cambridge university press convergence in shareholder law jan 2008 kho tài liệu bách khoa

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CONVERGENCE IN SHAREHOLDER LAW

On the one hand, it can be argued that the increasing economic and political interdependence of countries has led to the convergence of national legal
systems. On the other hand, advocates of the counterhypothesis maintain
that this development is both unrealistic and unnecessary.
Mathias Siems examines the company law of the UK, the USA,
Germany, France, Japan and China to see how this issue affects shareholder law. The author subsequently analyses economic and political factors which may or may not lead to convergence, and assesses the extent of
this development. Thus, Convergence in Shareholder Law not only provides
a thorough comparative legal analysis but also shows how company law
interconnects with political forces and economic development and helps
in evaluating whether harmonisation and shareholder protection should
be enhanced.
mathias m. siems is a Reader in Commercial Law at the University of
Edinburgh and a Research Associate at the Centre for Business Research,
University of Cambridge.


international corporate law and
financial market regulation
Recent years have seen an upsurge of change and reform in corporate law and
financial market regulation internationally as the corporate and institutional
investor sector increasingly turns to the international financial markets. This
follows large-scale institutional and regulatory reform after a series of
international corporate governance and financial disclosure scandals
exemplified by the collapse of Enron in the US. There is now a great demand for
analysis in this area from the academic, practitioner, regulatory and policy
sectors.

The International Corporate Law and Financial Market Regulation series will
respond to that demand by creating a critical mass of titles which will address
the need for information and high quality analysis in this fast developing area.
Series Editors
Professor Eilis Ferran, University of Cambridge
Proessor Niamh Moloney, University of Nottingham
Professor Howell Jackson, Harvard Law School
Editorial Board
Professor Marco Becht, Professor of Finance and Economics at Universit´e Libre
de Bruxelles and Executive Director of the European Corporate Governance
Institute (ECGI).
Professor Brian Cheffins, S.J. Berwin Professor of Corporate Law at the Faculty
of Law, University of Cambridge.
Professor Paul Davies, Cassel Professor of Commercial Law at the London
School of Economics and Political Science.
Professor Luca Enriques, Professor of Business Law in the Faculty of Law at the
University of Bologna.
Professor Guido Ferrarini, Professor of Law at the University of Genoa and
Honorary Professor, Faculty of Law, University College London.
Professor Jennifer Hill, Professor of Corporate Law at Sydney Law School.
Professor Klaus J. Hopt, Director of the Max Planck Institute of Comparative
and International Private Law, Hamburg, Germany.
Professor Hideki Kanda, Professor of Law at the University of Tokyo.
Professor Colin Mayer, Peter Moores Professor of Management Studies at the
Sa¨ıd Business School and Director of the Oxford Financial Research Centre.
James Palmer, Partner of Herbert Smith, London.
Professor Michel Tison, Professor at the Financial Law Institute of the
University of Ghent.
Andrew Whittaker, General Counsel to the Board at the UK Financial Services
Authority.

Professor Eddy Wymeersch, Chairman of the Committee of European Securities
Regulators (CESR), Co-Chair of the CESR-European Central Bank Working
Group on Clearing and Settlement, and part time Professor of Commercial Law,
University of Ghent, Belgium.


CONVERGENCE IN
SHAREHOLDER LAW
MATHIAS M. SIEMS


CAMBRIDGE UNIVERSITY PRESS

Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore, São Paulo
Cambridge University Press
The Edinburgh Building, Cambridge CB2 8RU, UK
Published in the United States of America by Cambridge University Press, New York
www.cambridge.org
Information on this title: www.cambridge.org/9780521876759
© Mathias Siems 2008
This publication is in copyright. Subject to statutory exception and to the provision of
relevant collective licensing agreements, no reproduction of any part may take place
without the written permission of Cambridge University Press.
First published in print format 2007

ISBN-13 978-0-511-39307-5

eBook (EBL)

ISBN-13 978-0-521-87675-9

hardback

Cambridge University Press has no responsibility for the persistence or accuracy of urls
for external or third-party internet websites referred to in this publication, and does not
guarantee that any content on such websites is, or will remain, accurate or appropriate.


CONTENTS

Preface and acknowledgments
List of abbreviations
x
Table of cases
xix
Table of legislation
xxiii
Introduction

page ix

1

part i The object and course of the investigation
1.
I.
II.
III.
IV.
V.

Dimensions of convergence in shareholder law

The spatial dimension: the legal systems covered
7
The objective dimension: the shareholder of a joint stock company
The temporal dimension
17
The methodological dimension
23
Summary
26

part ii The status quo of convergence
2.

Legal bases

31

I.
II.
III.
IV.
V.

International and regional law
31
Statute law and case law
34

Company and securities law
37
Self-regulation and state regulation
Conclusion
59

3.

Bases for a shareholder typology

I.
II.
III.

7

The shareholder in the theoretical debate
Real types of shareholder
64
Conclusions
66

v

45

60
60

10

vi

contents

4.
I.
II.
III.
IV.
V.

5.

The ‘shareholder as such’

68

The profit-oriented shareholder
68
The active shareholder
87
The informed shareholder
120
The anonymous shareholder
136
Conclusions to this chapter
147

The shareholder in the power structure of the company

I.
II.
III.
IV.

The deciding shareholder
The protected shareholder
The litigating shareholder
Conclusions to this chapter

150
174
210
222

6.

Conclusions to Part II

224

I.
II.
III.

Divergence and convergence
224
Globalization and Americanization

Convergence and artificial convergence

149

226
228

part iii Developmental trends and patterns
7.
I.
II.
III.
IV.

8.
I.
II.
III.
IV.
V.

9.
I.
II.
III.
IV.
V.
VI.

Bases

231

The dependency of shareholder law
Regulatory levels of shareholder law
Regulatory forms at the national level
Conclusions to this chapter
248

Convergence through congruence

231
239
244

250

General cultural and economic-policy approximation
The convergence of legal cultures
255
Internationalization of the economy
263
Approximation of shareholder structures
277
Legislative responses
290

Convergence through pressure

250

297

Pressure from company founders
297
Pressure from management
307
Pressure from shareholders
310
Pressure from other interest groups
314
Pressure from international organizations and foreign states
Legislative responses
317

316


contents

10.
I.
II.

vii

Future convergences in shareholder law

336

The ‘shareholder as such’
336
The shareholder in the power structure of the company

11.

Conclusions to Part III

I.
II.
III.

Re-regulation
366
Convergence forces
367
Changes in future law
368

366

part iv Conclusion
12.

Convergence as a model for the future

I.
II.
III.
IV.

Convergence ‘from above’
373
Convergence ‘from below’
381
The object of convergence in shareholder law
Conclusion
395

13.

Summary of principal findings
References
401
Index
451

396

373

391

353



PREFACE AND ACKNOWLED GMENTS

In the last fifteen years, the words ‘globalization’, ‘internationalization’

and ‘Europeanization’ have been seen and heard everywhere. The legal
discussion has been no exception: on the one hand, it has sometimes
been claimed that national legal systems are increasingly convergent. On
the other hand, advocates of the counterhypothesis maintain that convergence of legal systems is neither realistic nor necessary. This book takes a
look at how to approach this issue in relation to shareholder law. Although
there are already some publications which deal with company law convergence, the reader is often left disappointed. With respect to similarities
and differences between countries, the previous literature is dominated
by broad statements about different corporate governance systems and
anecdotal stories of convergence. A detailed legal analysis is, however,
lacking. Similarly, with respect to convergence forces and hurdles, there
has often been only a perfunctory analysis of particular topics, such as
regulatory competition or shareholder ownership. But, again, a coherent
and comprehensive account is missing. Thus, this book aims at filling that
gap. Its structure is as follows. First, it compares the company laws of the
United Kingdom, the USA, Germany, France, Japan and China. Secondly,
it analyzes economic and political factors, which might (or might not)
lead to convergence. Finally, it assesses this development.
I started writing the German version of this monograph in June
2001 when I was just finishing my LLM in Edinburgh. Since then I
have worked and lived in Paris, Berlin, Hamburg, Florence, Cambridge
(Massachusetts), Riga, Cambridge (England), and again Edinburgh. I
thank everyone who encouraged my research. Specifically for the English
edition, I would like to thank Iain Fraser (Florence), Chris Goddard (Riga)
and Kim Hughes (Cambridge University Press) for their help and support, as well as Eil´ıs Ferran, Niamh Moloney and Howell Jackson as the
editors of the series on International Corporate Law and Financial Market
Regulation.
ix


ABBREVIATIONS

AC
AcP
AG
ALI-Principles

All ER
ALR
Am. J. Comp. L.
Amer. Econ. Rev.
Ariz. J. Int’l & Comp. L.

BB
BCLC
Bell J. Econ.
Berkeley Bus. L.J.
Berkeley J. Int’l L.
BGBl.
BGH
BGHZ
BJIR
Bond L. Rev.
Brook. J. Int’l L.
BT-Drucks.

UK Law Reports: Appeal Cases
Archiv f¨ur die civilistische Praxis
Aktiengesellschaft
American Law Institute (ALI), Principles
of Corporate Governance: Analysis and

Recommendations, 1994
All England Law Reports
Australian Law Reports
American Journal of Comparative Law
American Economic Review
Arizona Journal of International and
Comparative Law
Betriebs-Berater
Butterworths Company Law Cases
Bell Journal of Economics and
Management Science
Berkeley Business Law Journal
Berkeley Journal of International Law
German Federal Law Gazette
(Bundesgesetzblatt)
German Supreme Court
(Bundesgerichtshof)
Decisions of the German Supreme Court
(in private law matters)
British Journal of Industrial Relations
Bond Law Review
Brooklyn Journal of International Law
Printed Matters of the German Bundestag
(Bundestagsdrucksacke)
x


list of abbreviations

BU Int’l L.J.

Bus. Hist.
Bus. Law.
BVerfG
BVerfGE
C. & SLJ
Cal. App.
Cal. L. Rev.
Cal. Rptr.
CalGCL
CalPERS
Cardozo J. Int’l & Comp. L.
Cardozo L. Rev.
CEO
CFO
ch., chs., Ch., Chs.
Ch., ChD
ChinArticles

ChinCA
ChinCG-Code

ChinMandProv

ChinSA

xi

Boston University International Law
Journal
Business History

Business Lawyer
German Constitutional Court
(Bundesverfassungsgericht)
Decisions of the German Constitutional
Court
Company and Securities Law Journal
California Appellate Reports
California Law Review
California Reporter
California General Corporation Law
California Public Employees’ Retirement
System
Cardozo Journal of International and
Comparative Law
Cardozo Law Review
Chief Executive Officer
Chief Financial Officer
Chapter, Chapters
UK Law Reports: Chancery Division
Chinese Guide to Articles of Association
of Companies Limited by Shares of
6 December 1997
Chinese Companies Act
Code of Corporate Governance for Listed
Companies of the China Securities
Regulatory Commission (CSRC) (English
translation available at
www.csrc.gov.cn/en/homepage/
index en.jsp)
Chinese Mandatory Provisions in the

Articles of Association for Companies
Listed Overseas of 27 August 1994
(English translation available at China
Law and Practice, Vol. 9 (1995), No. 4,
p. 19)
Chinese Securities Act


xii

list of abbreviations

CLJ
Colum. Bus. L. Rev.
Colum. J. Eur. L.
Colum. J. Transnat’l L.
Colum. L. Rev.
Comp. Law.
Comp. L. L. & Pol’y J.
Conn. J. Int’l L.
Cornell Int’l L.J.
Cornell L. Rev.
CSRC

Cambridge Law Journal
Columbia Business Law Review
Columbia Journal of European Law
Columbia Journal of Transnational Law
Columbia Law Review
Company Lawyer

Comparative Labor Law and Policy Journal
Connecticut Journal of International Law
Cornell International Law Journal
Cornell Law Review
China Securities Regulatory Commission

DB
DC Cir.

Der Betrieb
United States Court of Appeals for the
District of Columbia
Delaware Court of Chancery
Delaware Journal of Corporate Law
Delaware Supreme Court
Delaware General Corporation Law
Deutsches Steuerrecht
Deutsche Schutzvereinigung f¨ur
Wertpapierbesitz e.V.

Del. Ch.
Del. J. Corp. L.
Del. Supr.
DelGCL
DStR
DSW

EBLR
EBOR
EC

ECFR
ECJ
ECR
EEC
ELJ
E.L. Rev.
EU
Europ. Econ. Rev.
Europ. J. Law & Econ.
EuZW

European Business Law Review
European Business Organization Law
Review
European Community; Treaty
establishing the European Community
European Company and Financial Law
Review
European Court of Justice
European Court Reports
European Economic Community
European Law Journal
European Law Review
European Union
European Economic Review
European Journal of Law and Economics
Europ¨aische Zeitschrift f¨ur Wirtschaftsrecht


list of abbreviations

xiii

EWS

Europ¨aisches Wirtschafts- und Steuerrecht

FASB

Financial Accounting Standards Board
(USA)
Fordham International Law Journal
Code de Commerce (France)
Principes de gouvernement d’entreprise
r´esultant de la consolidation des rapports
conjoints de l’AFEP et du MEDEF, 2003
Code mon´etaire et financier (France)
D´ecret No. 67-236 sur les soci´et´es
commerciales (France)
R`eglement g´en´eral de l’Autorit´e des
march´es financiers (AMF) (France)
Financial Services Authority

Ford. Int. L.J.
FrCCom
FrCG-Principles

FrCMon
FrD´ecret
FrRGAMF

FSA
Ga. L. Rev.
GATS
Geo. L.J.
GerAktG
GerBGB
GerB¨orsG
GerB¨orsZulV

GerCGK

GerFGG
GerGmbHG

GerHGB

Georgia Law Review
General Agreement on Trade in Services
Georgetown Law Journal
German Law on Joint-Stock Companies
(Aktiengesetz)
German Civil Code (B¨urgerliches
Gesetzbuch)
German Stock Exchange Act
(B¨orsengesetz)
German Stock Exchange Admission
Regulation
(B¨orsenzulassungsverordnung)
German Corporate Governance Code
(Deutscher Corporate Governance

Kodex) (English version available at
www.corporate-governancecode.de/index-e.html)
German Ex-Parte Jurisdiction Act (Gesetz
u¨ ber die freiwillige Gerichtsbarkeit)
German Law on Private Liability
Companies (Gesetz betreffend die
Gesellschaft mit beschr¨ankter Haftung)
German Commercial Code
(Handelsgesetzbuch)


xiv

GerStGB
GerUmwG
GerWpHG
¨
GerWpUG

GerZPO

list of abbreviations

German Criminal Code
(Strafgesetzbuch)
German Transformation Act
(Umwandlungsgesetz)
German Securities Trading Act
(Wertpapierhandelsgesetz)
German Takeover Act

(Wertpapiererwerbs- und
¨
Ubernahmegesetz)
German Code of Civil Procedure
(Zivilprozessordnung)

Harv. Bus. Rev.
Harv. Int’l L.J.
Harv. J. on Legis.
Harv. L. Rev.

Harvard Business Review
Harvard International Law Journal
Harvard Journal on Legislation
Harvard Law Review

IAS
IASB

International Accounting Standard
International Accounting Standards
Board
International Business Lawyer
International and Comparative Corporate
Law Journal
International Company and Commercial
Law Review
International and Comparative Law
Quarterly
International Financial Law Review

International Financial Reporting
Standards
The International Lawyer
International Monetary Fund
International Journal of Business
International Review of Law and
Economics
International Organization of Securities
Commissions

IBL
ICCLJ
ICCLR
ICLQ
IFLR
IFRS
Int. L.
IMF
Int. J. Bus.
Int’l Rev. L. & Econ.
IOSCO

JapCA

ˆ
Japanese Corporation Act (kaisha ho),
Law No. 86/2005


list of abbreviations

JapCC
JapCCExcA

JapCG-Principles

JapSEA
JBL
J. Corp. L.
JCL
JCLS
JCMS
JCP
J. Econ. Manage. Strategy
J. Empirical Legal Stud.
J. Finance
J. Finan. Econ.
JJS
J. L. & Econ.
J. L. Econ. & Org.
J. Legal Stud.
J. Polit. Economy
JZ
Law & Pol’y Int’l Bus.
Law & Soc. Inquiry
Loy. LA Int’l & Comp. L.J.
LQR
LSE
MBCA
Melbourne U. L. Rev.

xv

ˆ o),
ˆ Law
Japanese Commercial Code (Shoh
No. 48/1899
Japanese law for special exceptions to the
Commercial Code concerning audit, etc.
of joint stock companies (Kabushiki
ˆ oˆ no
gaisha no kans toˆ ni kansuru shoh
ˆ
tokurei ni kansuru horitsu),
Law No.
22/1974
Tokyo Stock Exchange, Principles of
Corporate Governance for Listed
Companies 2004.
Japanese Securities and Exchange Act
ˆ
ˆ Law No. 25/1948
(Shoken
torihikoho),
Journal of Business Law
Journal of Corporation Law
Journal of Comparative Law
Journal of Corporate Law Studies
Journal of Common Market Studies
Juris Classeur P´eriodique

Journal of Economics and Management
Strategy
Journal of Empirical Legal Studies
Journal of Finance
Journal of Financial Economics
Journal of Japanese Studies
Journal of Law and Economics
Journal of Law, Economics and
Organization
Journal of Legal Studies
Journal of Political Economy
Juristenzeitung
Law and Policy in International Business
Law and Social Inquiry
Loyola of Los Angeles International and
Comparative Law Journal
Law Quarterly Review
London Stock Exchange
Model Business Corporation Act (USA)
Melbourne University Law Review


xvi

Mich. L. Rev.
Minn. J. Global Trade
MJ
MLR
NAFTA
NC J. Int’l & Com. Reg.

NJW
No(s).
Nw. J. Int’l L. & Bus.
Nw. U. L. Rev.
NYBCL
NY Int’l L. Rev.
NYL Sch. J. Int’l &
Comp. L.
NYSE
NYSE Manual
NYU L. Rev.
NZG
OECD
OECD-Principles

OJLS
Penn St Int’l L. Rev.
QJ Econ.
RabelsZ
Rev.int.dr.comp.
Rev. Int. Polit. Economy
Rev.soc.
RG

list of abbreviations

Michigan Law Review
Minnesota Journal of Global Trade
Maastricht Journal of European and
Comparative Law

Modern Law Review
North American Free Trade Agreement
North Carolina Journal of International
Law and Commercial Regulation
Neue Juristische Wochenschrift
Number(s)
Northwestern Journal of International Law
and Business
Northwestern University Law Review
New York Business Corporation Law
New York International Law Review
New York Law School Journal of
International and Comparative Law
New York Stock Exchange
Listed Company Manual of the New York
Stock Exchange
New York University Law Review
Neue Zeitschrift f¨ur Gesellschaftsrecht
Organization for Economic Co-operation
and Development
OECD Principles of Corporate
Governance (available at
www.oecd.org/dataoecd/32/18/
31557724.pdf)
Oxford Journal of Legal Studies
Penn State International Law Review
Quarterly Journal of Economics
Rabels Zeitschrift f¨ur ausl¨andisches und
internationales Privatrecht
Revue internationale du droit compar´e

Review of International Political Economy
Revue des soci´et´es
Supreme Court of the German Reich
(Reichsgericht)


list of abbreviations

RGZ
RIW
s. (ss.)
S. Cal. L. Rev.
Sarbanes–Oxley Act 2002

SE
SE-Reg

SEC

SI
St John’s J. Legal Comment.
St Louis U. L.J.
Stan. L. Rev.
Transnat’l L. & Contemp.
Probs.
Transnat’l Law.
Tul. L. Rev.
U. Chi. L. Rev.
U. Cin. L. Rev.
UC Davis L. Rev.

UCLA Pac. Basin L.J.
U. Pa. J. Int’l Econ. L.
U. Pa. L. Rev.
U. Pitt. L. Rev.
UK-CA
UK-City Code

UK-Combined Code

xvii

Decisions of the Supreme Court of the
German Reich
Recht der internationalen Wirtschaft
section(s), sentence(s)
Southern California Law Review
Sarbanes–Oxley Act (Public Company
Accounting Reform and Investor
Protection Act) (USA) of 30 July 2002
Societas Europaea (European Company)
Council Regulation (EC) No. 2157/2001
of 8 October 2001 on the Statute for a
European Company (SE)
Securities Exchange Commission (USA);
Regulations and Rules of the SEC based
on Securities Exchange Act of 1934; 17
CFR Parts 200–301
Statutory Instrument
Saint John’s Journal of Legal Commentary
Saint Louis University Law Journal

Stanford Law Review
Transnational Law and Contemporary
Problems
Transnational Lawyer
Tulane Law Review
University of Chicago Law Review
University of Cincinnati Law Review
UC Davis Law Review
UCLA Pacific Basin Law Journal
University of Pennsylvania Journal of
International Economic Law
University of Pennsylvania Law Review
University of Pittsburgh Law Review
Companies Act 2006 (United Kingdom)
City Code on Takeovers and Mergers of
the Panel on Takeovers and Mergers
(United Kingdom)
Combined Code on Corporate
Governance (United Kingdom)


xviii

UK-FSMA

list of abbreviations

US-UCC

Financial Services and Markets Act 2000

(United Kingdom)
UK Listing Rules
Table A of the Companies (Table A to F)
Regulations 1985 (United Kingdom)
Generally Accepted Accounting Principles
(USA)
Securities Act of 1933 (USA), ch. 38, 48
Stat. 7, codified at 15 USC secs. 77a–77m
Securities Exchange Act of 1934 (USA),
ch. 404, 48 Stat. 881, codified at 15 USC
secs. 78a–78kk
Uniform Commercial Code (USA)

Va. J. Int’l L.
Va. L. Rev.
Vill. L. Rev.

Virginia Journal of International Law
Virginia Law Review
Villanova Law Review

Wash. ULQ
WLR
WM
WTO

Washington University Law Quarterly
Weekly Law Reports
Wertpapier-Mitteilungen
World Trade Organization

Yale J. Int’l L.
Yale J. on Reg.
Yale L.J.

Yale Journal of International Law
Yale Journal on Regulation
Yale Law Journal

ZEuP
ZfRV
ZGR

Zeitschrift f¨ur Europ¨aisches Privatrecht
Zeitschrift f¨ur Rechtsvergleichung
Zeitschrift f¨ur Unternehmens- und
Gesellschaftsrecht
Zeitschrift f¨ur das gesamte Handels- und
Wirtschaftsrecht
Zeitschrift f¨ur Japanisches Recht
Zeitschrift f¨ur Rechtspolitik
Zeitschrift f¨ur vergleichende
Rechtswissenschaft

UK-Listing Rules
UK-Table A
US-GAAP
US-SA
US-SEA

ZHR
ZJapanR
ZRP
ZVglRWiss


TABLE OF CASES

European Union
Centros Ltd v. Erhervsog Selskabsstyrelsen, C-212/97 [1999] ECR I-1459 298, 300,
302
Commission v. Belgium, C-503/99 [2002] ECR I-4809 185
Commission v. French Republic, C-483/99 [2002] ECR I-4781 185
Commission v. Portugal, C-367/98 [2002] ECR I-4731 185
´
Hughes de Lasteyrie du Saillant v. Minist`ere de l’Economie,
des Finances et de
l’Industrie, C-9/02 [2004] ECR I-2409 301
Kamer van Koophandel en Fabrieken voor Amsterdam v. Inspire Art Ltd, C-167/01
[2003] ECR I-10155 302, 303, 384
SEVIC Systems AG, C-411/03 [2005] ECR I-10805 269, 301
The Queen v. Daily Mail and General Trust plc, C-81/87 [1988] ECR I-5483 302
¨
Uberseering
BV v. Nordic Construction Company Baumanagement GmbH (NCC),
C-275/17 [2002] ECR I-9919 301, 302
Waltraud Tomberger v. Gebr¨uder von der Wettern GmbH, C-234/94 [1996] ECR
I-3133 132

United Kingdom

Adams v. Cape Industries plc [1990] Ch 433 (Court of Appeal) 70
Alexander v. Automatic Telephone Co. [1990] 2 Ch 56 (Court of Appeal) 176
Brady v. Brady [1988] BCLC 20 (Court of Appeal) 178, 179
Bushell v. Faith [1970] AC 1099 (House of Lords) 114
Carruth v. Imperial Chemical Industries Ltd [1937] AC 707 (House of Lords) 199
City Equitable Fire Insurance Co., Re [1925] 1 Ch 407 (Court of Appeal) 192
Creasey v. Breachwood Motors Ltd [1993] BCLC 480 (Queen’s Bench) 70
DHN Food Distributors Ltd v. Tower Hamlets LBC [1976] 1 WLR 852 (Court of
Appeal) 70
Ebrahimi v. Westbourne Galleries Ltd [1972] 2 All ER 492 (Chancery Division) 202
Edwards v. Halliwell [1950] 2 All ER 1064 (Court of Appeal) 220
Foss v. Harbottle (1843) 2 Hare 461 (House of Lords) 213
Isle of Wight Ry v. Tahourdin (1883) 25 ChD 320 (Court of Appeal) 152

xix


xx

table of cases

Normandy v. Ind, Coope & Co. [1908] 1 Ch 84 (Chancery Division) 99
Re a Company (No. 00709 of 1992) [1999] 1 WLR 1092 (O’Neill v. Phillips) (House of
Lords) 35, 207
Salomon v. Salomon & Co. [1897] AC 22 (House of Lords) 70
Smith & Fawcett Ltd, Re [1942] Ch 304 (Court of Appeal) 72, 192
Wall v. London & Northern Assets Corporation Ltd [1898] 2 Ch 469 (Court of Appeal)
110
Wallersteiner v. Moir (No. 2) [1975] 1 All ER 849 (Court of Appeal) 214
Weller (Sam) & Sons Ltd, Re [1990] BCLC 80 (Chancery Division) 74

West Mercia Safetywear Ltd v. Dodd [1988] BCLC 250 (Court of Appeal) 179
Yukong Line Ltd v. Rendsburg Investment Corporation [1998] 1 WLR 294 (Queen’s
Bench) 70

United States
A. P. Smith Mfg Co. v. Barlow, 98 A 2d 581 (New Jersey 1953) 179
Allied Chemical & Dye Corp. v. Steel & Tube Co. of America, 14 Del. Ch. 1, 120 A 486
(1923) 202
Aronson v. Lewis, 473 A 2d 805 (Del. 1984) 213
Auerbach v. Bennett, 47 NY 2d 619; 393 NW 2d 994; 419 NYS 2d 920 (1979) (NY
Court of Appeals) 213
Baatz v. Arrow Bar, 426 NW 2d 298 (South Dakota 1990) 70
Business Roundtable v. SEC, 905 F 2d 406 (DC Cir. 1990) 114
Dodge v. Ford Motor Co., 170 NW 668 (Michigan 1919) 179
Edgar v. MITE, 487 US 624 (1982) (US Supreme Court) 184
Eshleman v. Keenan, 22 Del. Ch. 82; 194 A 40 (1937); aff’d 23 Del. Ch. 234; 2 A 2d 904
(1938) 72
Fleigler v. Lawrence, 361 A 2d 218 (Del. 1976) 200
Foster v. Florida, 537 US 990 (US Supreme Court 2002) 386
Gimbal v. Signal Companies, 316 A 2d 599 (Del. Ch.); aff’d in part 316 A 2d 619 (Del.
1974) 166
Harris v. Carter, 582 A 2d 222 (Del. Ch. 1990) 206
Hartford Accident & Indemnity Co. v. W. S. Dickey Clay Mfg Co., 26 Del. Ch. 16; 21 A
2d 178 (1941), aff’d 26 Del. Ch. 411; 24 A 2d 315 (1942) 202
Havlicek v. Coast-to-Coast Analytical Services Inc., 46 Cal. Rptr 2d 696; 39 Cal. App.
4th 1844 (1995) 320
Hoschett v. TSI International Software Ltd, 683 A 2d 43 (Del. Ch. 1996) 62
Inhabitants of Waldoborough v. Knox and Lincoln R. R., 24 A 942 (Maine 1892) 169
Kahn v. Lynch Communication Systems Inc., 638 A 2d 1110 (Del. 1994); 669 A 2d 79
(Del. 1995) 170

Kinney Shoe Corp. v. Polan, 939 F 2d 209 (4th Cir. 1991) 70
Lawrence v. Texas, 123 S Ct 2472 (US Supreme Court 2003) 386


table of cases

xxi

Laya v. Erin Homes Inc., 352 SE 2d 93 (West Virginia 1986) 70
Liggett v. Lee, 288 US 517 (US Supreme Court 1933) 298
North American Asbestos Corp. v. Superior Court, 225 Cal. Rptr 877; 180 Cal. App. 3d
902 (1986) 320
Paramount Communications Inc. v. QVC Network Inc., 637 A 2d 34 (Del. Ch. 1994)
184
Paul v. Virginia, 75 US 168 (US Supreme Court 1868) 299
Providence & Worcester Co. v. Baker, 378 A 2d 121 (Del. 1977) 114
Revlon Inc. v. MacAndrews & Forbes Holdings Inc., 506 A 2d 173 (Del. Supr 1986)
184
Sea-Land Corp. Shareholders Litigation, Re, No. 8453, 1987 WL 11283 (Del. Ch. 1987)
206
Sea-Land Services v. Pepper Source, 941 F 2d 519 (7th Cir. 1991) 70
Shamrock Assocs. v. Texas Am. Energy Corp., 517 A 2d 658 (Del. Ch. 1986) 143
Sinclair Oil Corp. v. Levien, 280 A 2d 717 (Del. 1971) 72, 192
Smith v. Van Gorkum, 488 A 2d 858 (Del. Supr, 1985) 191
State ex rel. Cochran v. Penn-Beaver Oil Co., 34 Del. 81, 143 A. 257 (1926) 124
State ex rel. Healy v. Superior Oil Corp., 40 Del. 460; 13 A 2d 453 (1940) 124
Stoud v. Grace, 606 A 2d 75 (Del. Supr 1992) 103
Thorpe v. CERBCO Inc., 676 A 2d 436 (Del. 1996) 206
Treves v. Menzies, 37 Del. Ch. 330; 142 A 2d 520 (1958) 72
Unocal Corp. v. Mesa Petroleum Co., 493 A 2d 946 (Del. Supr 1985) 184

Valtz v. Penta Invest. Corp., 188 Cal. Rptr 922l 139 Cal. App. 3d 803 (1983) 320
Walkovszky v. Carlton, 276 NYS 2d 585 (2nd Cir. 1966) 70
Weinberger v. UOP Inc., 457 A 2d 701 (Del. 1983) 202
Wilson v. Louisiana-Pacific Resources Inc., 187 Cal. Rptr 852; 138 Cal. App. 3d 216
(1983) 320
Zapata Corp. v. Maldonado, 430 A 2d 779 (Del. 1981) 213

Germany
BGH, BGHZ 3, 90 158
BGH, BGHZ 8, 348 158
BGH, BGHZ 10, 187 158
BGH, BGHZ 20, 4 70
BGH, BGHZ 48, 163 55
BGH, BGHZ 54, 222 70
BGH, BGHZ 68, 312 70
BGH, BGHZ 70, 122 87
BGH, BGHZ 71, 40 204
BGH, BGHZ 76, 352 204
BGH, BGHZ 83, 122 (Holzm¨uller)

35, 166


xxii

table of cases

BGH, BGHZ 83, 319 204
BGH, BGHZ 99, 211 172
BGH, BGHZ 103, 184 (Linotype) 204

BGH, BGHZ 107, 296 219
BGH, BGHZ 114, 127 158
BGH, BGHZ 122, 123 70
BGH, BGHZ 125, 239 (Deutsche Bank) 204
BGH, BGHZ 129, 136 (Girmes) 204
BGH, BGHZ 132, 278 363
BGH, BGHZ 135, 244 (ARAG/Garmenbeck) 193, 215
BGH, BGHZ 136, 133 (Siemens/Nold) 49, 204
BGH, BGHZ 146, 179 (MEZ) 122, 219
BGH, BGHZ 153, 57 (Macrotron) 164, 204, 205, 207, 219
BGH, BGHZ 159, 30 (Gelatine) 35, 167
BGH, BGHZ 160, 149 (Infomatec) 197
BGH, NJW 1983, 1910 55
BGH, NJW 1992, 569 219
BGH, NJW 1999, 3197 204
BGH, NJW 2001, 1428 (Aqua-Butzke) 122, 219
BGH, WM 1987, 174 80
BGH, ZIP 1994, 867 70
BGH, ZIP 2005, 2207 (Mangusta/Commerzbank II) 204
BVerfG, BVerfGE 13, 331 70
BVerfG, BVerfGE 100, 289 209
BVerfG, NJW 2001, 279 (Moto Meter) 209, 219
RG, RGZ 68, 235 (Hibernia) 201
RG, RGZ 133, 90 55
ROHG, ROHG XI, 118 192

Other countries
Cour de Cassation, Chambre commerciale et financi`ere, JCP 1961 II, 69087 (Piquard)
(France) 203
Cour de Cassation, Rev.soc. 1998, 337 (France) 209

Gambotto v. WCP Ltd (1995) 127 ALR 417 (High Court of Australia) 61, 209
Howard Smith Ltd v. Ampol Petroleum Ltd [1974] AC 821 (Privy Council) 152, 192
Lee v. Lee’s Air Farming Ltd [1961] AC 12 (Privy Council) 70


TABLE OF LEGISLATION

OECD
OECD Principles of Corporate Governance 2004

32

Foreword 241
Preamble 38
No. II. A.3 135
No. II.B.1 162
No. II.B.2 163
No. II.B.3 165
No. II. C.no.2 135
No. II. C.3 160
No. II.E.2 182
No. II. F 119
No. II.G 139
No. III. pr. 211
No. III. A 203
No. III. A.1 66
No. IV. A 180, 227

European Union
Commission Recommendation of 12 December 2004 fostering an appropriate regime

for the remuneration of directors of listed companies, 2004/913/EC 33, 160, 189
Commission Recommendation of 15 February 2005 on the role of non-executive or
supervisory directors of listed companies and on the committees of the (supervisory)
board, 2005/162/EC 33, 195
Directive 68/151/EEC of 9 March 1968 on co-ordination of safeguards which, for the
protection of the interests of members and others, are required by Member States of
companies within the meaning of the second paragraph of Article 58 of the Treaty,
with a view to making such safeguards equivalent throughout the Community (First
Directive) 33, 125

xxiii