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Shareholders and Stakeholders: The Unrealised Promise of Company Law Reform in Post-War Britain: Contemporary Studies in Corporate Law

Autor Joanne F Sonin
en Limba Engleză Hardback – 6 sep 2023
This book explores the evolution of the shareholder in post-war Britain within the context of changing legal, political, economic, and social conditions. It examines how the post-war transformation of the shareholder body influenced relationships amongst stakeholders, impacting corporate behaviour and the legal and political efforts to govern industry and financial markets.The book addresses a number of themes, including: 1) how the movements for democratisation influenced the treatment of shareholder interests and the calls for stakeholder representation; 2) how the rhetoric of change created a narrative that deflected from the lack of systemic legal reforms and protected the status quo; 3) how, in the post-war consensus environment, political positions on equity ownership de-radicalised, which proved unsustainable against a background of increasing political polarisation and industrial unrest; and 4) how the institutionalisation of the post-war shareholder body had profound effects on industry, the financial markets, and the economy.With these themes as a foundation, the evolutionary arch of the post-war shareholder is examined, focusing on developments that influenced the treatment and perception of shareholder and stakeholder interests, including nationalisations, shareholder democracy, corporate purpose, and industrial democracy.The book further considers how these post-war changes contribute to the post-1979 legal treatment of shareholder and stakeholder interests, including subsequent changes to the Companies Act and the development of corporate governance codes. Parallels to contemporary movements for stakeholder capitalism, corporate purpose, and ESG are drawn.The historical analysis of the post-war shareholder provides a framework for considering current questions on shareholder primacy and the demands for systemic legal reforms. These missed opportunities for meaningful changes to the treatment of shareholder interests in UK company law serve as useful precedents for evaluating subsequent periods.
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Specificații

ISBN-13: 9781509966806
ISBN-10: 1509966803
Pagini: 328
Dimensiuni: 156 x 234 x 26 mm
Greutate: 0.64 kg
Editura: Bloomsbury Publishing
Colecția Hart Publishing
Seria Contemporary Studies in Corporate Law

Locul publicării:London, United Kingdom

Caracteristici

Focuses on the questions of shareholder and stakeholder interests in a historical period, the post-war consensus, that is under-examined yet fundamentally important to understanding subsequent periods, from the rise of Thatcherism through to today

Notă biografică

Joanne F Sonin is a finance professional with a PhD from London School of Economics and Political Science, UK.

Cuprins

1. IntroductionThe Post-War EraThematic OutlineStructural Outline2. Nationalisations and the Post-War ShareholderThe Post-War ConsensusSupport for Radical Reform or Cyclical Change?Nationalisations and the Four Levers of the British EconomyNationalisations and Equity ShareholdersReactions to Post-War NationalisationsFinancial and Economic Implications of NationalisationsNationalisation's Impact on the Relationship between Shareholders and DirectorsInstitutional Investors and NationalisationsThe Faltering Post-War Consensus and State InterventionsThe Financial Crash, Equity Shareholders, and NationalisationsBritain's Pivot to Thatcherism3. The Post-War Shareholder Body and Shareholder DemocracyPost-War Perceptions of the ShareholderTypes of ShareholdersThe Evolution of the Forms of ShareholdingThe Development of Shareholder Democracy4. Corporate Purpose and the ShareholderShareholder Primacy and Shareholder DemocracyEnlightened Shareholder ValueConflicting Interests and the Call for ReformThe UK CourtsPressures on the Principle of Shareholder Primacy5. Industrial Democracy and the Worker ShareholderPost-War Reconstruction and the Movement for Industrial DemocracyMotivations for Support of Industrial DemocracyBritish Industry and a Changing WorkforceImpediments to Widespread Worker ShareholdingWorkers' Attitudes to Savings and Equity OwnershipWorker Uptake6. Industrial Democracy and the Worker DirectorThe Trade Unions and Worker RepresentationCapital and Labour: Conflict or Convergence?Industrial Democracy and Legislative ChangeThe Unrealised Potential of Post-War Industrial Democracy7. The Bullock Committee: A Paper-Tiger Attack on the SystemEstablishing the Committee of EnquiryThe TUC, the Majority Report and the Minority ReportBullock Report and Shareholder Primacy(Re)defining Directors' DutiesPolitical Resistance to the TUC Proposals and the Bullock ReportThe City and IndustryThe End of the Post-War Consensus and the Diminishing of Industrial Democracy8. Post-1979: Shareholders, Stakeholders and the Companies ActThe End of the Post-War Consensus1979: The End of the Post-War Settlement and the Election of Margaret ThatcherCompanies Act 1980Companies Act 1985Thatcher's Big Bang and the Financial Services Act 1986New Labour's 'Third Way' and the Companies ActThe Company Law Review Steering CommitteeShareholders, Stakeholders and UK Corporate GovernanceThe Company Law Reform Bill and the Companies Act 20069. Contemporary Corollaries and Concluding ConsiderationsContemporary RelevanceCorporate Purpose: A Note on Contemporary ParallelsConcluding Thoughts