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Search - Directing Public Companies: Company Law and the Stockholder Society

Directing Public Companies Company Law and the Stockholder Society
Author: Janice Dean

This book examines the legal duties of directors of public companies in the light of the stakeholder approach to the firm. It considers the theory that directors are not simply agents of corporate shareholders, but have a duty to take into consideration and, where appropriate, to balance the interests of several constituencies, each of which has... more » a legitimate ï¿½stakeï¿½ in the company, its activities and development. Examples of suggested stakeholders in corporate activity have included employees, customers, suppliers and creditors, as well as the local community and the environment. If this broad view of public company board responsibility is warranted, the role of the law in securing a ï¿½stakeholderï¿½ style of management needs to be examined, and this study attempts that task.

To this end empirical research was conducted via interviews with public company directors and secretaries from a range of public companies of different sizes operating in many business sectors to investigate: a)

The extent to which at present they view their role as requiring assessment and inclusion of the interests of stakeholders b)

The manner in which such assessment and inclusion is actually carried out c)

The impact which a statutory formulation of duties to incorporate stakeholder interests would or might have on decision making in practice d)

The effect of board structure on corporate decision making e)

The effects of ï¿½stakeholder orientationï¿½ of company directors on the economic performance and social impact of UK public companies will be assessed.

The DTIï¿½s Company Law Review Steering Group has referred to the distinction between ï¿½Enlightened Shareholder Valueï¿½ which views the ï¿½ultimate objective of companiesï¿½ as being ï¿½to generate maximum value for shareholdersï¿½ and the ï¿½pluralistï¿½ approach (essentially stakeholding arguments by another name) which sets shareholders as one constituency among many others. This book further reviews the arguments and seeks to set them in commercial context.

This book is essentially the first to relate the ï¿½stakeholdingï¿½ arguments and ï¿½Third Wayï¿½ politics as popularised by commentators such as Will Hutton and Anthony Giddens to the prospects for reform of company law in an authoritative but accessible format. It is ideal text for company law, business and politics students, both undergraduate and postgraduate, and will also provide companies (especially Plcï¿½s) increasingly concerned with important issues of accountability and regulation, with a straightforward and welcome guide to this often complex area.

ISBN-13: 9781859416358
ISBN-10: 1859416357
Publication Date: 2001
Pages: 300
Edition: 1st
Rating:

0 stars, based on 0 rating

Publisher: Routledge-Cavendish
Book Type: Hardcover
Members Wishing: 0
Reviews: Amazon | Write a Review

Genres:

Law >> Business >> Franchising
Law >> English Law >> Commercial

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