PUBLIC COMPANIES AND THE ROLE OF SHAREHOLDERSPDF|Epub|txt|kindle电子书版本网盘下载

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Introduction1

Chapter 1 The United States&Arthur R. Pinto13

Chapter 2 Italy&Sabrina Bruno and Eugenio Ruggiero55

Chapter 3 France&Alain Couret97

Chapter 4 Germany&Stefan Grundmann and Florian Mdslein139

Chapter 5 The United Kingdom&Dan Prentice197

Chapter 6 From Shareholders' Rights to Directors'Duties: Liability and Accountability of Directors&Gustavo Visentini and Federico Raffaele239

Chapter 1 The United States&Arthur R. Pinto13

1. Listed Companies in the United States13

1.1. Legal Background15

2. The Ownership Structure19

2.1. The Berle-Means Corporation-Separation of Ownership from Control20

2.2. Institutional Investors21

2.3. The Political Significance of Share Ownership to Household Savings22

3. General Meeting of Shareholders23

3.1. Allocation of Power and Shareholder Voting25

3.2. Proxy Voting28

3.2.1. Proxy Fights30

3.2.2. Shareholder Democracy32

4. Shareholder Rights, Duties, and Protection33

4.1. Right to Information33

4.2. Independent Directors35

4.3. Gatekeepers37

4.4. Fiduciary Duty39

4.5. Controlling Shareholders41

5. Shareholder Litigation43

5.1. Federal Securities Law Litigation45

6. The Role of Regulatory Authorities and Securities Markets46

6.1. The SEC and Other Public Institutions46

6.2. The Stock Markets48

7. The Market for Corporate Control49

7.1. Challenges to Management Control49

7.1.1. Hostile Tender Offers50

7.1.1.1. The Law51

7.1.2. Proxy Fight to Change Management53

8. Conclusion54

Chapter 2 Italy&Sabrina Bruno and Eugenio Ruggiero55

1. Listed Companies in Italy55

1.1. Requirements and Procedures for Listing55

1.2. How Developed Is the Public Securities Market?57

2. The Ownership Structure58

3. The General Meeting of Shareholders65

3.1. The Powers of the General Meeting of Shareholders65

3.2. General Meeting of Shareholders and Managerial Powers: Historical Background and the New Regime66

3.2.3. Procedural Rules for Convening General Meeting70

3.2.4. Attendance to the General Meeting and Exercise of Voting Rights71

3.2.5. Resolutions of the General Meeting77

4. Shareholders’ Rights, Duties and Protection79

4.1. The Nature of the Shareholder79

4.2. One Share: One Vote Principle81

4.3. Rights of “Voice” for Minority Shareholders in Listed Companies82

4.3.1. Initiative Powers for the Functioning of the General Meeting of Shareholders82

4.3.2. The Board of Directors83

4.3.3. Appointment of a Member of the Supervisory Board84

4.3.4. Duties of Shareholders to Other Shareholders85

5. Shareholder Litigation87

5.1. Shareholders'Misconduct87

5.2. Directors’ Misconducz88

5.3. To What Extent and in Which Case May the Judiciary Intervene in the Company’s Affairs?89

6. The Role of the Regulatory Authorities and Securities Market90

6.1. Market Authorities90

6.2. Issuers’ Disclosure Obligations90

6.3. Conduct of Intermediaries and Institutional Investors Concerning Exercise of Voting Rights91

6.4. Enforcement of Disclosure Obligations91

7. The Market for Corporate Control: Takeovers93

7.1. Takeovers and Exit Rights93

7.2. The Mandatory Bid Rule94

Chapter 3 France&Alain Couret97

1. Companies Listed in the National System97

1.1. Requirements and Procedures for Listing a Company97

1.2. How Developed Is the Public Securities Market?98

1.3. What Conditions Have Led to This Situation?100

2. The Ownership Structure103

2.1. Data Regarding Corporate Ownership103

2.2. Who Are the Institutional Investors (Banks, Pension Funds, Insurance Companies, Hedge Funds, Etc.)?105

3. The General Meeting of Shareholders108

3.1. The Power of the General Meeting of Shareholders108

3.2. General Meeting and Managerial Powers: Historical Background and the New Regime110

3.3. Procedural Rules for Convening General Meetings110

3.4. Attendance to the General Meeting and Exercise of Voting Rights111

3.5. Resolutions of the General Meeting112

4. Shareholders’ Rights, Duties and Protection113

4.1. The Nature of the Shareholder113

4.2. One Share—One Vote Principle114

4.3. Rights of Voice for Minority Shareholders in Listed Companies115

4.3.1. Initiative Powers for the Functioning of the General Meeting115

4.3.2. The Board of Directors117

4.3.3. Appointment of a Member of theSupervisory Board118

4.4. Duties of Shareholders to Other Shareholders118

4.5. How Are Shareholders' Conflict of Interests Situations Prevented and Enforced?118

5. Shareholder Litigation119

5.1. Shareholders’ Misconduct119

5.2. Directors’ Misconduct120

5.3. To What Extent and in Which Case May the Judiciary Intervene in the Company’s Matters?120

6. The Role of Regulatory Authorities and Securities Markets122

6.1. Market Authorities122

6.2. Disclosure Obligations Concerning Issuers123

6.3. Conduct of Intermediaries and Institutional Investors Concerning Exercise of Voting Rights124

6.4. Enforcement of Disclosure Obligations125

6.5. What Is the Role Played by the Internet?126

7. The Market for Corporate Control: Takeovers126

7.1. The Takeovers EC Directive126

7.2. The Mandatory Bid Rule126

7.2.1. Which Transactions/Actions Generally Trigger a Mandatory Offer?126

7.2.2. Which Are the Principal Exemptions from the Mandatory Offer Requirement?127

7.3. Takeover Defenses and Shareholders’ Approval127

7.3.1. Pre-bid Period128

7.3.1.1. Barriers to the Purchase of Company Share128

7.3.1.2. Barriers to Exertion of Control in the General Meeting129

7.3.1.3. Barriers to Exertion of Control in the Board of Directors131

7.3.1.4. Barriers to Exertion of Control over the Assets of the Company132

7.3.1.5. Creation of Financial Burdens as a Consequence of the Transfer of Control133

7.3.1.6. Regulatory Problems133

7.3.2. Post-bid134

7.3.2.1. Reduction of Shares Acquirable by Bidder134

7.3.2.2. Increase of the Cost of the Bid135

7.3.2.3. Creation of Regulatory Problems136

7.3.2.4. Search for Alternative Bidder136

7.3.2.5. Bid for the Bidder136

7.4. Which Rules Apply to Takeovers? Which Interests Are Protected by These Rules?137

Chapter 4 Germany&Stefan Grundmann and Florian Mdslein139

1. Listed Companies in Germany139

1.1. Economic Importance139

1.2. Historical Development141

1.3. Business Financing and Legal Implications143

2. Ownership Structure146

2.1. Evolution of the Ownership Structure146

2.2. Ownership versus Control Structure147

2.3. Recent Changes to Ownership and Control Patterns150

3. The General Meeting of Shareholders154

3.1. The Allocation of Powers between General Meeting and Board154

3.1.1. Historical Background154

3.1.2. No Interference of the General Meeting with Current Business Operations155

3.1.3. Appointment and Dismissal of Board Members156

3.1.4. Specific Decision Rights157

3.2. Operation of the General Meeting160

3.2.1. Attendance160

3.2.2. Proxy Voting160

3.2.3. Convening of Shareholders162

3.2.4. Agenda163

4. Shareholders’ Rights164

4.1. Ownership Structure and Legal Implications164

4.1.1. Ownership Structure and the Representation on the Board164

4.1.2. Minority Shareholder Protection166

4.2. The “One-Share—One-Vote Principle” and Its Limits167

4.2.1. European Union167

4.2.2. Germany169

4.3. Specific Shareholders’ Rights and their Exercise170

4.3.1. Individual Administration Rights170

4.3.2. Administration Rights Which Require a Certain Minority176

4.3.3. Pecuniary Rights176

4.4. Interests and Duties of Majority Shareholders178

4.4.1. Strong Conflict of Interests178

4.4.1. Fiduciary Duties and Duties of Good Faith180

4.5. Transferability of Shares181

4.5.1. European Union181

4.5.2. Germany182

5. Securities Markets183

5.1. Powers of Market Authorities183

5.2. Disclosure and Trading Obligations185

5.3. Enforcement186

5.4. The Role of the Internet187

6. The Market for Corporate Control: Takeovers188

6.1. General Principles188

6.2. Limitations to Acquisitions189

6.3. Procedural Rules191

Chapter 5 The United Kingdom&Dan Prentice197

1. Listed Companies in the United Kingdom197

1.1. Listed Companies and Ownership Structure202

1.1.1. Requirements and Procedure for Listing203

1.1.1.1. London Stock Exchange (LSE)203

1.1.1.2. Alternative Investment Market (AIM)204

1.1.1.3. Debt Market205

2. The Ownership Structure206

2.1. The Role of Institutional Investors208

2.2. Blockholders214

3. The Role of Regulatory Authorities and Securities Markets216

4. The General Meeting of Shareholders221

5. Shareholders Rights, Duties and Protection222

5.1. Disclosure of Shareholder Voting: Institutional Investors227

6. Shareholder Litigation228

6.1. Investor Protection229

7. Disclosure Obligations and Enforcement229

7.1. Legislation229

7.2. Listing Rules230

8. Market for Corporate Control232

8.1. Statistics232

8.2. The City Code on Takeovers and Mergers233

8.3. Panel on Takeovers and Mergers235

8.4. Addendum236

Chapter 6 From Shareholders'Rights to Directors'Duties: Liability and Accountability of Directors&Gustavo Visentini and Federico Raffaele239

1. Introduction239

2. The Fiduciary Relationship241

2.1. Historical Background241

2.2. Different Theories Concerning Fiduciary Relationships243

2.2.1. The Atomistic Concept of Fiduciary Relationships243

2.2.2. The Unified Concept of Fiduciary Relationships244

2.2.3. Our Proposal246

2.2.3.1. Fiduciary Duties248

2.2.3.2. Noncontractual Fiduciary Relationships249

3. The Fiduciary Relationship between Shareholders and Directors in Publicly Held Corporations249

3.1. The Origins249

3.2. Directors in Corporate Law251

3.3. Corporate Fiduciary Duties252

4. Current Theories in Relation to Director’s Duties253

5. Establishing a New Model to Look at Corporate Fiduciary Relationships255

5.1. Variables that Affect Corporate Fiduciary Relationships255

5.2. Variables that Affect the Structure and the Characteristics of the Fiduciary Relationship256

5.2.1. The Nature of the Financial Markets Determines the Structure of Shareholdings256

5.2.2. Nature of the Fiduciary Relationship According to the Nature of the Shareholding Interest257

5.3. Variables that Affect the Strength and the Effectiveness of the Fiduciary Relationship259

5.3.1. Exercising the Vote259

5.3.2. Claims for Damages260

5.3.3. Conflicts of Interest260

5.3.4. The Board of Directors261

5.3.5. Information261

6. The Italian Experience261

6.1. The Financial System is Centered on Intermediation by Banks261

6.2. State-Controlled Corporations and Private Companies262

6.3. Recent Reforms263

6.4. Company Law Reform264

7. Conclusions264