Business formation and management in China has a long and winding history tracing back thousands of years. It went through ancient private development, the more recent communist planned economy and now the process of re-privatization. In the current stage, China has a mixed private and state-owned economic structure, a step in the transition to a more complete market economy. Given the increasingly open market economy, the CPC still retains firm control of all Chinese political matters, which unavoidably involves state control of certain major industries, and to a lesser extent, the economy as a whole. (more…)
On 19 August 2009, the Supreme Court of the State of New South Wales in Australia imposed civil penalties on former James Hardie Industries Ltd (JHIL) directors and officers, including seven non-executive directors, who the Court found had failed to exercise their powers and discharge their duties with an appropriate degree of care and diligence. Each non-executive director was fined $30,000 and disqualified from managing a corporation for a period of 5 years.
Companies in the James Hardie group manufactured and sold asbestos products. As a result of decisions made at a JHIL board meeting in February 2001, a Foundation with assets of $293 million was set up (more…)
The recent amendments of the 2004 Italian Company law (the “Reform”), have introduced, inter alia, a number of interesting developments with reference to limited companies in Italy, in particular to the Italian S.R.L. companies (Società a responsabilità limitata), modifying the relevant provisions of the Italian civil code, and limiting them to those institutions with a more limited number of members (linked very often – but not necessarily – by a sort of “intuitus personae”), whilst the S.P.A. (società per azioni) better refers to wider company body. (more…)
Following the high profile losses suffered by the banking industry in 2008 and the general kickback which has occurred in relation to remuneration policies of executives, both in the banking industry and more generally, there are likely to be very significant changes in the way publicly traded companies in the UK, ie companies whose shares are traded on the Official List of the London Stock Exchange, are governed in the next 18 months. (more…)