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Books > Law > Laws of other jurisdictions & general law > Financial, taxation, commercial, industrial law > Company law
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Shareholder Activism and the Law - The Future of US Corporate Governance (Hardcover)
Loot Price: R3,877
Discovery Miles 38 770
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Shareholder Activism and the Law - The Future of US Corporate Governance (Hardcover)
Series: Routledge Research in Corporate Law
Expected to ship within 12 - 17 working days
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This book provides a complete framework for contemporary
shareholder activism and its implications for US corporate
governance, which is based on director primacy theory. Under
director primacy theory, shareholders do not wish to be involved in
the management of the company; in the rare event that they wish to
be involved, it is considered a transfer of power from the board of
directors to shareholders, which in turn reduces the efficiency of
centralised decision-making in public companies. However, this book
demonstrates that shareholders do not use their power to transfer
corporate control from the board to themselves, and that some form
of shareholder activism is even collaborative, which is a new
paradigm for US corporate governance. This book shows that while
monitoring remains a key contribution of shareholders, they also
bring new informational inputs to corporate decision-making that
could not be obtained under the traditional board model.
Accordingly, contemporary shareholder activism enhances the board's
decision-making and monitoring capacity, without undermining the
economic value of the board's authority. Therefore, this book
argues that the complete approach of contemporary shareholder
activism should be accommodated into US corporate governance. In
doing so, this book considers not only legal and regulatory
developments in the wake of the 2007-2008 financial crisis, but
also the governance developments through by-law amendments.
Furthermore, the author makes several recommendations to soften the
current director primacy model: establishing a level playing field
for private ordering, adopting the proxy access default regime, the
majority voting rule, the universal proxy rules, and enhancing the
disclosure requirements of shareholders. The book will be of
interest to academics and students of corporate governance, both in
the US and internationally.
General
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