Toward a Horizontal Fiduciary Duty in Corporate Law PDF Download
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Author: Asaf Eckstein
Publisher:
ISBN:
Category :
Languages : en
Pages : 53
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Book Description
Fiduciary duty is arguably the single most important aspect of our corporate law system. It consists of two distinct sub-duties -- a duty of care and a duty of loyalty -- and it applies to all directors and corporate officers. Yet, under extant law, the duty only applies vertically, in the relationship between directors and corporate officers and the firm. At present, there exists no horizontal fiduciary duty: directors and corporate officers owe no fiduciary duty to each other. Consequently, if one of them fails her peers, they cannot seek direct legal recourse against her even when they stand to suffer significant reputational and financial losses. This state of affairs is undesirable not only from a fairness perspective, but also from an efficiency standpoint as it raises governance costs for firms and may undermine their ability to attract skillful officers and directors.In this Essay, we call for the introduction of a horizontal fiduciary duty among directors and corporate officers. The proposed duty would complement, rather than replace, the fiduciary duty that corporate officers owe the corporation and the shareholders. We argue that the institution of a horizontal fiduciary duty would (1) lead to improved decisionmaking and information sharing on boards; (2) enable board members to vindicate themselves in situations in which another board member is the one to breach the fiduciary duty; (3) attract more capable individuals to serve as directors; and (4) improve corporate management and governance.
Author: Asaf Eckstein
Publisher:
ISBN:
Category :
Languages : en
Pages : 53
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Book Description
Fiduciary duty is arguably the single most important aspect of our corporate law system. It consists of two distinct sub-duties -- a duty of care and a duty of loyalty -- and it applies to all directors and corporate officers. Yet, under extant law, the duty only applies vertically, in the relationship between directors and corporate officers and the firm. At present, there exists no horizontal fiduciary duty: directors and corporate officers owe no fiduciary duty to each other. Consequently, if one of them fails her peers, they cannot seek direct legal recourse against her even when they stand to suffer significant reputational and financial losses. This state of affairs is undesirable not only from a fairness perspective, but also from an efficiency standpoint as it raises governance costs for firms and may undermine their ability to attract skillful officers and directors.In this Essay, we call for the introduction of a horizontal fiduciary duty among directors and corporate officers. The proposed duty would complement, rather than replace, the fiduciary duty that corporate officers owe the corporation and the shareholders. We argue that the institution of a horizontal fiduciary duty would (1) lead to improved decisionmaking and information sharing on boards; (2) enable board members to vindicate themselves in situations in which another board member is the one to breach the fiduciary duty; (3) attract more capable individuals to serve as directors; and (4) improve corporate management and governance.
Author: Georgios I. Zekos
Publisher: Springer Nature
ISBN: 3030642542
Category : Law
Languages : en
Pages : 547
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Book Description
This book presents a comprehensive analysis of the alterations and problems caused by new technologies in all fields of the global digital economy. The impact of artificial intelligence (AI) not only on law but also on economics is examined. In the first part, the economics of AI are explored, including topics such as e-globalization and digital economy, corporate governance, risk management, and risk development, followed by a quantitative econometric analysis which utilizes regressions stipulating the scale of the impact. In the second part, the author presents the law of AI, covering topics such as the law of electronic technology, legal issues, AI and intellectual property rights, and legalizing AI. Case studies from different countries are presented, as well as a specific analysis of international law and common law. This book is a must-read for scholars and students of law, economics, and business, as well as policy-makers and practitioners, interested in a better understanding of legal and economic aspects and issues of AI and how to deal with them.
Author: Andreas Cahn
Publisher: Cambridge University Press
ISBN: 1107186358
Category : Law
Languages : en
Pages : 1095
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Book Description
Presents in-depth, comparative analyses of German, UK and US company laws illustrated by leading cases, with German cases in English translation.
Author: Tamar Frankel
Publisher:
ISBN: 019539156X
Category : Law
Languages : en
Pages : 334
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Book Description
In Fiduciary Law, Tamar Frankel examines the structure, principles, themes, and objectives of fiduciary law. Fiduciaries, which include corporate managers, money managers, lawyers, and physicians among others, are entrusted with money or power. Frankel explains how fiduciary law is designed to offer protection from abuse of this method of safekeeping. She deals with fiduciaries in general, and identifies situations in which fiduciary law falls short of offering protection. Frankel analyzes fiduciary debates, and argues that greater preventive measures are required. She offers guidelines for determining the boundaries and substance of fiduciary law, and discusses how failure to enforce fiduciary law can contribute to failing financial and economic systems. Frankel offers ideas and explanations for the courts, regulators, and legislatures, as well as the fiduciaries and entrustors. She argues for strong legal protection against abuse of entrustment as a means of encouraging fiduciary services in society. Fiduciary Law can help lawyers and policy makers designing the future law and the systems that it protects.
Author: Jeffrey Neil Gordon
Publisher: Oxford University Press
ISBN: 0198743688
Category : Business & Economics
Languages : en
Pages : 1217
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Book Description
Corporate law and governance are at the forefront of regulatory activities worldwide, and subject to increasing public attention in the wake of the Global Financial Crisis. Comprehensively referencing the key debates, the Handbook provides a much-needed framework for understanding the aims and methods of legal research in the field.
Author: American Bar Association. House of Delegates
Publisher: American Bar Association
ISBN: 9781590318737
Category : Law
Languages : en
Pages : 216
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Book Description
The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
Author: Paul S Davies
Publisher: Bloomsbury Publishing
ISBN: 1509949119
Category : Law
Languages : en
Pages : 421
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Book Description
This book is the first to examine intermediaries in a holistic and systematic manner. The classical model of face-to-face contracting between two individuals is no longer dominant. Instead, deals frequently involve a number of parties, often acting through intermediaries. As a result, it is important to understand the role and power of intermediaries. Intermediaries tend to be considered within discrete silos of the law. But by focussing upon a particular, narrow area of law, lessons are not learned from analogous situations. This book takes a broader approach, and looks across the traditional boundaries of private law in order to gain a proper assessment of the role played by intermediaries. A wide range of jurisdictions and topical issues are discussed in order to illuminate the role intermediaries play in commercial law. For example, the continued growth of electronic commerce requires consideration of the role of websites and other platforms as intermediaries. And developments in artificial intelligence raise the prospect of intermediaries being non-human actors. All these issues are subject to rigorous analysis by the expert contributors to this book.
Author: Florence Thépot
Publisher: Cambridge University Press
ISBN: 1108526365
Category : Law
Languages : en
Pages : 317
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Book Description
Florence Thépot provides the first systematic account of the interaction between competition law and corporate governance. She challenges the 'black box' conception of the firm- or 'undertaking' - in competition law, as applied to increasingly complex corporate relations. The book opens the 'black box' of the firm to understand the internal drivers of collusive behaviour, and proposes a unified approach to cartel enforcement, based on the agency theory. It explores key issues including corporate compliance programmes, the attribution of liability in corporate groups, and structural links between competitors, and should be read by anyone interested in how the evolution of the corporate landscape impacts competition law.
Author: Seth Davis
Publisher: Cambridge University Press
ISBN: 1009310291
Category : Law
Languages : en
Pages : 321
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Book Description
This book examines addresses a social problem that cuts across legal systems: abuse of authority in decision making. Whether within familial, political, or business relations, all individuals are vulnerable to another's abuse of authority to make decisions for them. This book is about how law may respond to this problem transnationally.
Author: Yuval Feldman
Publisher:
ISBN: 1107137101
Category : Law
Languages : en
Pages : 257
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Book Description
This book argues that overcoming people's inability to recognize their own wrongdoing is the most important but regrettably neglected area of the behavioral approach to law.
