cambridge University Press.

Cambridge University Press has no responsibility for the persistence or accuracy of urls for external or third-party internet websites referred to in this publication, and does not guarantee that any content on such websites is, or will remain, accurate or appropriate.

Published in the United States of America by Cambridge University Press, New York www.cambridge.org

eBook (EBL) hardback

Preface and acknowledgments page ix

List of abbreviations x

Table of cases xix

Table of legislation xxiii

part i The object and course of the investigation

1 Dimensions of convergence in shareholder law 7

I The spatial dimension: the legal systems covered 7

II The objective dimension: the shareholder of a joint stock company 10

III The temporal dimension 17

IV The methodological dimension 23

V Summary 26

part ii The status quo of convergence

I International and regional law 31

II Statute law and case law 34

III Company and securities law 37

IV Self-regulation and state regulation 45

V Conclusion 59

3 Bases for a shareholder typology 60

I The shareholder in the theoretical debate 60

II Real types of shareholder 64

III Conclusions 66

v

4 The ‘shareholder as such’ 68

I The profit-oriented shareholder 68

II The active shareholder 87

III The informed shareholder 120

IV The anonymous shareholder 136

V Conclusions to this chapter 147

5 The shareholder in the power structure of the company 149

I The deciding shareholder 150

II The protected shareholder 174

III The litigating shareholder 210

IV Conclusions to this chapter 222

6 Conclusions to Part II 224

I Divergence and convergence 224

II Globalization and Americanization 226

III Convergence and artificial convergence 228

part iii Developmental trends and patterns

I The dependency of shareholder law 231

II Regulatory levels of shareholder law 239

III Regulatory forms at the national level 244

IV Conclusions to this chapter 2 48

I General cultural and economic-policy approximation 250

II The convergence of legal cultures 255

III Internationalization of the economy 263

IV Approximation of shareholder structures 277

V Legislative responses 290

I Pressure from company founders 297

II Pressure from management 307

III Pressure from shareholders 310

IV Pressure from other interest groups 314

V Pressure from international organizations and foreign states 316

VI Legislative responses 317

10 Future convergences in shareholder law 336

I The ‘shareholder as such’ 336

II The shareholder in the power structure of the company 353

11 Conclusions to Part III 366

I Re-regulation 366

II Convergence forces 367

III Changes in future law 368

part iv Conclusion

12 Convergence as a model for the future 373

I Convergence ‘from above’ 373

II Convergence ‘from below’ 3 81

III The object of convergence in shareholder law 391

IV Conclusion 395

In the last fifteen years, the words ‘globalization’, ‘internationalization’and ‘Europeanization’ have been seen and heard everywhere The legaldiscussion has been no exception: on the one hand, it has sometimesbeen claimed that national legal systems are increasingly convergent Onthe other hand, advocates of the counterhypothesis maintain that conver-gence of legal systems is neither realistic nor necessary This book takes alook at how to approach this issue in relation to shareholder law Althoughthere are already some publications which deal with company law con-vergence, the reader is often left disappointed With respect to similaritiesand differences between countries, the previous literature is dominated

by broad statements about different corporate governance systems andanecdotal stories of convergence A detailed legal analysis is, however,lacking Similarly, with respect to convergence forces and hurdles, therehas often been only a perfunctory analysis of particular topics, such asregulatory competition or shareholder ownership But, again, a coherentand comprehensive account is missing Thus, this book aims at filling thatgap Its structure is as follows First, it compares the company laws of theUnited Kingdom, the USA, Germany, France, Japan and China Secondly,

it analyzes economic and political factors, which might (or might not)lead to convergence Finally, it assesses this development

I started writing the German version of this monograph in June

2001 when I was just finishing my LLM in Edinburgh Since then Ihave worked and lived in Paris, Berlin, Hamburg, Florence, Cambridge(Massachusetts), Riga, Cambridge (England), and again Edinburgh Ithank everyone who encouraged my research Specifically for the Englishedition, I would like to thank Iain Fraser (Florence), Chris Goddard (Riga)and Kim Hughes (Cambridge University Press) for their help and sup-port, as well as Eil´ıs Ferran, Niamh Moloney and Howell Jackson as theeditors of the series on International Corporate Law and Financial MarketRegulation

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xxiii

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Art 5 205

Art 6 127 , 187

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Treaty establishing the European Community (EC)

MBCA = Model Business Corporation Act

US-SEA = Securities Exchange Act of 1934 (USA), ch 404, 48 Stat 881, codified at

15 USC secs 78a–78kk 38 , 126