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An Analysis of Enlightened Shareholder Value in Light of Ex Post Opportunism and Incomplete Law
Andrew R. Keay1; Hao Zhang2
2011-12-01
Source PublicationEuropean Company and Financial Law Review
ISSN1613-2548
Volume8Issue:4Pages:445-475
Abstract

In the UK’s Companies Act 2006 the traditional shareholder value principle was modified by the introduction of the principle of enlightened shareholder value, the primary source of which is section 172(1). Included in this provision is a requirement for directors to have regard for the interests of certain stakeholders when exercising their duty to promote the success of their company, and this article refers to this as the principle of due consideration. Based on the incomplete law framework, this article reveals that the principle of due consideration for stakeholders has the potential effect of checking ex post opportunism on behalf of shareholders and/or directors against non-shareholding stakeholders. As such, this principle could make a positive and value-adding contribution to all concerned simply because ex post opportunism of any kind is unfair and bad for business. Moreover, our analysis further suggests that if the potential effect of the principle of due consideration is to become real, a process of trial and error in the form of actual cases brought to, and tried in, the courts over time is required.

DOIhttps://doi.org/10.1515/ECFR.2011.445
Language英语
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Document TypeJournal article
CollectionDEPARTMENT OF ACCOUNTING AND INFORMATION MANAGEMENT
Corresponding AuthorAndrew R. Keay; Hao Zhang
Affiliation1.School of Law, University of Leeds
2.Faculty of Business Administration, University of Macau
Corresponding Author AffilicationFaculty of Business Administration
Recommended Citation
GB/T 7714
Andrew R. Keay,Hao Zhang. An Analysis of Enlightened Shareholder Value in Light of Ex Post Opportunism and Incomplete Law[J]. European Company and Financial Law Review,2011,8(4):445-475.
APA Andrew R. Keay,&Hao Zhang.(2011).An Analysis of Enlightened Shareholder Value in Light of Ex Post Opportunism and Incomplete Law.European Company and Financial Law Review,8(4),445-475.
MLA Andrew R. Keay,et al."An Analysis of Enlightened Shareholder Value in Light of Ex Post Opportunism and Incomplete Law".European Company and Financial Law Review 8.4(2011):445-475.
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