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Corporate governance has become an important issue in all
industrial economies. It relates to the internal organization and
power structure of the firm, the functioning of the board of
directors both in the one-tier and the two-tier system, the
ownership structure of the firm, and the interrelationships among
management, board, shareholders and possibly stakeholders, in
particular the workforce of the enterprise and the creditors. These
interrelationships include monitoring of the management by the
board and external supervisors, and shareholders activism. This
book has grown out of a conference entitled "Comparative Corporate
Governance, An International Conference, United States - Japan -
Western Europe" which was held in Brussels on 14 June 1995. It was
organized by the Financial Law Institute of the University of
Ghent, and the Study Centre on Groups of Enterprises in Brussels
under the scientific direction of Eddy Wymeersch. The book contains
the contributions by the speakers in an enlarged and updated form
together with source material and references. The editors have
collected a selection of 18 documents on corporate governance from
seven countries (United Kingdom, USA, Canada, France, Germany, the
Netherlands and Belgium). These documents date from the 1990s, most
of them from 1995 and 1996, and are to be made available more
easily to business and academia in other countries than the one in
which they have been elaborated. They offer a wealth of data,
insights, self-regulatory experiences and legislative proposals
which show that, despite all the national deep-rooted differences,
the core problems are very similar indeed.
EU policy in the area of corporate governance and capital markets
is being reoriented. Harmonization is less frequently seen as a
concept in company law; regulatory competition is on the rise; and
experiments in soft law are being carried out. Several Member
States have recently reformed their corporate laws, wither as a
reaction to financial scandals or in an effort to enhance
investment. Convergence has increased as a result, particularly
towards Anglo-American standards. Yet differences still exist,
profoundly rooted in national systems of corporate governance. By
contrast, capital markets law would seem to be an exception, having
undergone intense harmonization in the last few years through the
Lamfalussy regulatory architecture. Nonetheless, a European system
of securities regulation is not yet in place. Regulation is
predominantly domestic, while private laws affecting capital
markets are still divergent. This volume examines the ongoing
debate from an interdisciplinary perspective. Part 1 explores the
political determinants of corporate governance and evaluates likely
convergence and the role of regulatory competition. Part 2
considers the Markets in Financial Instruments Directive (MIFID)
and its central role in harmonizing EU securities trading. Part 3
analyzes the MiFID more deeply and explores other measures
including the Prospectus and Transparency Directives. Part 4 offers
future perspectives on the post-FSAP era.
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