Introduction
In Ukraine only joint stock companies issue shares as securities. Other companies (for instance, LLCs or PLCs) cannot issue shares as securities. On 29 April 2009 the new Joint Stock Companies Law came into force providing two types of joint stock companies in Ukraine: public (that can have their shares listed at stock exchange) and private (their shares cannot be listed).
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Introduction
Key issues in Canadian corporate governance are highlighted by the most recent case law on the tension between the directors’ duty to maximize the value of the corporation’s and the shareholders’ assets and their obligation to avoid eventual litigation. We begin by surveying the general principles of directors’ liability in the Canadian context, and then move on to illustrate a current topic of particular interest, which is the question of liability in the context of a change of control. (more…)
Paraguay, long thought of a country of little corporate importance, is in fact coming into consideration for many business and commercial entrepreneurs thanks to the different advantages provided by the existing civil law system. (more…)
The 2009 Act was signed into effect by the President on 12th July 2009. It introduces important governance changes for all companies and particularly for those companies licensed as banks. (more…)
Despite the great importance of groups of companies in modern economic society, the Italian legislator has refrained for decades from enacting specific norms disciplining such entities.
This is probably due to the fact the Italian legislator has for a long time considered the group as an economic institute rather than a judicial one.
Only in recent years, given the role attained by the corporate group in the Italian economy, has the lawmaker enacted norms explicitly referring to the group. (more…)
Spain has, in the recent years, shyly embraced Corporate Governance initiatives.
The Spanish path on Corporate Governance, started with the publication of a report by the Círculo de Empresarios, a Spanish association of businessmen, on November 12th 1996. The report showed, by subject, a series of ideas and proposals for a better running of Boards of Directors. (more…)
In view of joining the European Union on January 1st 2007, at the end of 2006 the Romanian Company Law was substantially reformed in order to introduce the principles of corporate governance.
This paper is aimed at providing a brief overview of the corporate system of the Romanian joint stock companies, substantially reorganized, in the light of the new applicable rules. (more…)
Australia remains a country in which the courts are still a major determinant of the legal content of corporate governance standards. However, Australia has experienced a major shift in judicial philosophy over the last 20 years and that, in combination with the decline of the doctrine of precedent, has resulted in a very fluid set of judicially-determined corporate governance principles. (more…)
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