The enlightened shareholder value principle (ESV) was formulated
during the comprehensive review of UK company law by the Company
Law Steering Group in the late 1990s and early 2000's and requires
directors of companies to act in the collective best interests of
shareholders. The principle was taken up by the then UK Government
and is now embedded in the Companies Act 2006. The emergence of the
principle constitutes an important development in corporate
governance, particularly in determining what directors must
consider when managing the affairs of their companies. This book
explains and analyzes the nature of ESV and its contribution to
corporate governance whilst also examining where it fits into the
existing theoretical landscape. Andrew Keay traces the development
of the principle of ESV and considers it in the context of the
existing principles which have historically influenced corporate
governance. In doing so, the book draws on several empirical
studies thereby enabling us to gauge how the ESV principle is
addressed in commercial practice. Keay goes on to compare ESV with
the constituency statutes that apply in the US in order to
determine whether anything can be learnt from the American
experience. The book also assesses the reaction of other
jurisdictions to the advent of ESV and considers what impact ESV
will have on financial institutions and non-financial institutions
in the aftermath of the global financial crisis.
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