Corporate governance and directors' independence:
Saved in:
| Main Author: | |
|---|---|
| Format: | Thesis Book |
| Language: | English |
| Published: |
Aalphen aan den Rijn [u.a.]
Wolters Kluwer Law & Business
2011
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Literaturverz. S. [201] - 211 |
| Physical Description: | X, 223 S. 25 cm |
| ISBN: | 9789041136046 |
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MARC
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| 245 | 1 | 0 | |a Corporate governance and directors' independence |c Yuan Zhao |
| 264 | 1 | |a Aalphen aan den Rijn [u.a.] |b Wolters Kluwer Law & Business |c 2011 | |
| 300 | |a X, 223 S. |c 25 cm | ||
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| 500 | |a Literaturverz. S. [201] - 211 | ||
| 502 | |a Teilw. zugl.: Strathclyde, Univ., Diss. | ||
| 650 | 4 | |a Directors of corporations / Legal status, laws, etc | |
| 650 | 4 | |a Corporate governance / Law and legislation | |
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Record in the Search Index
| _version_ | 1804148503643947008 |
|---|---|
| adam_text | IMAGE 1
TABLE OF CONTENTS
ABOUT THE AUTHOR V
PREFACE XI
ACKNOWLEDGEMENTS XIII
INTRODUCTION 1
1. THE PROPOSAL OF BOARD INDEPENDENCE 2
2. A NOTE ON THE CREDIT CRUNCH 3
3. RESEARCH BOUNDARIES 4
4. THE STRUCTURE OF THE THESIS AND RESEARCH ISSUES 5
5. RESEARCH METHODS 7
6. SUMMARY 8
CHAPTER 1 HISTORICAL REVIEW OF INDEPENDENCE OF DIRECTOR 9
1. THE ORIGIN OF DIRECTORS - PRE-1844 9
2. THE POPULARITY OF THE COMPANY - UNTIL 1990 13
2.1. THE POPULARITY OF THE COMPANY AS A BUSINESS FORM 13 2.2. THE
SEPARATION OF OWNERSHIP AND MANAGEMENT 15
2.3. A DEVIATION FROM LEGISLATIVE PURPOSE 16
3. AN AGE THAT DIRECTORS DO NOTHING; EVIDENCE IN THE FIRST HALF OF THE
TWENTIETH CENTURY 17
4. INDEPENDENT DIRECTORS AS ACTORS IN CORPORATE GOVERNANCE - THE CHANGE
IN THE LATE-TWENTIETH-CENTURY 20
4.1. CONTINUATION OR CHANGE? 20
4.1.1. ARBITRARY MANAGEMENT AND OBEDIENT DIRECTORS 20 4.1.2. CHANGES IN
THE BOARDROOM 22
4.1.3. THE INVESTMENT COMPANY ACT OF 1940 23
4.2. THE DEBATE IN THE US 24
IMAGE 2
TABLE OF CONTENTS
4.3. THE DEVELOPMENT IN THE UK 29
4.3.1. THE INITIATION OF NON-EXECUTIVE DIRECTORS 29
4.3.2. GOVERNMENTAL REPORTS IN THE 1990S 31
4.3.3. THE DIFFERENCE OF IMPETUS 33
5. CONCLUSION 35
CHAPTER 2 THE REGULATION ON INDEPENDENT DIRECTORS - CODIFICATION OR
SELF-REGULATION 37
1. THE HISTORICAL BACKGROUND 38
2. IS CODIFICATION THE ONLY CHOICE? 42
2.1. IS THE LAW ABSENT? 42
2.1.1. GENERAL DUTIES ON ALL DIRECTORS 42
2.1.2. A DISTINCTION OF SCOPE OF DUTIES 44
2.1.3. A VACUUM IN THE LAW 45
2.2. IS THE BENEFIT OF CODIFICATION EVIDENT? 47
2.2.1. THE BENEFIT OF FURTHER CLARIFICATION 47
2.2.2. THE BENEFIT OF COMPULSIVE FORCE 48
2.2.3. THE LIMITS OF CODIFICATION 50
2.2.4. CONCLUSION 53
3. A HYBRID MODEL - THE COMBINATION OF SELF-REGULATION AND PUBLIC
CONTROL 53
3.1. A HAVEN FOR SELF-REGULATION TO A HYBRID MODEL 53
3.2. THE REASONS FOR A HYBRID MODEL 56
3.3. A HYBRID MODEL AND BOARD INDEPENDENCE 57
4. CONCLUSION 59
CHAPTER 3 THE ROLE OF INDEPENDENT DIRECTORS IN CORPORATE GOVERNANCE 61
1. THE FUNCTIONS OF THE BOARD AND ITS INDEPENDENT DIRECTORS 62 1.1. THE
MANAGERIAL ROLE - A MYTH FOR MODERN BOARD 62
1.2. THE OVERSIGHT ROLE: AN UNDENIABLE JOB OF THE BOARD AND ITS
INDEPENDENT DIRECTORS 65
1.2.1. WHY IS MONITORING IMPORTANT IN CORPORATE GOVERNANCE? 66 1.2.2.
WHY THE BOARD IS A SUITABLE MONITORING BODY 67 1.2.3. THE INDEPENDENT
DIRECTORS AS SUPERVISOR 71
1.2.4. STRATEGIC MONITORING AND MANAGEMENT MONITORING 73 1.2.5.
MONITORING IN THE CONFLICT OF INTEREST 74
1.2.6. MONITORING IN THE AUDIT COMMITTEE 75
1.2.7. CONCLUSION AND CAUTION 80
1.3. THE ADVISORY ROLE - CAN THE BOARD AND ITS INDEPENDENT DIRECTORS
HELP PROMOTE THE PERFORMANCE OF THE MANAGEMENT? 81 1.3.1. THE
INDEPENDENT DIRECTORS AS COUNSEL 83
1.3.2. TWO-LEVEL ADVISORY PROCESS 85
1.3.3. INDEPENDENT DIRECTORS AS ARBITERS 87
VLLL
IMAGE 3
TABLE OF CONTENTS
2.
1.4. THE RELATIONAL ROLE: A BRIDGE BETWEEN THE COMPANY AND OUTSIDE WORLD
.4.1. ARGUMENTS ABOUT SOCIAL RESPONSIBILITY .4.2. CONFUSION BETWEEN
SHAREHOLDER AND STAKEHOLDER
.4.3. THE SOLUTION OF COMPANIES ACT 2006 .4.4. THE INDEPENDENT DIRECTORS
AS COMMUNICATION LINK .4.5. THE RELATIONSHIP WITH THE STOCK MARKET .4.6.
AUTHORITIES USING INDEPENDENT DIRECTORS TO
REACH ITS AGENDA INDEPENDENT DIRECTORS AND LEGAL RULES 1.4.7. CONCLUSION
CHAPTER 4 COMPETING MECHANISMS IN CORPORATE GOVERNANCE 1. INSTITUTIONAL
INVESTORS AND SHAREHOLDER ACTIVISM 1.1. THE RISE OF INSTITUTIONAL
INVESTORS
1.2. OBSTACLES IN THE WAY OF SHAREHOLDER ACTIVISM 1.3. SHAREHOLDER
ACTIVISM AND INDEPENDENT DIRECTORS 2. MARKET FORCE AS DISCIPLINE 2.1.
MARKET AS A MONITORING AGENT
2.1.1. MOTIVATION OF DILIGENT MANAGEMENT 2.1.2. THE LIMIT OF
SELF-DISCIPLINE 2.2. MARKET FOR CONTROL 2.2.1. THE THREAT OF TAKE-OVER
2.2.2. THE LIMIT OF MARKET FOR CONTROL 2.3. INDEPENDENT DIRECTORS AS
SUPPLEMENT 3. PURE INDEPENDENT BOARD 3.1. PURE INDEPENDENT BOARD AND
TWO-TIER BOARD STRUCTURE
3.2. THE VALUE OF INSIDERS 3.3. THE EFFECT ON MUTUAL RELATIONSHIPS 4.
CONCLUSION
CHAPTER 5 FACTORS IN RELATION TO THE PERFORMANCE OF INDEPENDENT
DIRECTORS: THE OBSTACLES AND SOLUTIONS 1. THE INDEPENDENCE OF DIRECTORS
1.1. THE DEFINITION OF INDEPENDENCE 1.2. THE MENTAL INDEPENDENCE 1.3.
THE SOLUTIONS 1.3.1. FROM LISTING TO DISCLOSURE
1.3.2. THE NOMINATING POWER 2. THE ACTIVE PERFORMANCE OF INDEPENDENT
DIRECTORS 2.1. SHORT OF WORKING TIME 2.2. SHORTAGE OF KNOWLEDGE AND
INFORMATION
2.3. BOARDROOM DYNAMIC
92 93 96 99 101 102
106 108 112
115 116 117 119 122 124 124 124 125 127 127 127 129 131 132 134 136 138
139 140 141 144 145 145 148 150
150 152 154
IX
IMAGE 4
TABLE OF CONTENTS
3.
2.4. GROUPTHINK 2.5. THE SOLUTIONS 2.5.1. DIVERSITY OF DIRECTORSHIPS
2.5.2. THE SEPARATION OF RESPONSIBILITIES OF CEO
AND CHAIRMAN WORKING MODEL OF THE BOARD FULL-TIME INDEPENDENT DIRECTORS
REMUNERATION OF INDEPENDENT DIRECTORS
2.5.3. 2.5.4. 2.5.5.
CONCLUSION
CHAPTER 6 INDEPENDENT DIRECTORS EXPOSURE TO LEGAL LIABILITY 1.
INDEPENDENT DIRECTORS AND LEGAL RISK 1.1. THE TRADITIONAL GENEROSITY OF
THE LAW
1.2. MORE STRINGENT STANDARDS IN MODERN LAW DEVELOPMENT 1.3. FROM
SHAREHOLDER LITIGATION TO DISQUALIFICATION CHARGE 2. IS THE LEGAL RISK
SO THREATENING? 2.1. THE FEARS OF INDEPENDENT DIRECTORS
2.2. THE LESSON LEARNED FROM EMPIRICAL STUDIES 2.3. RECONSIDERING THE
LEGAL RISKS 3. WHY ARE THERE PROBLEMS (AND WHAT CAN BE DONE)? 3.1. THE
WEAK INCENTIVE OF SHAREHOLDERS TO BRING
DIRECTORS TO JUSTICE 3.2. THE LIMITED FEATURE OF DISQUALIFICATION 3.3.
THE MYSTERY OF CASE LAW ON INDEPENDENT DIRECTORS 3.3.1. THE DIFFICULTY
OF RETAINING BALANCE AND STANDARD
THE RATIONALITY OF COLLECTIVE LIABILITY A DEVIATION FROM COLLECTIVE
LIABILITY A CODE OF CONDUCT OF INDEPENDENT DIRECTORS THE EMPHASIS ON
PROPER PROCEDURES 4.
3.3.2. 3.3.3. 3.3.4. 3.3.5.
CONCLUSION
CONCLUSION
BIBLIOGRAPHY
INDEX
155 156 156
160 161 162
163 164
165 166 166 168 170 172
172 174 176 176
176 180 184 185 186 187 188 190 194
197
201
213
|
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| spelling | Zhao, Yuan 1983- Verfasser (DE-588)1014570182 aut Corporate governance and directors' independence Yuan Zhao Aalphen aan den Rijn [u.a.] Wolters Kluwer Law & Business 2011 X, 223 S. 25 cm txt rdacontent n rdamedia nc rdacarrier Literaturverz. S. [201] - 211 Teilw. zugl.: Strathclyde, Univ., Diss. Directors of corporations / Legal status, laws, etc Corporate governance / Law and legislation Recht (DE-588)4113937-9 Hochschulschrift gnd-content SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024496101&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Zhao, Yuan 1983- Corporate governance and directors' independence Directors of corporations / Legal status, laws, etc Corporate governance / Law and legislation Recht |
| subject_GND | (DE-588)4113937-9 |
| title | Corporate governance and directors' independence |
| title_auth | Corporate governance and directors' independence |
| title_exact_search | Corporate governance and directors' independence |
| title_full | Corporate governance and directors' independence Yuan Zhao |
| title_fullStr | Corporate governance and directors' independence Yuan Zhao |
| title_full_unstemmed | Corporate governance and directors' independence Yuan Zhao |
| title_short | Corporate governance and directors' independence |
| title_sort | corporate governance and directors independence |
| topic | Directors of corporations / Legal status, laws, etc Corporate governance / Law and legislation Recht |
| topic_facet | Directors of corporations / Legal status, laws, etc Corporate governance / Law and legislation Recht Hochschulschrift |
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