Univ., Diss./2004--Frankfurt am Main, 2003.

Zugl.: Frankfurt (Main), Universiẗat, Diss., 2008.

Thesis (PhD)--Macquarie University, Division of Society, Culture, Media and Philosophy, Dept. of Sociology 2009. / "October 2008" Bibliography: leaves 273-293.

The shareholders in general meeting and board of directors are the main governing organs of a company. Control of the general meeting theoretically ensures control of the composition of the board of directors who are usually empowered by the articles to manage the day-to-day administration of the company. The company acts by shareholders and directors voting and passing resolutions in general meeting and board meetings respectively. Controlling sufficient votes to pass resolutions in general and board meetings is therefore the essence of corporate control. A shareholder's right to vote in general meeting is a proprietary legal right, severable from the other incidents of share ownership. By aggregating voting rights, or limiting the scope of the voting rights of some shareholders, or restricting ownership of voting rights to certain specified persons, voting control in the general meeting may be acquired. / LL.M / Private Law

Market abuse practices may directly or indirectly give rise to diverse problems such as inaccurate stock market prices, low public investor confidence, reduced market integrity and poor efficiency in the affected financial markets. This thesis reveals that three major forms of market abuse, namely insider trading, prohibited trading practices (trade-based market manipulation) and the making or publication of false, misleading or deceptive statements, promises and forecasts relating to listed securities (disclosure-based market manipulation) are prohibited in South Africa. However, although South Africa has had market abuse legislation for about 30 years, and must be commended for its great effort to enhance market integrity by combating market abuse practices, the enforcement of such legislation is still problematic. Moreover, in spite of the fact that there is no empirical data or accurate figures quantifying the occurrence and extent of market abuse activities in the South African financial markets, this thesis submits that market abuse practices are still to be completely eradicated. Accordingly, this thesis suggests that the aforementioned problem might have been aggravated by inter alia, various gaps, flaws and/or inconsistent implementation and enforcement of the market abuse legislation in South Africa. To this end, the anti-market abuse enforcement framework under the Securities Services Act 36 of 2004 is analysed to investigate its adequacy. The co-operation and role of the Financial Services Board, the courts, the Directorate of Market Abuse and other relevant stakeholders is also examined and discussed. Moreover, the co-operation between the Financial Services Board and similar international agencies is discussed to gauge its effectiveness in relation to the combating of cross-border market abuse practices. The adequacy of the awareness and preventative measures in place to curb market abuse practices is also investigated to determine whether such measures are robust enough to combat other new challenges that were posed by the 2007 to 2009 global financial crisis. Furthermore, a comparative analysis is undertaken of the enforcement of the market abuse prohibition in other jurisdictions, namely the United States of America, the United Kingdom, the European Union and Australia. This was done to investigate the relevant lessons that can be learnt or adopted from these jurisdictions. The thesis further discusses the adequacy of the recently introduced provisions of the Financial Markets Bill as well as the subsequent market abuse provisions of the Financial Markets Bill 2012. The thesis highlights that the aforementioned Bills are positive attempts by the policy makers to improve the enforcement of the market abuse provisions in South Africa. Nonetheless, the thesis reveals that most of the shortcomings contained in the Securities Services Act 36 of 2004 were duplicated in the Financial Markets Bill and the Financial Markets Bill 2012. In light of this, it remains to be seen whether the market abuse provisions contained in the Financial Markets Bill and/or the Financial Markets Bill 2012 will improve the combating of market abuse practices in South Africa. Consequently, it is hoped that the relevant market abuse provisions of the Securities Services Act 36 of 2004, the Financial Markets Bill and/or the Financial Markets Bill 2012 will be comprehensively reviewed in regard to the recommendations made in this thesis. To this end, the thesis proposes a viable anti-market abuse model and policy framework and sets out both policy objectives and provisions which policy makers could use to strengthen some of the market abuse provisions in South Africa.

Trabajo de investigación

LL.M. (Commercial Law) / The Companies Act 71 of 2008 (hereinafter referred to as the Act) was passed by Parliament on 19 November 2008 and assented to by the President on 8 April 2009. The Act came into force on 1 May 2011 and contains the provisions regulating the new business rescue proceedings that replace judicial management under the Companies Act 61 of 1973. However, since the introduction of Chapter 6 of the Act, the courts South Africa still appear to be finding their feet with regard to many of the Act’s provisions. In spite of this, the new business rescue practice has become an important part of the South African corporate framework. The outbreak of recent case law has started to shape the direction, which business rescue, as interpreted by the Courts, is taking. An important debate among the courts is whether the courts should rescue a business entity or liquidating the businesses assets in order to settle claims against it. While a liquidation aims to divide the profit from the sale of assets amongst creditors and to dissolve the company, business rescue legislation provides for a restructuring of the financial structure of a distressed debtor to save the business as a going concern and to assist the settlement of claims against the business in full. The business rescue proceedings have been provided for by legislation in the Act, however, the result of the vast recent court decisions show that the Act may not be relied upon unconditionally without proper regard to the circumstances of each case. This research analyses the appropriateness of business rescue as opposed to liquidation by specifically looking at the requirements for a successful business rescue order. This research further analyses whether the decisions of the courts in present case law are on the correct path when interpreting the business recuse provisions in terms of the Act.

Company directors, being human, may be tempted to promote their own interests rather than those of the companies on whose boards they serve. Directors are subject to a number of legal duties. A director has a fiduciary duty to act in good faith and in the best interests of the company. A number of other duties flow from this duty such as the duty to avoid a conflict of interests. The duty of a director not to appropriate a corporate opportunity belonging to the company of which he or she is a director, also flows from the duty to avoid a conflict of interests. The common-law duties of directors which have their origins in English law, have developed over a number of years. Because of the difficulty that directors had in establishing what their duties were, a number of jurisdictions embarked on a process of codifying or partially codifying these duties. South Africa, Australia and England are three countries that have promulgated legislation which has resulted in the codification or partial codification of directors’ duties. The purpose of the codification or partial codification of directors’ duties was firstly to clarify the duties of directors, and secondly to make the duties more accessible to those affected by them – the directors of companies. In South Africa the Companies Act 71 of 2008 has partially codified the duties of directors. Because directors’ duties have only been partially codified there is uncertainty regarding their scope. This dissertation will focus on the possible effect of the 2008 Companies Act on the duty of a director not to take a corporate opportunity falling to the company. In this dissertation I address two issues involving the effect of the 2008 Companies Act on the duty of a director not to appropriate a corporate opportunity belonging to the company. Firstly, I consider whether the partially codified directors’ duties are wide enough to cover issues involving the appropriation of corporate opportunities. Secondly, I consider the appropriate common-law test or tests to be applied in determining whether, in the specific circumstances, an opportunity should be classified as a corporate opportunity. In considering whether the partially codified duties of directors are wide enough to include the corporate-opportunity rule, I compare the approach to corporate opportunities and the corporate-opportunity rule in South Africa, Australia and England. / Mercantile Law / LL.M. (Corporation Law)

Text in Afrikaans / Daar is 'n toenemende bewuswording van die noodsaaklikheid van effektiewe beskerming vir minderhede. Die rede vir hierdie toenemende erkenning aan die behoefte aan minderheidsbeskerming is waarskynlik toe te skryf aan die beset dat dit nie alleen die minderheidsaandeelhouers is wat skade ly in geval van benadelende optrede nie, maar ook die ekonomie. Maatskappye word ingevolge die beginsel van meerderheidsbewind bestuur, met die gevolg dat die minderheid onderworpe is aan die wil van die meerderheid. Die minderheid kan hulself hierdeur in 'n onbenydenswaardige posisie bevind, veral indien die meerderheid hul mag aanwend om hul eie belange te bevorder. Gemeenregtelik is die reel in Foss v Harbottle 'n struikelblok vir minderheidsaandeelhouers wat gedingvoering beoog. In 'n poging om die gebrekkige gemeenregtelike beskerming van minderhede te ondervang, is bepaalde statutere maatreels ingevoer. Die evaluasie van hierdie maatreels geskied aan die hand van 'n regsvergelykende ondersoek na verskeie buitelandse stelsels, waarvan die van Nieu-Seeland en Kanada uit staan vanwee die innoverende aard van hul statutere beskermingsmaatreels. Die gevolgtrekking is dat die beskerming wat die Suid-Afrikaanse statutere maatreels aan minderhede bied, onbevredigend is om verskeie redes. Eerstens is hierdie maatreels dikwels te eng bewoord wat daartoe lei dat die aanwendingsveld van die maatreels beperk is. Tweedens hou die maatreels nie tred met ontwikkelings elders in die wereld en veranderende omstandighede en behoeftes in die praktyk nie. Derdens ontbreek goed geformuleerde remedies wat aanvullend tot artikel 252 van die Wet sal wees. Daar is verder bevind dat ad hocwysigings van bestaande maatreels nie die gewenste resultaat gaan bereik nie en 'n algehele hervorming van die Suid-Afrikaanse maatskappyereg word aanbeveel. Ten slotte word konkrete voorstelle in die vorm van konsepwetgewing gemaak en word vergesel van verduidelikende notas. Hierdie wetgewing is hoofsaaklik aan die hand van die Nieu-Seelandse en Kanadese modelle geformuleer. / There is a growing awareness of the need for effective protection of minority shareholders. This can probably be ascribed to the acknowledgement of the fact that prejudicial conduct harms not only minority shareholders, but also the economy at large. Companies are governed by the principle of majority rule; consequently the minority is subjected to the will of the majority. This often places the minority in an invidious position, especially when the majority use their power to further their own interests. The rule in Foss v Harbottle presents a stumbling block to minority shareholder action. Certain statutory measures have been introduced in an effort to counter defective minority protection. These statutory measures are evaluated in the light of a comparative study of several foreign jurisdictions, the most prominent of which are New Zealand and Canada, because of the innovative nature of the measures which they employ. The conclusion arrived at is that, for various reasons, the protection afforded minorities by the South African statutory measures is unsatisfactory. Firstly, the wording of these measures is narrowly construed; this in turn results in a narrow field of application. Secondly, these measures are not in step with developments elsewhere in the world and with the changing circumstances and needs in practice. Thirdly, well-formulated remedies needed in order to supplement section 252 of the Act are non-existent. It has also been found that ad hoc amendments of existing measures will not achieve the required result, and consequently a complete reform of South African company law is recommended. Finally, specific recommendations in the form of draft legislation are made; these are accompanied by explanatory notes. This draft legislation was formulated primarily along the lines of the New Zealand and Canadian models. / Private Law / LL.D.

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2018-04-02T12:30:57Z No. of bitstreams: 1 Cristiano Padial Fogaça Pereira.pdf: 1384066 bytes, checksum: 9b0b71c17188e4f997732352fb8cc2c0 (MD5) / Made available in DSpace on 2018-04-02T12:30:57Z (GMT). No. of bitstreams: 1 Cristiano Padial Fogaça Pereira.pdf: 1384066 bytes, checksum: 9b0b71c17188e4f997732352fb8cc2c0 (MD5) Previous issue date: 2018-02-28 / This essay scrolls through several partial dissolution’s possibilities of limited liability companies arising out of exclusion or withdrawn of an entity member, until reaching the corporate property valuation and its different kinds of technical criteria, like the free cash flow analysis. This dissertation text also examines articles from the new Brazilian Code of Civil Procedure, especially the articles 599 to 609. Thus, an issue that involves different kinds of valuation criteria is analyzed by legal theories such as the principle of proportionality and the economic analysis of law / O presente estudo percorre as diferentes hipóteses de dissolução parcial de sociedade limitada no direito brasileiro, decorrentes de exclusão e de retirada de sócio, pelas vias judicial e extrajudicial, culminando com a apuração de haveres e as variações de critérios e metodologias que podem orientar tal levantamento contábil, como o fluxo de caixa descontado. O trabalho examina, ainda, os arts. 599 a 609 do CPC/2015 e encaminha-se a uma análise crítica dos critérios utilizados na apuração de haveres à luz de princípios constitucionais aplicados ao direito empresarial e da análise econômica do direito