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Comparative Corporate Governance PDF

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ComparativeCorporateGovernance Comparative Corporate Governance An Overview on US and Some EU Countries’ Corporate Legislation and Theory Rado Bohinc Management ComparativeCorporateGovernance: AnOverviewonUSandSomeEUCountries’ CorporateLegislationandTheory prof.dr.RadoBohinc Reviewers·Prof.Dr.ŠimeIvanjko andProf.Dr.MarijanKocbek Publishedby·UniversityofPrimorska, FacultyofManagementKoper, Cankarjeva5,6104Koper Designandtypesetting·AlenJežovnik Print-run·300 December2010 ©2010RadoBohinc Publishedwiththesupport fromtheSlovenianBookAgency CIP–Kataložnizapisopublikaciji Narodnainuniverzitetnaknjižnica,Ljubljana 347.722 BOHINC,Rado,1949– Comparativecorporategovernance:anoverviewonUSandsome EUcountries’corporatelegislationandtheory/RadoBohinc.– 1sted.–Koper:FacultyofManagement,2010 ISBN978-961-266-065-9 COBISS.SI-ID254078976 Table of Contents Introduction·21 PartOne CorporateGovernanceinGeneral 1 GeneralTheoryonCorporateGovernance·26 1.1 TheMeaningofCorporateGovernance·26 1.2 CorporateGovernanceinthePostTransitionCountries·28 1.3 ComparativeLawMethod·29 2 TheMainOpenIssuesofCorporateGovernance·32 2.1 TheEuropeanDimensionofTransition·32 2.2 EuropeanCorporateGovernance·33 2.3 One-TierorTwo-TierBoards·35 2.4 TheSplittingupofPower·37 2.5 AbandoningtheConceptofShareholders’Sovereignty? Shareholders’Activism?·38 3 SourcesofLaw·41 3.1 GeneralonInterpretationandHierarchyoftheCorporateLaw·41 3.2 NationalCorporateorCompanyLaws·42 3.3 TheCorporateGovernanceCodes·44 3.4 EUDirectivesontheFieldofCompanyLaw·44 3.5 CommunityRegulationsontheFieldofCorporateLaw·46 3.6 CommissionRecommendationsontheFieldofCorporateLaw·47 3.7 MainEUSourcesofSecuritiesMarketLaw·48 4 OECDPrinciplesofCorporateGovernance·49 4.1 GeneralonOECDPrinciplesofCorporateGovernance·49 4.2 TheMeaningofCorporateGovernance·50 5 OECDGuidelinesforStateOwnedEnterprises·59 5.1 PublicUndertakings·59 5.2 EUDirectivesonPublicUndertakings·59 5.3 StateOwnedEnterprises·60 5.4 OECDStateOwnedEnterprises’Guidelines·61 5 TableofContents PartTwo TypesofBusinessOrganizationsandOwnershipStructure 6 Corporations(Companies),PartnershipsandSoleTraders·68 6.1 GeneralonTypesofCompanies·68 6.2 CorporationsandPartnerships·70 6.3 DistinctionbetweenStructuresandConsequences·71 6.4 CommercialCompaniesandCivilAssociations, SoleProprietorship·71 6.5 EconomicInterestGrouping·72 6.6 Companies,Cooperatives,PrivateInstitutions,Foundations, andSocietiesasNon-ProfitAssociations·72 6.7 PartnershipsandCompanieswithShareCapital·73 6.8 SimilaritiesandDistinctionsbetweenCompanies andPartnerships·74 6.9 CommercialandCivilPartnerships·76 6.10 SpecialFormsofCompanies·77 7 OwnershipStructuresintheUSandEUCorporations·81 7.1 TheGovernanceConsequencesoftheOwnershipStructure·81 7.2 GeneralonOwnershipStructuresinSomeEUCountries·83 7.3 OwnershipStructuresinAustria,Belgium,Germany andFrance·85 7.4 OwnershipIssuesinPostTransitionalCountries·89 PartThree CorporateGovernanceintheEU 8 GeneralonEUCompanyLaw·98 8.1 TheHarmonizationofEUCompanyLaw·98 8.2 TypesofCompaniesintheEU·99 8.3 GeneralonCorporateGovernanceSystemsinSomeEU Countries·100 8.4 TheSystemsofBoards’StructureintheEUCountries·101 8.5 CompositionoftheSupervisoryBoard·102 8.6 SomeRecommendationsfromtheWintersReport·103 9 DirectivesintheFieldofCompanyLaw·104 9.1 FirstCouncilDirective(Disclosure)·104 9.2 SecondCouncilDirective(Capital)·106 9.3 FourthCouncilDirectiveontheAnnualAccounts·107 9.4 SeventhDirectiveonConsolidatedAccounts·110 9.5 EleventhDirectiveonBranches·112 9.6 TwelfthDirectiveonSingleMemberPrivateLimitedLiability Companies·114 9.7 ThirdandSixthDirectives(MergerandDivision)·114 6 TableofContents 9.8 DirectiveonTakeoverBids·115 9.9 OtherDirectivesintheFieldofCompanyLaw·116 10 EUCompanyLawRegulationsandRecommendations·118 10.1 EUCompanyLawRegulations·118 10.2 EUCompanyLawRecommendations·118 10.3 OtherLegalActsintheFieldofCompanyLaw·119 10.4 CommunicationfromtheCommissiononSBE·120 11 EuropeanCompany,SocietasEuropea,SE·121 11.1 GeneralonSE·121 11.2 Formation·122 11.3 TheTwo-tierSystemofCorporateGovernanceofSE·122 11.4 TheOne-tierSystemofGovernanceofSE·125 11.5 RulesCommontotheOne-tierandTwo-tierBoardSystems·126 11.6 ConditionsofMembership·126 11.7 JurisdictionofSE·128 11.8 EmployeeParticipationintheSE·128 12 EuropeanCooperativeSociety(ECS)·131 12.1 GeneralonECS·131 12.2 TheFormationofanECS·132 13 EuropeanEconomicInterestGrouping(EEIG)·133 13.1 CouncilRegulationonEEIG·133 13.2 FormationofanEEIG·133 13.3 GovernanceofEEIG·134 14 EURecommendationontheRoleofNon-Executive orSupervisoryDirectorsofListedCompanies·135 14.1 IndependentNon-executiveorSupervisoryDirectors·135 14.2 ProfileofIndependentNon-ExecutiveorSupervisory Directors·136 PartFour CorporateGovernanceintheUSA 15 CorporateLawintheUSA·140 15.1 SourcesofUSCorporateStateandFederalLaw·140 15.2 ModelBusinessCorporationAct·141 16 GeneralonUSCorporations·142 16.1 TypesofBusiness·142 16.2 CorporateName,RegistrationOffice·142 16.3 IncorporatorsandArticlesofIncorporation·143 16.4 SharesofPreferredorSpecialClasses·144 7 TableofContents 17 TheoreticalBackgroundonCorporateGovernanceintheUSA·145 17.1 SomeTheoreticalIssues·145 17.2 Contra-Managerial(Hegemony)Theory·146 17.3 AgencyCostTheory·146 17.4 RelationalTheoryofBoards(PowerCoalitionTheory)·147 17.5 TheoriesontheNatureoftheCorporation·148 17.6 TheNexusTheoryoftheCorporation(ContractarianModel)·151 17.7 SomeCommentsontheNexusTheory·152 18 StatutoryRegulationoftheUS’BoardofDirectors·155 18.1 DirectorsandOfficersofaCorporation·155 18.2 InitialRegisteredAgentsorInitialDirectors·155 18.3 USSingleBoardSystem·156 18.4 SupervisoryFunctionoftheBoardofDirectors·158 18.5 Shareholders’AgreementonPowersoftheUSBoard·159 18.6 OutsideDirectors·161 18.7 IndependentDirectors·164 18.8 CommitteesoftheBoardofDirectors·165 18.9 NumberandQualificationsRequirementsintheUSA·168 18.10 CumulativeVoting·169 18.11 USClassifiedBoard,FillingofVacanciesontheUSBoard·171 18.12 ShareholdersMeeting·171 PartFive CorporateGovernanceintheUnitedKingdom 19 UnitedKingdomCompanyLawReform·174 19.1 SourcesofUKCompanyLaw·174 19.2 TheCompanies(ModelArticles)Regulations2008·175 20 ClassificationofCompanies·177 20.1 LimitedandUnlimited,PrivateandPublicCompanies·177 20.2 TypesofCompaniesintheUK·177 20.3 GeneralonCompanies·178 20.4 PrivateLimitedCompanies·178 20.5 PublicLimitedCompanies·178 20.6 UnlimitedCompanies·179 20.7 CompaniesLimitedbyGuarantee·179 20.8 CharitableCompanies·180 20.9 LimitedLiabilityPartnerships·180 20.10 SoleTrader·180 21 FormationofaCompany·181 21.1 GeneralonFormationofaCompany·181 8 TableofContents 21.2 Name,RegisteredOffice·181 21.3 Objects·182 21.4 AssociationClauseandSubscription·182 21.5 Capital·182 21.6 TheRaisingofCapital·183 21.7 IssueataDiscount,atPremiumandforOther Considerations·184 21.8 PurchasedbyCompanyofitsOwnShares·184 21.9 TransferofShares·184 22 CorporateGovernanceintheUK·186 22.1 TheDivisionofPowers·186 22.2 CompositionoftheBoardofDirectors·187 22.3 PowersofDirectors·187 22.4 AppointmentofDirectors·188 22.5 RemovalofDirectors·189 22.6 Qualification,VacationofOffice·189 22.7 Decision-MakingbyDirectors·190 22.8 BoardMeetings·191 22.9 Committees·192 23 NatureofthePositionofDirector·193 23.1 DirectorsasLegalAgentsoftheCompany·193 23.2 PowerofDirectorstoBindtheCompany·194 24 TypesofDirectorsinUKLaw·195 24.1 ExecutiveandNonExecutiveDirectors·195 24.2 AlternateDirector·196 24.3 DeFactoandShadowDirectors·196 24.4 PersonsConnectedwithaDirector·196 24.5 Director‘Controlling’aBodyCorporate andAssociatedBodiesCorporate·197 25 DutiesandLiabilitiesofDirectorsunderUKLaw·199 25.1 GeneralonDutiesofDirectorsunderUKLaw·199 25.2 Directors’FiduciaryDuties·201 25.3 DutytoActwithinPowers·201 25.4 DutytoPromotetheSuccessoftheCompany·202 25.5 DutytoExerciseIndependentJudgment·203 25.6 DutytoAvoidConflictsofInterest·203 25.7 DutynottoAcceptBenefitsfromThirdParties·204 25.8 DutytoDeclareInterestinaProposedTransaction orArrangement·204 25.9 Directors’LiabilitiesunderUKLaw·206 9 TableofContents 26 ConflictofDirectors’DutiesandInterests·208 26.1 GeneralonConflictofInterest·208 26.2 DeclarationofinterestinanExistingTransaction orArrangement·209 26.3 TransactionRequiringtheApprovalofMembers·210 26.4 Directors’Long-TermServiceContracts·211 26.5 SubstantialPropertyTransactions·211 26.6 Loans,Quasi-LoansandCreditTransactions·213 26.7 PaymentforLossofOfficetoaDirector·214 26.8 AdditionalRequirementsforMembers’Approval·214 26.9 CivilConsequencesofPaymentsMadewithoutApproval·215 PartSix CorporateGovernanceinGermany 27 SourcesofGermanCompanyLaw·218 27.1 GermanLegalSystem·218 27.2 GermanCompanyLaw·218 27.3 TheGermanCorporateGovernanceCode·221 28 PartnershipsandCompaniesinGermany·222 28.1 CivilandCommercialPartnerships·222 29 PublicLimitedCompany,JointStockCompany, StockCorporation(Aktiengesellschaft)·224 29.1 Formation(Gründung)ofanAG·224 29.2 Name·225 29.3 RegisteredOffice·225 29.4 Object·225 29.5 OneManLimitedCompany·226 30 CapitalofanAG·227 30.1 TypesofShares·227 30.2 ParorNon-ParValueShares·228 30.3 OwnShares·228 30.4 DebenturesorBondsofanAG·229 31 GeneralonGermanCorporateGovernance·231 31.1 BasicStructureofGermanCorporateGovernance·231 31.2 CorporateGovernanceintheGermanCorporateGovernance Code·232 31.3 TheTwo-TierSystemisCompulsoryforAG·233 31.4 TheManagementBoardManagesatitsOwnResponsibility·234 32 ManagementBoard·235 32.1 DutiesoftheManagementBoard·235 10

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Comparative. Corporate. Governance. An Overview on US and Some EU Countries'. Corporate Legislation and Theory. Rado Bohinc. Management Design and typesetting · Alen Ježovnik. Print-run · 300. December 2010 The Governance Consequences of the Ownership Structure · 81. 7.2. General
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