Lec 6_Business Law B

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1、BUSINESSLAWBLECTURE61.CorporateGovernance2.CorporateBodies3.Directors1.CorporateGovernanceWFLtdProfessionalManagement•ManagerialagencycostsShares•ControllingshareholderagencycostsFredGeorgeHarry•Shareholderactionandmeetings•ConstitutionalamendmentsManagerialAgencyCos

2、ts•Distinguishingthelawofagency•Examples–Compensation–Selfdealing–CorporateOpportunities–Shirking–Incompetence?WFplcAgencyproblems:corporateownershipstructuresalterthenatureoftheagencyproblemWFplcProfessionalManagementFredF2F3F4F5F6F7F8Fx50001%Legalstrategiestoaddres

3、smanagerialagencyproblemsRetainingpowerattheshareholderlevelRegulatingthecompositionoftheboardCompensationarrangementsDirectorsduties:behaviouralexpectationsEnforcementofdutiesStrategiesforProtectingPrincipalsRegulatoryStrategiesGovernanceStrategiesAgentAffiliat

4、ionAppointmentDecisionAgentConstraintsTermsRightsRightsIncentivesExAnteRulesEntrySelectionInitiationTrusteeshipExPostStandardsExitRemovalVetoRewardSource:Kraakmanetal,"AgencyProblems,LegalStrategies,andEnforcement"(2009).HarvardLawSchoolJohnM.OlinCenterforLaw,Economi

5、csandBusinessDiscussionPaperSeries.Paper631.2.CorporateBodies:TheBasics2.CorporateBodies:TheBasics•Generalmeeting–AGMs–plcCA2006s.336–Resolutions•Theboardofdirectors–Appointedbytheshareholders–Unitaryboard/onetierboard–Executiveandnon-executivedirectors•Management–Ap

6、pointedbytheboard–ManagingdirectorsGeneralMeetingsAGMorDirectorcallingaGMNotice(s307)•Ltd–14days•plc–14daysor21daysforAGMResolutions•Ordinaryresolutions:50%ofthetotalvotingrights(s282)•Specialresolutions:75%ofthetotalvotingrights(s283)TheDistributionofPower•Whatdoest

7、heCompaniesAct2006sayaboutthepowersoftheboardandmanagement?•Howaretheboardtypicallyempowered?•TheGeneralMeetingistheoriginatingpower•Whatpowerswouldtheboardhaveifthearticlesweresilent?•Whatisgivencanbetakenaway–ChangethearticlesModelArticles-20083.Directors•Statutory

8、requirements:–2directors(publiccompany)and1director(privatecompany)CA2006s154–companymusthaveatleastonedirectorwhoisnaturalpersonCA