24 results on '"Fiduciary duties"'
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2. Introduction to the Special Issue on Sustainable Pensions: Do Sustainable Pensions Require Sustainable Investments?
- Author
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Maria-Cristina Degoli, Alexia Autenne, Kevin Hartmann-Cortés, and UCL - SSH/JURI/PJES - Droit économique et social
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European Union law ,Pension ,environmental-social and governance investments ,Public Administration ,Sociology and Political Science ,Public economics ,Range (biology) ,Economics, Econometrics and Finance (miscellaneous) ,fiduciary duties ,pension funds ,occupational pension policies ,European Law ,Adequacy ,sustainable investments ,Sustainability ,responsible investments sustainable investments ,Business ,equality ,responsible investments ,Social responsibility - Abstract
This Special Issue addresses the concept of sustainability in pension systems from a wide range of perspectives. It examines the central questions raised about sustainable, socially responsible investments and other associated concepts by opening up a comprehensive discussion with an interdisciplinary approach. Normative trends and international cases are analysed in some detail concerning the situation of specific European Member States. Also, the concept of sustainability in European occupational pension schemes is questioned as an efficient vehicle able to assure adequate pension entitlements to all workers to avoid old-age poverty.
- Published
- 2021
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- View/download PDF
3. Доктрина фідуціарних обов’язків у корпоративному праві крізь призму фідуціарних правовідносин і принципи справедливості, добросовісності, розумності та лояльності
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фідуціарні правовідносини ,corporate law ,fiduciary powers ,principles of civil law ,fiduciary legal relations ,фідуціарні повноваження ,фідуціарні обов’язки ,fiduciary duties ,trust ,юридична особа ,legal entity ,корпоративне право - Abstract
Topicality. The relevance of the study is due to the lack of a single approach to understanding fiduciary legal relations in civil studies, which prevents the disclosure of the essence of the doctrine of fiduciary duties; insufficient analysis of the concept of "fiduciary duties", which makes it impossible to determine the content of duties arising from the subject of fiduciary legal relations; the lack of clarification of the essence of the doctrine of fiduciary duties, which prevents its full application to the regulation of civil legal relations, the prosecution of persons who have fiduciary duties. The purpose of the article is to reveal the essence of the doctrine of fiduciary duties through the prism of fiduciary legal relations and the principles of civil law, in particular, justice, good faith, reasonableness and loyalty, using the example of corporate law. Research methods. A complex of methods was used in the study of the problem. The theoretical and methodological basis is dialectical, historical and comparative methods, with the help of which the processes of formation, development and application of the doctrine of fiduciary duties in Ukraine and foreign countries were investigated and a complex conceptual and categorical apparatus of this doctrine was developed. Methods of analysis, synthesis, logical generalization, scientific abstraction, and formal-logical methods were used. Using the classification method, groups of fiduciary duties were identified. The method of theoretical generalization made it possible to establish subjects that have fiduciary duties. Results. An analysis of fiduciary legal relations, their relationship with the doctrine of fiduciary duties, the mechanism of functioning of the latter in the Romano-Germanic and Anglo-American legal systems was carried out; special legal methods of interpretation of legal norms, with the help of which the conceptual principles of the functioning and development of the doctrine of fiduciary legal relations, as well as the directions of its practical implementation in judicial practice, are defined; the norms of the current legislation relating to fiduciary duty in corporate law, the application of the doctrine of fiduciary duty in the practice of the Supreme Court were investigated; the components of the doctrine of fiduciary duties are defined: fiduciary legal relations, fiduciary powers, fiduciary duties, principles of justice, good faith, reasonableness and loyalty; the essence of the doctrine of fiduciary duties in corporate law is revealed., Актуальність. Актуальність досліджуваної проблеми зумовлено відсутністю в цивілістиці єдиного підходу до розуміння фідуціарних правовідносин, що перешкоджає розкриттю сутності доктрини фідуціарних обов’язків; недостатнім аналізом поняття «фідуціарні обов’язки», що позбавляє можливості визначити зміст обов’язків, які виникають у суб’єкта фідуціарних правовідносин; нез’ясованістю сутності доктрини фідуціарних обов’язків, що перешкоджає її повноцінному застосуванню до регулювання цивільно-правових відносин, притягненню до відповідальності осіб, у яких виникають фідуціарні обов’язки. Мета статті полягає в розкритті сутності доктрини фідуціарних обов’язків крізь призму фідуціарних правовідносин та принципів цивільного права, зокрема, справедливості, добросовісності, розумності та лояльності, на прикладі корпоративного права. Методи дослідження. У дослідженні проблеми використано комплекс методів. Теоретичну та методологічну основу становлять діалектичний, історичний і порівняльні методи, за допомогою яких досліджено процеси становлення, розвитку й застосування доктрини фідуціарних обов’язків в Україні та зарубіжних країнах та розроблено комплексний понятійно-категоріальний апарат цієї доктрини. Використано методи аналізу, синтезу, логічного узагальнення, наукової абстракції, формально-логічний. За допомогою методу класифікації виокремлено групи фідуціарних обов’язків. Метод теоретичного узагальнення дав змогу встановити суб’єктів, у яких виникають фідуціарні обов’язки. Результати. Проаналізовано фідуціарні правовідносини, їх взаємозв’язок із доктриною фідуціарних обов’язків, механізм функціонування останньої в романо-германській та англо-американській правових системах; спеціальні юридичні методи тлумачення правових норм, за допомогою яких визначено концептуальні засади функціонування та розвитку доктрини фідуціарних правовідносин, а також напрями її практичного впровадження в судовій практиці; досліджено норми чинного законодавства, що стосуються фідуціарного обов’язку в корпоративному праві, застосування доктрини фідуціарних обов’язків у практиці Верховного Суду; визначено складові доктрини фідуціарних обов’язків: фідуціарні правовідносини, фідуціарні повноваження, фідуціарні обов’язки, принципи справедливості, добросовісності, розумності та лояльності; розкрито сутність доктрини фідуціарних обов’язків у корпоративному праві.
- Published
- 2022
4. The No-conflict Fiduciary Rule and the Rule against Bias in Judicial Review
- Author
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Remus Valsan
- Subjects
bias ,Public Administration ,Sociology and Political Science ,Judicial review ,judicial review of administrative action ,Conflict of interest ,fiduciary duties ,conflict of Interest ,International law ,Fiduciary ,Political science ,Natural justice ,natural justice ,Comparative law ,Law ,Law and economics - Abstract
This article explores the parallels between the fiduciary rule against conflicts of interest and the rule against bias in judicial review, with a view to providing novel normative insights into the purpose of the fiduciary no-conflict rule. Despite the significant doctrinal statements and judicial dicta highlighting the similarities between the two rules, the fiduciary literature has yet use this analogy to shed light on the purpose and function of the strict no-conflict fiduciary rule. This paper will argue that, analogous to the main purpose of the rule against bias, the fiduciary no-conflict rule aims to insulate the exercise of discretion from self-interest or other irrelevant considerations that may affect, directly or indirectly, the reliability and trustworthiness of the fiduciary’s decision-making process.
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- 2019
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5. [Untitled]
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���������������� �������������������� (duty of loyalty) ,���������������� ������������������������ ,���������������� �������������������� (duty of good faith) ,interests of a legal entity ,duty of good faith ,���������������� ���� �������������������� ,fiduciary duties ,���������� ���������������� ������������������ �������������������� (duty of due care) ,rationality and good faith ,������������ �������� ���������������������� ,duty of due care ,duty of loyalty - Abstract
�������������������� �������������� ������������ ������������ ���������������� �������������������������� ���������������� �������������������������� ���������������� ������������������������ ���������� ����������������������. ������������ ������������ ���������� ���� ���������������� ���������������� ������ ���������������� ���������������� �������������������������� ���������������� �������������������������� ������ ���������������� ���������������� ������������������ ���� ������������ �������� �������������� ���������� ����������������������. ������������������ ���������������� ���������������������������� �������� ���������������� ���������������� ������������������ �������� ������������ �������� ������������ ���������� ������������������ ���������������������� ���������� ����������������. ������������ �������� ������, ������������ ���������������������� ���������������������� ���������� ������ ���������������� �������������� ������������ �������� ���������������� �������������������������� ���������������� �������������������������� ������������ �������������� ���������� ������������ �������������������� ������������������������ �������������������� ���������������� ������������ ���� �������� �������������������� ������������������������������ ������������������������ ���������������� ����������������., In corporate law, the fiduciary duties of the governing body of a legal entity are one of central issues. Proper and effective management of a legal entity is largely determined by the extent to which the fiduciary duties of the governing bodies are regulated and adhered to. Failure to comply with fiduciary duties is also the basis for liability of the governing body to the legal entity. This paper analyzes the fiduciary duties of the management bodies of legal entities based on the legislation and judicial practice of the United States and the Russian Federation and discusses the prospects for applying and improving these duties in the corporate law of the Republic of Uzbekistan.
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- 2021
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6. Vitalism in contemporary chiropractic: a help or a hinderance?
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J. Keith Simpson and Kenneth J. Young
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Social contract ,lcsh:Diseases of the musculoskeletal system ,Debate ,Fiduciary duties ,media_common.quotation_subject ,B320 ,Physical Therapy, Sports Therapy and Rehabilitation ,History, 18th Century ,History, 21st Century ,History, 17th Century ,03 medical and health sciences ,0302 clinical medicine ,Terminology as Topic ,Health care ,Humans ,Medicine ,Mainstream ,030212 general & internal medicine ,Legitimacy ,media_common ,Vitalism ,business.industry ,Recorded history ,History, 19th Century ,lcsh:Chiropractic ,Cultural authority ,History, 20th Century ,Chiropractic ,Epistemology ,Complementary and alternative medicine ,lcsh:RZ201-275 ,Chiropractics ,Ideology ,lcsh:RC925-935 ,business ,030217 neurology & neurosurgery - Abstract
Background Chiropractic emerged in 1895 and was promoted as a viable health care substitute in direct competition with the medical profession. This was an era when there was a belief that one cause and one cure for all disease would be discovered. The chiropractic version was a theory that most diseases were caused by subluxated (slightly displaced) vertebrae interfering with “nerve vibrations” (a supernatural, vital force) and could be cured by adjusting (repositioning) vertebrae, thereby removing the interference with the body’s inherent capacity to heal. DD Palmer, the originator of chiropractic, established chiropractic based on vitalistic principles. Anecdotally, the authors have observed that many chiropractors who overtly claim to be “vitalists” cannot define the term. Therefore, we sought the origins of vitalism and to examine its effects on chiropractic today. Discussion Vitalism arose out of human curiosity around the biggest questions: Where do we come from? What is life? For some, life was derived from an unknown and unknowable vital force. For others, a vital force was a placeholder, a piece of knowledge not yet grasped but attainable. Developments in science have demonstrated there is no longer a need to invoke vitalistic entities as either explanations or hypotheses for biological phenomena. Nevertheless, vitalism remains within chiropractic. In this examination of vitalism within chiropractic we explore the history of vitalism, vitalism within chiropractic and whether a vitalistic ideology is compatible with the legal and ethical requirements for registered health care professionals such as chiropractors. Conclusion Vitalism has had many meanings throughout the centuries of recorded history. Though only vaguely defined by chiropractors, vitalism, as a representation of supernatural force and therefore an untestable hypothesis, sits at the heart of the divisions within chiropractic and acts as an impediment to chiropractic legitimacy, cultural authority and integration into mainstream health care.
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- 2020
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7. The Fair-Dealing Fiduciary Rule: A Comment on Barr v Cassels
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Remus Valsan
- Subjects
Cultural Studies ,History ,Fiduciary ,Conflict of Interest ,Political science ,Conflict of interest ,fiduciary duties ,Fair dealing ,Law ,Law and economics - Published
- 2019
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8. Relationship of Corporate Governance and Efficiency of Selected Public and Private Sector Banks in India
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Anurag Agnihotri and Sunil Gupta
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банковское регулирование ,Corporate governance ,корпоративное управление ,corporate governance ,фідуціарні обов'язки ,ComputingMilieux_LEGALASPECTSOFCOMPUTING ,fiduciary duties ,Financial system ,banking regulation ,Private sector ,фидуциарные обязанности ,корпоративне управління ,financial supervision ,фінансовий нагляд ,General Earth and Planetary Sciences ,банківське регулювання ,Business ,финансовый надзор ,General Environmental Science - Abstract
The business of banks runs on the public faith and their confidence in banks. The confidence level of the public can only be developed by proper disclosures and transparency. The good corporate governance practices ensure proper interest protection of all the stakeholders. The concept of corporate governance in case of banks differs from the corporate governance in other sectors. In banks, corporate governance must be supported by ethical leadership.
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- 2019
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9. Corporate governance: inside
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S. I. Lutsenko
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corporate goal ,business.industry ,Corporate governance ,media_common.quotation_subject ,corporate governance ,fiduciary duties ,Accounting ,team production ,Statute ,HD61 ,Shareholder ,statute ,Risk in industry. Risk management ,Quality (business) ,Strategic management ,shareholder ,Business ,Team production ,management ,Internal organization ,media_common - Abstract
Features of corporate governance are considered. In modern realities quality of corporate governance is determined by the internal organization (accurate corporate strategy with determination of the purposes and interests of the company). The author offers corporate model which would consider interests not only shareholders, but also other interested participants.
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- 2018
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10. Role of the Shareholder in Construction of an Institutional Order in the Company
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S. I. Lutsenko
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Institutional model theory ,interest ,Corporate governance ,media_common.quotation_subject ,corporate governance ,Charter ,fiduciary duties ,General Medicine ,institutional order ,Discretion ,Shareholder value ,Balance (accounting) ,HD61 ,Shareholder ,Order (business) ,Risk in industry. Risk management ,shareholder ,Business ,management ,discretion ,Law and economics ,media_common - Abstract
Setting up an institutional body will allow to balance interests between interested participants in the company (first of all between management and shareholders). Introduction of an institutional order is reached by means of an establishment of the accurate game rules fixed in internal documents (the charter, corporate positions). The author tries to design institutional model of behavior of participants with their accurate description competencies and responsibility which will allow to protect from destruction of «shareholder value».
- Published
- 2017
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11. Pensions Auto-Enrolment: Unintended Consequences of Regulation and Private Law Remedies
- Author
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Amanda Wyper
- Subjects
Cultural Studies ,History ,Pension ,Labour economics ,Unintended consequences ,media_common.quotation_subject ,Private law ,fiduciary duties ,auto-enrolment ,investment advice ,pensions ,Discretion ,pension schemes ,employment contracts ,Law ,Business ,media_common - Abstract
The introduction of auto-enrolment (AE) into workplace pensions in 2012 requires employers to enrol workers into a pension. Employers have significant discretion in this process and rely on the financial services industry to ensure compliance with AE minimum standards. Employers may not always have pension expertise and will engage pension providers for advice on establishing compliant pension arrangements or modifying existing schemes to use for AE. Whilst this policy benefits many, there are a number of negative consequences flowing from the introduction of AE. Examples include employers choosing poorly performing schemes, insufficient protection of free choice and poor default positions replacing active decision making, all of which result in poor value for some employees. The parties' interests may not always be aligned. Despite the minimum criteria, there can be significant variations between fund costs and scheme quality as private sector pensions are frequently used for compliance. Whilst the ability of employees to opt-out provides legitimacy for the regime, the form of implementation and use of defaults erodes the exercise of choice and there are no provisions to encourage engagement and active decision-making by individuals. In addition to this, inadequate advice impacts on the effects of AE for many. For some this means that they pay in less overall than they would have if they had voluntarily chosen to contribute to a plan. This article explores whether further statutory change to the AE regime is required or whether existing private law remedies, with a focus on Scots law, afford sufficient remedies for those suffering loss. If fiduciary, agency, contractual or delictual obligations arise from the AE relationship then this may provide adequate remedies. This article will consider whether fiduciary duties are owed to employees, particularly by the employer (as an agent) to the employee, and the extent of duties owed under the contract of employment.
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- 2017
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12. Do boards of trustees of South African retirement funds owe fiduciary duties to both the funds and fund members? The debate continues
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Motseotsile Clement Marumoagae
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Retirement Fund ,Fiduciary Duties ,Fund of funds ,Pension ,Sociology and Political Science ,Trusts ,Closed-end fund ,Pension Fund Act ,Fund administration ,lcsh:K1-7720 ,Law ,Sovereign wealth fund ,Open-end fund ,Board of Trustees ,lcsh:Law in general. Comparative and uniform law. Jurisprudence ,Best Interests of Members ,Stable value fund ,Business ,Investment fund - Abstract
Over the years, the South African retirement fund industry has experienced major regulatory changes. These changes were aimed at imposing a higher standard of governance on the boards of trustees governing various pension funds. As such, there has been a debate within the retirement fund industry as to whom the board, as the governing and managing body of the retirement fund, is accountable. South African courts and tribunals adjudicating pension fund related disputes and the retirement industry at large seem to share the view that the board of trustees is accountable to both the fund and its members. In that the board of trustees owes fiduciary duties to both the fund and its members, meaning that the board is required to act in the best interest of the fund and its members. However, in this paper I demonstrate that the boards of trustees of South African Pension Funds are accountable to and owe fiduciary duties only to the fund they serve and not members of those funds. Furthermore, I submit that at the very best the board owes a duty of good faith towards the members of the fund. In order to substantiate my submissions, I distinguish the legal position relating to trust law from the law relating to retirement funds in South Africa.
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- 2017
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13. Los deberes fiduciarios de los administradores de sociedades de capital tras la Ley 31/2014, para la mejora del gobierno corporativo
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Piedra Arjona, Jordi, Departament de Dret Privat, Processal i Financer, Universitat Rovira i Virgili., Girgado Perandones, Pablo, and Universitat Rovira i Virgili. Departament de Dret Privat, Processal i Financer
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Corporate governance ,Deures fiduciaris ,Fiduciary duties ,Company administrators ,Ciències Socials i jurídiques ,Administradores sociales ,Gobierno corporativo ,Govern corporatiu ,Administradors de societats ,Deberes fiduciarios - Abstract
La posició de l'administrador de societats de capital després de la modificació que la Llei 31/2014, de 3 de desembre, per a la millora de el govern corporatiu, ha emprès en el capítol III del títol VI de la Llei de Societats de Capital, ve determinada per un cos estatutari de deures fiduciaris que caracteritza la gestió societària com una professió que imposa un necessari contingut i dedicació funcional, una observança de l'escenari normatiu -directa o indirecta-, i una aplicació a la gestió social alineada a l'interès social amb diligència general, bona fe i lleialtat corporativa. La delimitació funcional de la figura de l'administrador social ocupa un destacadíssim lloc en el moviment de Corporate Governance. La relació que uneix l'administrador amb la societat s'emmarca dins de les relacions representatives de gestió i es caracteritza pel seu caràcter fiduciari, atípic, bilateral, consensual, onerós i obligatori. L'alineament únic i exclusiu amb l'interès social aporta l'element fiduciari que fonamenta la relació gestora i causalitza tot el cos prestacional. En aquest escenari relacional, la Llei 31/2014 ha delimitat i precisat el marc conductual del gestor social sobre els dos deures tradicionalment lligats a la relació fiduciària d'administració societària: el deure de diligència i el deure de lleialtat. El primer, funcional i dispositiu, imposa un judici tècnic. El segon, disfuncional e imperatiu, imposa un judici ètic o axiològic. En el present treball s'analitza la posició nuclear d'administrador de societats en el moviment de govern corporatiu, la relació fiduciària de gestió representativa de l'administrador amb la societat, els deures fiduciaris que de la mateixa emanen i els efectes e instruments que ofereix l'ordenament en cas d'infracció dels deures fiduciaris pel gestor social. La posición del administrador de sociedades de capital tras la modificación que la Ley 31/2014, de 3 de diciembre, para la mejora del gobierno corporativo, ha acometido en el capítulo III del título VI de la Ley de Sociedades de capital, viene determinada por un cuerpo estatutario de deberes fiduciarios que caracteriza a la gestión societaria como una profesión que impone un necesario contenido y dedicación funcional, una observancia del escenario normativo -directa o indirecta-, y una aplicación a la gestión social alineada al interés social con diligencia general, buena fe y lealtad corporativa. La delimitación funcional de la figura del administrador social ocupa un destacadísimo lugar en el movimiento de Corporate Governance. La relación que une al administrador con la sociedad se enmarca dentro de las relaciones representativas de gestión y se caracteriza por su carácter fiduciario, atípico, bilateral, consensual, oneroso y obligatorio. El alineamiento único y exclusivo con el interés social aporta el elemento fiduciario que fundamenta la relación gestora y causaliza todo el cuerpo prestacional. En dicho escenario relacional, la Ley 31/2014 ha delimitado y precisado el marco conductual del gestor social sobre los dos deberes tradicionalmente ligados a la relación fiduciaria de administración societaria: el deber de diligencia y el deber de lealtad. El primero, funcional y dispositivo, impone un juicio técnico. El segundo, disfuncional e imperativo, impone un juicio ético o axiológico. En el presente trabajo se analiza la posición nuclear del administrador de sociedades en el movimiento de gobierno corporativo, la relación fiduciaria de gestión representativa del administrador con la sociedad, los deberes fiduciarios que de la misma emanan y los efectos e instrumentos que ofrece el ordenamiento en caso de infracción de los deberes fiduciarios por el gestor social. The position of the capital company administrator after the amendment that Law 31/2014, of December 3, for the improvement of corporate governance, has undertaken in chapter III of title VI of the Capital Companies Law, is determined by a statutory body of fiduciary duties that characterizes corporate management as a profession that imposes a necessary content and functional dedication, an observance of the regulatory setting -direct or indirect-, and an application to social management aligned to social interest with general diligence, good faith and corporate loyalty. The functional delimitation of the figure of the social administrator occupies a very prominent place in the Corporate Governance movement. The relationship that unites the administrator with society is framed within representative management relationships and is characterized by its fiduciary, atypical, bilateral, consensual, onerous and obligatory nature. The unique and exclusive alignment with the social interest provides the fiduciary element that underlies the managerial relationship and causes the entire benefit body. In this relational setting, Law 31/2014 has defined and specified the behavioural framework of the social manager regarding the two duties traditionally linked to the fiduciary relationship of corporate administration: the duty of diligence and the duty of loyalty. The first, functional and discretionary, imposes a technical judgment. The second, dysfunctional and imperative, imposes an ethical or axiological judgment. This paper analyses the nuclear position of the company administrator in the corporate governance movement, the fiduciary relationship of representative management of the administrator with society, the fiduciary duties that emanate from it and the effects and instruments offered by the law in case of infringement of fiduciary duties by the social manager.
- Published
- 2020
14. Responsabilidad de los administradores en la etapa preconcursal: situaciones de pérdidas patrimoniales
- Author
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Felipe Suescún de Roa
- Subjects
Insolvency ,insolvency ,media_common.quotation_subject ,Accounting ,administradores ,sociedades ,responsabilidad de los administradores ,derecho societario ,accionistas ,Fiduciary ,Shareholder ,corporate law ,Debt ,asamblea general ,Joint and several liability ,concurso ,shareholders meeting ,deber de diligencia ,media_common ,corporations ,business.industry ,Equity (finance) ,fiduciary duties ,General Medicine ,insolvencia ,duty of care ,directors ,deberes fiduciarios ,shareholders ,etapa preconcursal ,Business - Abstract
Los administradores deben actuar protegiendo los intereses de los accionistas y de la sociedad en general. Durante el periodo preconcursal, más específicamente, cuando la sociedad se enfrenta a situaciones de pérdidas patrimoniales, los administradores deben abstenerse de iniciar nuevas operaciones sociales y, adicionalmente, deberán convocar a la asamblea general. De no cumplirse con tales deberes, los administradores serán solidariamente responsables de las deudas sociales posteriores a que se presente la situación de pérdidas patrimoniales. Directors owe fiduciary duties to the company and its shareholders. Before insolvency, more specifically, when corporations are facing events of equity loss, directors should refrain from initiating new transactions and should call for a shareholders meeting. By not doing so, directors would be jointly and severally liable for corporate debts after the equity loss took place.
- Published
- 2015
- Full Text
- View/download PDF
15. Tying It All Together: The Potential of Legal, Social and Market-Based Control Mechanisms to Enforce Integrated and Sustainable Decision-Making
- Author
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Isabelle Martin
- Subjects
Value (ethics) ,Social Sciences and Humanities ,corporate governance ,Control (management) ,principe de décision durable et intégrée ,socially responsible investment ,devoirs des dirigeants ,Canadian corporate law ,droit canadien des sociétés par actions ,investissement socialement responsable ,Order (exchange) ,Corporate law ,Corporate social responsibility ,General Environmental Science ,Law and economics ,Tying ,General Engineering ,sustainable and integrated decision-making ,fiduciary duties ,Responsabilité sociale des entreprises ,Shareholder primacy ,General Earth and Planetary Sciences ,Sciences Humaines et Sociales ,Business ,gouvernance corporative ,Social responsibility - Abstract
Integrated and sustainable decision-making, which requires directors of corporations to take into account environmental, social and economic issues into their decision process, is the “keystone” of the legal principles of corporate social responsibility. A voluntary form of the principle of integrated and sustainable decision-making is part of Canadian corporate law since the enlargement of corporate directors’ duties of loyalty in the BCE decision. Although socio-legal literature has shown that voluntary principles may have a real regulatory impact, the effectiveness of a voluntary principle of integrated decision-making in furthering social and economic issues has still not been assessed. This article will argue that in order to determine the potential of integrated decision-making in ensuring greater corporate social responsibility, it is necessary to study the legal, social and market-based control mechanisms by which integrated decision-making is implemented. To what extent do these control mechanisms enforce the principle of integrated decision-making, given the unequal access of stakeholders to these control mechanisms and the competing norms of shareholder primacy and share value maximization they carry? We find that while each of the regulatory mechanisms could be used to implement the principle of integrated decision-making, no mechanism alone is sufficient to ensure that social responsibility will trump financial considerations if a choice has to be made. The analysis concludes on the regulatory courses of action that could be taken to strengthen the principle of sustainable and integrated decision-making., Le principe de la prise de décision intégrée et durable, qui requiert des dirigeants des sociétés par actions qu’ils prennent en considération les répercussions environnementales, sociales et économiques de leurs décisions, constitue la pierre angulaire des principes juridiques de la responsabilité sociale des entreprises. Une forme volontaire de ce principe fait partie du droit canadien des sociétés depuis que la définition des devoirs de loyauté des dirigeants a été élargie dans la décision BCE. Quoique la sociologie du droit ait démontré la possibilité que les principes volontaires puissent avoir autant sinon davantage d’impact que les dispositions impératives du droit, l’effectivité du principe volontaire de prise de décision intégrée et durable n’a cependant pas encore été établie. Nous proposons dans cet article de commencer l’évaluation de cette effectivité par l’étude des mécanismes de contrôle tant juridiques que marchands et sociaux qui prennent part à la mise en oeuvre du principe de prise de décision intégrée. Jusqu’à quel point ces mécanismes de contrôle peuvent-ils parvenir à imposer le principe de prise de décision intégrée, considérant l’accès inégal qu’ils offrent aux parties prenantes et le fait qu’ils véhiculent aussi les principes concurrents de maximisation de la valeur actionnariale et de primauté des actionnaires? Bien que chacun des mécanismes de contrôle puisse être utilisé pour mettre en oeuvre le principe de prise de décision intégrée, notre étude démontre qu’aucun de ces mécanismes n’est suffisant pour faire en sorte qu’en cas de conflit entre les considérations financières et sociales ou environnementales, ces dernières prévaudront. Nous concluons en esquissant les pistes d’action qui s’offrent à nous pour renforcer l’application du principe de prise de décision durable et intégrée.
- Published
- 2015
- Full Text
- View/download PDF
16. The Impact of the European Neutrality Rule on Romanian Directors’ Duties in Hostile Takeovers - A Case Study of Romanian Companies Present on the Bucharest Stock Exchange
- Author
-
Ioan Şumandea-Simionescu
- Subjects
takeovers ,business.industry ,Romanian ,General Engineering ,Energy Engineering and Power Technology ,fiduciary duties ,Romanian Company Law ,Accounting ,Business judgment rule ,language.human_language ,Fiduciary ,Shareholder ,Stock exchange ,Directors' duties ,business judgment rule ,language ,Economics ,European neutrality rule ,Neutrality ,business ,Capital market ,directors’ duties - Abstract
The purpose of this study is to critically analyse the evolution of the Romanian directors’ duties under the reign of the neutrality rule instated by the European Directive 2004/25/EC on takeover bids. The issue of the takeover relevant directors’ duties has not been specifically and critically addressed in Romania. We reach the conclusion that due to similarities between the American and Romanian directors’ fiduciary duties and considering that the Romanian capital market is an area that is heading towards further development, the natural progression of the duties of directors of the companies present on the Bucharest Stock Exchange should follow the organic evolution of their American counterparts. This development is, however, artificially altered by the European neutrality rule. As shown above, the protection of Romanian minority shareholders is deficient under the European rule and the interests of Romanian companies and their shareholders may be affected by the application of the neutrality rule. Furthermore, the European Directive 2004/25/EC creates a disadvantage for European companies compared to their non-European equivalents, primarily in regard to U.S. companies. For these reasons we conclude that it is necessary de lege ferenda to diminish the application of the neutrality rule at least in Romania's case. This initiative should be accompanied by a reconsideration of Romanian directors’ duties in hostile takeover through the lens of their American counterparts’ position, the next stage in the evolution of the legal and economic field, as mentioned above.
- Published
- 2015
- Full Text
- View/download PDF
17. Interest Group Analysis of Delaware Law: The Corporate Opportunity Doctrine as Case Study
- Author
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Bainbridge, SM
- Subjects
Fiduciary Duties ,Interest Groups ,Officers ,Judicial Incentives ,Corporate Opportunity Doctrine ,Directors ,Indeterminacy - Published
- 2017
18. Investor responsibility and Norway’s Government Pension Fund – Global
- Author
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Hilde W. Nagell
- Subjects
Government ,business.industry ,fiduciary duties ,Accounting ,complicity ,signalling effects ,Investment (macroeconomics) ,Discount points ,Pension fund ,lcsh:Ethics ,Philosophy ,Harm ,Economics ,The Symbolic ,investor responsibility ,Complicity ,lcsh:BJ1-1725 ,business ,Norway’s Government PensionFund Global - Abstract
This article identifies and critically examines three differentaspects of investor responsibility. First, investors haveresponsibilities toward their clients (the so-called fiduciaryduties). Second, investors are responsible for taking steps toreduce the risk that an investment directly or indirectlycontributes to harm (avoid complicity). Finally, investorsshould take into consideration the symbolic and signallingeffects of an investment decision. This article discusses howthese responsibilities should be interpreted and also howthey play out in practice. Norway’s Government PensionFund is used as a case in point.
- Published
- 2011
- Full Text
- View/download PDF
19. Socially Responsible Investment in Market Downturns
- Author
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Richard Copp, Eduardo Roca, and Michael Leslie Kremmer
- Subjects
GARCH ,Fiduciary duties ,SRI ,Market downturn ,media_common.quotation_subject ,Australia ,Subsidy ,Investment (macroeconomics) ,Business judgment rule ,Recession ,Fiduciary ,Law ,Financial crisis ,180112 Equity and Trusts Law ,Economics ,Empirical evidence ,Market model ,Trust fund ,Investment fund ,media_common - Abstract
This paper investigates whether Socially Responsible Investment (SRI) is more or less sensitive to market downturns than conventional investment, and examines the legal implications for fund managers and trustees. Using a market model methodology, we find that over the past 15 years, the beta risk of SRI, both in Australia and internationally, increased more than that of conventional investment during economic downturns. This implies that companies acting as fund trustees, managed investment schemes and traditional institutional fund managers risk breaching their fiduciary or statutory duties if they go long - or remain long - in SRI funds during market downturns, unless perhaps relevant legislation is reformed. If reform is viewed as desirable, possible reforms could include explicitly overriding the common law to allow all traditional funds to invest in SRI; granting immunity to directors of trustee companies from potential personal liability under sections 197 or 588G et seq of the Corporations Act; allowing companies acting as trustees, managed investment schemes and traditional institutional fund managers and trustees to invest in SRI without triggering a substantial capital gains tax liability through trust resettlement; tax concessions for SRI (eg. introducing a 150% tax deduction or investment allowance for SRI); and allowing SRI sub-funds to obtain “deductible gift recipient” status or the equivalent from relevant taxation authorities. The research is important and original insofar as the assessment of risk in SRIs during market downturns is an area which has hitherto not been subjected to rigorous empirical investigation, despite its serious legal implications.
- Published
- 2010
- Full Text
- View/download PDF
20. Overstepping the fiduciary mark
- Author
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Cockburn, Tina and Smyth, Christine
- Subjects
compensation ,elder law ,elder abuse ,180112 Equity and Trusts Law ,fiduciary duties ,attorney liability - Abstract
The decision of Justice Boddice in The Public Trustee of Queensland (as Litigation Guardian for ADF) v Ban & Anor is the latest in a series of Supreme Court actions arising out of Ms Ban’s management of the affairs of her long-time elderly friend, ADF. Following on from an earlier decision in which it was determined that Ms Ban held her share of funds in a joint bank account with ADF on trust for him, this most recent case concerned a claim for an account of funds withdrawn from that account on the basis that as trustee Ms Ban owed fiduciary duties to ADF. The purpose of the accounting was to determine whether any withdrawals had been made in breach of trust, which would give rise to equitable remedies. The primary question for determination was therefore whether the withdrawals were applied for the benefit of ADF. Having regard to all the circumstances of the case, his Honour found that although some transactions were for ADF’s benefit, substantial withdrawals, (including a significant portion of a $700,000 transfer), were not applied for his benefit, and were therefore made in breach of fiduciary obligation, giving rise to equitable rights and remedies.
- Published
- 2013
21. 'Package Deal': The Curious Relationship Between Fiduciary Duties and the Implied Covenant of Good Faith and Fair Dealing in Delaware Limited Liability Companies
- Author
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White, Monica E.
- Subjects
Business Organizations Law ,good faith covenant ,fiduciary duties ,Delaware limited liability companies ,Law ,LLC - Abstract
Since 1977, the popularity of the limited liability company (“LLC”) has grown tremendously, overtaking the corporation and the partnership as the preferred business structure in many jurisdictions. Amidst this growth in popularity, a legal debate has sparked concerning the existence, nature, and extent of the fiduciary and contractual duties owed in the LLC context. Drafters of LLC agreements can adjust fiduciary “norms” through limitation or, in certain jurisdictions like Delaware, through complete elimination of fiduciary duties. However, the implied contractual covenant of good faith and fair dealing (the “Implied Covenant” or the “Covenant”) remains and cannot be waived by the parties. This delicate balance between waivable duties and an unwaivable covenant begs two key questions: What, if any, is the relationship between fiduciary duties and the Implied Covenant, and where is the boundary between the two? Further, how is the scope of the Implied Covenant affected when an LLC agreement eliminates fiduciary duties? The answers to these questions are critical in separating permissible acts under an LLC agreement from acts giving rise to causes of action for breach of contract. The relationship between fiduciary duties and the Implied Covenant is marked by an inherent tension that the Delaware courts have yet to properly resolve. Rather, these courts have structured an extremely narrow view of the Covenant, and have sometimes conflated the Covenant with fiduciary duties, thereby reducing the effectiveness of the Covenant as an independent means of enforcing behavioral norms arising from contractual relationships. Consequently, parties to LLC agreements have been left to question whether the Implied Covenant has any significance independent of fiduciary duties. This Article attempts to shed light on this dilemma, but cautions that, in this unique context, protection under the Covenant appears to be illusory when fiduciary duties are no longer in play.
- Published
- 2013
22. Relational contract theory and management contracts: A paradigm for the application of the Theory of the Norms
- Author
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Diathesopoulos, Michael
- Subjects
jel:K12 ,jel:L20 ,Relational Contracts ,Macneil ,Management Contracts ,Norms ,Contracts Law ,Fiduciary Duties ,Directors Duties ,Law and Economics ,Umbrella Contracts ,Interorganisational Trust ,Business Cooperation ,Reciprocity ,Contractual Solidarity ,Comprehensive Norms ,Contractual Norms ,Outsourcing Contracts ,relational contracts theory ,hotel management agreement ,jel:K00 ,jel:K22 ,jel:L24 ,jel:L14 ,jel:M13 - Abstract
This paper examines management contracts as a paradigm for the application of relational contracts theory and especially of the theory of contractual and relational norms. This theory, deriving from Macauley's implications, but structured and analysed by I.R. MacNeil gives us a framework for the explanation and understanding of contractual obligations and business relations' rules and practice. After presenting the key literature about the norms theory and especially defining the content of MacNeil's norms, we define management contracts as relations, characterised by a high relational element and we explain why, investigating all their features, which make them a suitable object for an application of norms theory. Then, we select a list of the core obligations for the recipient, provider and both parties in such a relation and we analyse each obligation according to MacNeil's model of norms. Specifically, we test the application of specific relative norms to each obligation and we examine which norms appear in which obligation. Finally, we concentrate our results and we result to our conclusions, based on a matrix showing the strength, breadth and depth of the application of each norm, while we also compare our results to those coming up from the application of a shorter comprehensive model of norms (Austen-Baker's model). The above analysis and tests provide us valuable results about the application, significance and practical value of the theory of the norms, about the significance of each norm for business relations and finally about the potential to present a more useful and comprehensive model of norms.
- Published
- 2010
23. Should funds invest in socially responsible investments during downturns?
- Author
-
Copp, Richard, Kremmer, Michael, and Roca, Eduardo
- Subjects
ethical investment ,superannuation ,fund management ,180125 Taxation Law ,trust law ,180112 Equity and Trusts Law ,market downturn ,fiduciary duties ,trustee ,socially responsible investment ,150205 Investment and Risk Management - Abstract
Purpose: This paper investigates whether Socially Responsible Investment (SRI) is less sensitive to market downturns than conventional investments; the legal implications for fund managers and trustees; and possible legislative reforms to allow conventional funds more scope to invest in SRI. ----- ----- Design/methodology/approach: The paper uses the market model to estimate betas over the past 15 years for SRI funds and conventional investment funds during economic downturns, as distinct from during more ‘normal’ (non-recessionary) economic times. ----- ----- Findings: The beta risk of SRI, both in Australia and internationally, increases more than that of conventional investment during economic downturns. Traditional fund managers and trustees in Australia are therefore likely to breach their fiduciary duties if they go long - or remain long - in SRI funds during economic downturns, unless relevant legislation is reformed. ----- ----- Research limitations/implications: The methodology assumes that alpha and beta in the market model are constant. This is the subject of ongoing research. Second, it categorises the state of the market into ‘normal’ economic conditions and downturns using dummy variables. More sophisticated techniques could be used in future research. ----- ----- Practical implications: The current law would prevent conventional funds from investing in SRI. If SRI is viewed as socially desirable, useful legislative reforms could include explicitly overriding the common law to allow conventional funds to invest in SRI; introducing a 150% tax deduction or investment allowance for SRI; and allowing SRI sub-funds to obtain Deductible Gift Recipient status from the Australian Tax Office and other taxation authorities. ----- ----- Originality/value: The accurate assessment of risk in SRIs is an area which, despite its serious legal implications, is yet to be subjected to rigorous empirical investigation. Keywords - SRI, market model, GARCH, trust fund, fiduciary duties, market downturns, Australia.
- Published
- 2010
24. Controlling shareholders and their duties
- Author
-
Marco Ventoruzzo and Gaia Balp
- Subjects
COMPARATIVE CORPORATE GOVERNANCE, CONTROLLING SHAREHOLDERS, FIDUCIARY DUTIES, LOYALTY ,LOYALTY ,Shareholder ,business.industry ,FIDUCIARY DUTIES ,COMPARATIVE CORPORATE GOVERNANCE ,Accounting ,CONTROLLING SHAREHOLDERS ,Business
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