A Lei nº 6.404, de 15 de dezembro de 1976, foi concebida tendo como um de seus objetivos o estímulo à formação da grande empresa nacional. Para tanto, o legislador utilizou duas premissas: o estímulo à concentração empresarial e o fomento do mercado de capitais (tanto o mercado acionário, quanto o de títulos de dívida). Isto resultou em um modelo legal, calcado na figura do acionista controlador, de quem a lei reconhece poderes e, em contrapartida, institucionaliza deveres e atribui responsabilidades. Ainda, face à extremação dos poderes do acionista controlador, visando ao fomento do mercado de capitais, a lei atribui aos acionistas minoritários verdadeiros direitos compensatórios, sintetizados em direitos de saída da companhia e direitos de informação. Com a dispersão acionária e o consequente enfraquecimento, ou até desaparecimento, do acionista controlador, o poder desloca-se para os administradores, resultando em modelo essencialmente diverso daquele originalmente concebido pela Lei das Sociedades Anônimas. Relativizam-se, assim, os direitos compensatórios face ao controle acionário, ganhando força os mecanismos de monitoramento adequado dos administradores para assegurar a realização do interesse social. Isto implica modificações não apenas na esfera de direitos individuais e coletivos dos acionistas como principalmente mudanças na própria estrutura orgânica da sociedade anônima e nos negócios jurídicos envolvendo a disputa pelo controle societário. O presente trabalho, portanto, irá discutir até que ponto a Lei nº 6.404/76 está apta a lidar com este fenômeno recente em território brasileiro. Palavras chave: Lei nº 6.404/76, sociedade anônima, poder de controle, dispersão acionária, OPA. / One of the objectives guiding the development of Law 6,404, of 15 December 1976, was that of stimulating the formation of large-size Brazilian companies. The legislator set about this task using two premises: stimulating corporate concentration and boosting the bond markets (both the stock market and the government bond market). This resulted in a legal model, based on the figure of the controlling shareholder, to whom the law grants authority and, in return, imposes obligations and allocates responsibilities. Moreover, in view of the extreme nature of the controlling shareholders authority, and in order to boost the bond markets, the law grants genuine compensatory rights to the minority shareholders, which can be summarized as rights to leave the company and rights to information. Stock dispersion and the consequent weakening, or even disappearance, of the controlling shareholder, has led to authority shifting to the management, leading to a model that is, in essence, very different from the one originally conceived in the Brazilian Companies Law. Hence, compensatory rights have become relative to shareholder control, with the managers monitoring mechanisms gaining force in ensuring compliance with the corporate interest. This implies modifications not only in the sphere of shareholders individual and collective rights, but also changes to the very structure of the joint stock company and to legal business dealings concerning disputes for corporate control. This study will, therefore, debate just how well Law 6,404/76 is able to deal with this recent phenomenon in Brazil.

A Lei nº 6.404, de 15 de dezembro de 1976, foi concebida tendo como um de seus objetivos o estímulo à formação da grande empresa nacional. Para tanto, o legislador utilizou duas premissas: o estímulo à concentração empresarial e o fomento do mercado de capitais (tanto o mercado acionário, quanto o de títulos de dívida). Isto resultou em um modelo legal, calcado na figura do acionista controlador, de quem a lei reconhece poderes e, em contrapartida, institucionaliza deveres e atribui responsabilidades. Ainda, face à extremação dos poderes do acionista controlador, visando ao fomento do mercado de capitais, a lei atribui aos acionistas minoritários verdadeiros direitos compensatórios, sintetizados em direitos de saída da companhia e direitos de informação. Com a dispersão acionária e o consequente enfraquecimento, ou até desaparecimento, do acionista controlador, o poder desloca-se para os administradores, resultando em modelo essencialmente diverso daquele originalmente concebido pela Lei das Sociedades Anônimas. Relativizam-se, assim, os direitos compensatórios face ao controle acionário, ganhando força os mecanismos de monitoramento adequado dos administradores para assegurar a realização do interesse social. Isto implica modificações não apenas na esfera de direitos individuais e coletivos dos acionistas como principalmente mudanças na própria estrutura orgânica da sociedade anônima e nos negócios jurídicos envolvendo a disputa pelo controle societário. O presente trabalho, portanto, irá discutir até que ponto a Lei nº 6.404/76 está apta a lidar com este fenômeno recente em território brasileiro. Palavras chave: Lei nº 6.404/76, sociedade anônima, poder de controle, dispersão acionária, OPA. / One of the objectives guiding the development of Law 6,404, of 15 December 1976, was that of stimulating the formation of large-size Brazilian companies. The legislator set about this task using two premises: stimulating corporate concentration and boosting the bond markets (both the stock market and the government bond market). This resulted in a legal model, based on the figure of the controlling shareholder, to whom the law grants authority and, in return, imposes obligations and allocates responsibilities. Moreover, in view of the extreme nature of the controlling shareholders authority, and in order to boost the bond markets, the law grants genuine compensatory rights to the minority shareholders, which can be summarized as rights to leave the company and rights to information. Stock dispersion and the consequent weakening, or even disappearance, of the controlling shareholder, has led to authority shifting to the management, leading to a model that is, in essence, very different from the one originally conceived in the Brazilian Companies Law. Hence, compensatory rights have become relative to shareholder control, with the managers monitoring mechanisms gaining force in ensuring compliance with the corporate interest. This implies modifications not only in the sphere of shareholders individual and collective rights, but also changes to the very structure of the joint stock company and to legal business dealings concerning disputes for corporate control. This study will, therefore, debate just how well Law 6,404/76 is able to deal with this recent phenomenon in Brazil.

The lack of scientific research covering the factors contributing to the growth and regulation of the private security industry (PSI) in India and South Africa gave rise to the study. The study used qualitative research methods, a case study design and documentary analysis techniques, including personal interviews supported by a qualitative questionnaire and e-mailing the questionnaires to participants, to achieve the purpose and objectives of the study. The researcher interviewed seven participants from India personally and eight responded to the qualitative questionnaire sent by e-mail. The researcher conducted eight one-on-one interviews with South African participants and eleven members responded to the qualitative questionnaire sent by e-mail. The researcher carried out a pilot study to identify any shortcomings in the qualitative questionnaire. The study examined various theories on regulations and regulatory frameworks and considered the theoretical aspects of regulating the private security industry. This study confirmed that private security is growing at a rapid pace in India and South Africa, and the common factors encouraging growth include socio-economic factors like rapid growth and infrastructure, increasing urbanisation, growth of the middle class, poverty and unemployment, illegal immigration, growth in private property and increase in personal wealth. Indian participants especially, felt strongly that an increase in terror attacks is a key factor contributing to the rapid growth of the PSI, whilst South African participants confirmed, a fear of political violence and being scared of civil unrest were reasons for the increased presence of the PSI in the country. The participants corroborated that statutory-based legislation imposed by the Private Security Agencies (Regulation) Act 2005 and the Private Security Industry Regulation Act 2001 is not wholly effective in regulating the PSI in India. / Ukusweleka kocwaningo lwesisayense olwengamela izinto ezinomthelela ekukhuleni kanye nemitheshwana yolawulo kwimboni yonogada bezokuvikeleka yangasese i-private security industry (PSI) eNdiya naseNingizimu Afrika kwenze ukuthi kube nalolu cwaningo. Ucwaningo lusebenzise izindlela ze-qualitative research methods, i-case study kanye nethekniki yohlaziyo lwamadokhumende, okubandakanya nama-interview nabantu ziqu, ngokusekelwa wuhla lwemibuzo ebhaliwe ye-qualitative kanye nohla lwemibuzo ebhaliwe (questionnaires) ethunyelwe nge-email kulabo ababambe iqhaza, ukufezekisa izinhloso nezinjongo zocwaningo. Umcwaningi wenze ama-interview nababambi qhaza abayisikhombisa ziqu baseNdiya kanti abayisishagalombili baphendule imibuzo yohla ebhaliwe ye-qualitative oluthunyelwe nge-email. Umcwaningi ubuye waba nama-interview okubhekana ubusu nobuso nababambi qhaza baseNingizimu Afrika abayisishagalombili, kwathi abayishumi nanye baphendula uhla lwemibuzo ebhaliwe ye-qualitative ethunyelwe nge-email. Kwenziwe ucwaningo lokulinga (pilot study) ukubheka ukuntengantenga kohla lwemibuzo ebhaliwe ye-qualitative. Lolu cwaningo luhlole amathiyori ahlukahlukene ngokwenziwa kwemithetho yolawulo kanye nohlaka lwemitheshwana yolawulo, kanye nokubonelela izingxenye zethiyori yemitheshwana yolawulo lwemboni yonogada bezokuvikeleka yangasese. Ucwaningo luqinisekise ukuthi imboni yonogada bangasese bezokuvikeleka ikhula ngokuyisimanga eNdiya kanye naseNingizimu Afrika, kanti okuyixhumanisayo nokufanayo, kubandakanya ukukhula kwezinto eziphathelene nabantu nezomnotho njengokukhula ngesivinini kwezingqalasizinda, ukuya kakhulu kwabantu ezindaweni zamadolobha, ukukhula kwe-middle class, inhlupheko nokusweleka kwemisebenzi, ukungena kakhulu kwabantu ababuya kwezinye izindawo ngokungemthetho (illegal migration), ukukhula kwempahla yangasese kanye nokwanda kokunotha kubantu. Ababambi qhaza baseNdiya bona banemizwa eqinile yokuthi uhlaselo lwamaphekulazikhuni (terror attacks) yinto enomthelela kakhulu ukukhuleni kwemboni ye-PSI. Ababambi qhaza baseNingizimu Afrika bona baqinise ukwesaba udlame lwezepolitiki kanye nokwesaba izivungu-vungu zovukelwano lwabantu, yikho okube yizizathu zokukhula kobukhona be-PSI ezweni. Ababambi qhaza baqinise ukuthi imithetho efakelwe ye-Private Security Agencies (Regulation) Act 2005 kanye nomthetho we-Private Security Industry Regulation Act 2001 ayisebenzi ngokufanele ukulawula kahle imboni ye-PSI eNdiya. / Esi sifundo sibe ngunozala wokunqongophala kophando lobunzululwazi malunga nezinto ezincedisa ekukhuleni nasekulawulweni korhwebo lokhuselo lwabucala, iprivate security industry (PSI), kwilizwe laseIndia naseMzantsi Afrika. Isifundo sisebenzise indlela yophando lomgangatho, uyilo lwenkqubo engumzekelo, uhlalutyo lwemibhalo, udliwano ndlebe lobuso ngobuso nabantu ngabantu, oku kuxhaswa luluhlu lwemibuzo olubhaliweyo noluthunyelwe kubathathi nxaxheba ngeimeyile ukuze kuphunyezwe iinjongo zesi sifundo. Umphandi udlane indlebe nabathathi nxaxheba abasixhenxe abavela eIndia kanti abasibhozo baphendule uluhlu lwemibuzo yomgangatho kwi-imeyile. Umphandi uqhube udliwano ndlebe ubuso ngobuso nabathathi nxaxheba abasibhozo eMzantsi Afrika kanti abalishumi elinanye bona baphendule uluhlu lwemibuzo yomgangatho kwi-imeyile. Kwaqhutywa isifundo sokutshayelela ngenjongo yokuqonda ukuba akukho zikhwasilima na kuluhlu lwemibuzo yomgangatho. Isifundo siphonononge iingcingane okanye iithiyori ezingemigaqo nezakhelo zemigaqo yolawulo kwaza kwaqatshelwa imiba yeengcingane emalunga nokulawulwa norhwebo lokhuseleko lwabucala. Esi sifundo singqine ukuba ukhuselo lwabucala lukhula ngesantya esikhawulezayo eIndia naseMzantsi Afrika, kwaye izinto ezikhuthaza oku kukhula ziquka imiba yezentlalo noqoqosho njengokwanda okukhawulezayo nezibonelelo, ukwanda kweendlela zokuphila budolophu, ukukhula kwezinga loluntu eliphakathi (middle class), ubuhlwempu nentswela ngqesho, ukufudukela kwamanye amazwe ngokungekho mthethweni, ukwanda kokufumaneka komhlaba wabucala nokwanda kobutyebi babantu. Abathathi nxaxheba baseIndia bathi bacinga ukuba ukwanda kohlaselo ngabagrogrisi kuphambili ekuncediseni ukukhula korhwebo lokhuselo lwabucala. AbaseMzantsi Afrika bona bangqina ukuba uloyiko lobundlobogela bezopolitiko nokoyika uvukelo mbuso zizizathu zokwanda kobukho borhwebo lokhuselo lwabucala kweli lizwe. Abathathi nxaxheba bavuma ukuba imigaqo esekelwe emthethweni nebethelelwa nguMthetho Wokhuselo Lwabucala wama-2005, iPrivate Security Agencies (Regulation) Act 2005 kunye nePrivate Security Industry Regulation Act 2001 ayisebenzi ngokufezekileyo ekulawuleni urhwebo lokhuselo lwabucala eIndia. / Criminology and Security Science / Ph. D. (Criminal Justice)