The topic of shareholder's duty of loyalty is an important aspect for the definition of most of the duties and obligations of the capital company members. Therefore, it is also very popular topic for the authors of professional literature, who tend to be interested in systematized distinction of the duties and obligations of the capital company members. Most authors, along with the jurisprudence, already admit considerable importance of principle of loyalty and consider it to be the rule of interpretation appropriate for its application to the other duties and obligations of company members. The principle of loyalty, having a regulatory function, may fill in particular gaps in the statutory regulation. As a derogatory rule it may avoid the application of other rules that would lead to unfair decisions. This work aims to demonstrate the possibility of application of the principle of loyalty in practice. The thesis is divided into two main parts, the first is meant to clarify the place of the duty of loyalty in Czech law. It describes how was the existence of the duty of loyalty inferred before its regulation in new Civil Code. Next chapters of the first part are devoted to current applicable regulation. The second part of the theses focuses on particular examples in order to demonstrate the...

The topic of the submitted diploma thesis is the directors and officers liability insurance of members of a joint stock company bodies and its aim is to analyze this insurance product and to evaluate possibilities of its use in domestic conditions. This theme is topical because of the recent financial crisis as well as with regard to the recodification of the Czech private law which resulted in demanding more requirements on members of a joint stock company bodies during performance of their office and most importantly the danger of guaranty for obligations of company in accordance with the provision § 68 of the law on commercial corporations constitutes a really big threat for members of a joint stock company bodies. In order to understand the dangers from which the insurance should protect, first of all the first chapter is dedicated to basic characteristics of joint stock company and mainly to duties of members of a joint stock company bodies which are divided into two groups in this thesis - fiduciary duties (duty of due care, duty of loyalty, duty of secrecy, prohibition of competition, duty of personal performance of office) and so called "technical" duties. In the next chapter there is briefly examined the legislation of liability and compensation for damage where these issues are consulted...

<p> </p><p>This essay aim to clear the regulations that adjusts the use of non-compete clauses in contracts of employement. The historical developement shows tendencies that more employees have contracts that includes non-compete clauses. This developement does not always correspond with what is allowed concerning these clauses. Non-compete clauses is adjusted by the regulations in the collective agreement known as the agreement of 1969. The agreement has also been accepted outside its regular field of application. Apart from the just mentioned agreement, unreasonable conditions of contracts kan be adapted to what is fair accordning to the swedish constitution of agreements. The paragraphs in question is the 36 and the 38 §§, that adjusts when you can shift the conditions. The 38 § is more applyable when it comes to conditions about non-compete clauses. The use of non-compete clauses is also regulated by practice in the court of law, the labour court. Many of the regulations are unspecified in their design. It is possible that these unspecified concepts are essential to maintain the possibility of applying the concepts to a larger amount of cases. The metaphysical concepts of the jurisprudence has been criticized several times during the historical developement, for example by the upholders of the positivistic Uppsala school of philosophy (the Scandinavian legal realism). The facts remains that because of its open device of concepts, the jurisprudence becomes dynamic and useable in a lot more contexts.</p><p> </p>

This essay aim to clear the regulations that adjusts the use of non-compete clauses in contracts of employement. The historical developement shows tendencies that more employees have contracts that includes non-compete clauses. This developement does not always correspond with what is allowed concerning these clauses. Non-compete clauses is adjusted by the regulations in the collective agreement known as the agreement of 1969. The agreement has also been accepted outside its regular field of application. Apart from the just mentioned agreement, unreasonable conditions of contracts kan be adapted to what is fair accordning to the swedish constitution of agreements. The paragraphs in question is the 36 and the 38 §§, that adjusts when you can shift the conditions. The 38 § is more applyable when it comes to conditions about non-compete clauses. The use of non-compete clauses is also regulated by practice in the court of law, the labour court. Many of the regulations are unspecified in their design. It is possible that these unspecified concepts are essential to maintain the possibility of applying the concepts to a larger amount of cases. The metaphysical concepts of the jurisprudence has been criticized several times during the historical developement, for example by the upholders of the positivistic Uppsala school of philosophy (the Scandinavian legal realism). The facts remains that because of its open device of concepts, the jurisprudence becomes dynamic and useable in a lot more contexts.

I ett kunskapsföretag besitter anställda kunskap om företagets hemligheter genom sin anställning. Denna kunskap utgör en väsentlig tillgång i företaget och stärker företagets konkurrensförmåga på marknaden, vilket ökar behovet av ett starkt skydd för företagshemligheter. Problematiken uppstår när anställda lämnar sin anställning och tar med sig den hemliga informationen till sin nya arbetsgivare och utnyttjar den där. När anställda konkurrerar med sin tidigare arbetsgivare får den arbetsrättsliga lojalitetsplikten väsentlig betydelse. Utgångspunkten är att anställda inte är bundna av lojalitetsplikten när anställningen upphör, vilket innebär att anställda är fria att utnyttja kunskap, erfarenhet och skicklighet som förvärvats under anställningen. Detta innebär att anställda inte kan ställas till ansvar efter anställningens upphörande, förutom i vissa fall då det enligt lagen (1990:409) om skydd för företagshemligheter (FHL) föreligger ”synnerliga skäl”. Avtal mellan parterna kan därför få en avgörande betydelse för arbetsgivares skydd. En godtroende ny arbetsgivare kan själv bli skadeståndsansvarig om en nyanställd, i sin nya anställning, missbrukar tidigare arbetsgivares företagshemligheter. Frågan som uppsatsen behandlar är huruvida den nya arbetsgivaren kan skydda sig mot detta. Slutsatsen är att FHL:s sanktionssystem och den arbetsrättsliga lojalitetsplikten är en ny arbetsgivares främsta skydd. Risken för en ny arbetsgivare att drabbas av skadestånd enligt FHL är överhängande när en anställd missbrukat tidigare arbetsgivares företagshemligheter i den nya verksamheten. I förebyggande syfte kan en ny arbetsgivare vidta åtgärder, t.ex. klargöra för anställda om sanktionssystemets innebörd och om arbetsgivarens egen inställning. Med anledning av KOM(2013) 813 och lagrådsremissen den 12 december 2013 kan en ny arbetsgivares skydd komma att förstärkas. / In a knowledge based company employees possess knowledge of the company’s secrets through their employment. This knowledge constitutes an essential asset of the company and strengthens its competitive position on the market, which increases the need for strong protection of trade secrets. The problem arises when employees terminate their employment and bring trade secrets to their new employer and exploit it there. When employees compete with their previous employer, the labour law duty of loyalty is essential. The starting point is that employees are not bound by the duty of loyalty when the employment is terminated, which implies that employees are free to utilize the knowledge, experience and skills acquired during their employment. This means that employees can not be held liable under the Act on the Protection of Trade Secrets (“the Act”) after the termination of the employment, except from “extraordinary reasons”. Contracts may therefore be vital for employers’ protection. A new employer in good faith can be held liable for damages if the new employee during the new employment abuses the previous employer’s trade secrets. The question that this thesis addresses is whether the new employer can protect himself/herself against this. The conclusion is that the Act’s system of sanctions and the labour law duty of loyalty is a new employer’s primary protection. The risk for a new employer to suffer damages under the Act is imminent when an employee has abused previous employer’s trade secrets in the new business. The new employer can take measures for preventive purposes, for example to clarify to employees the meaning of the system of sanctions and the employer’s own position. COM(2013) 813 and the proposal for new legislation referred to the Swedish Council on Legislation (December 12, 2013) may enhance a new employer’s protection.

判斷目標公司董事出售公司或控制權的決策是否符合受任人義務是一個困難且重要的問題，因為此種類型的決策董事有可能是出於自身利益也可能是為全體股東利益而為，在此種利益衝突屬於晦暗不明的情況，法院應該要採取怎樣的審查態度一方面可以尊重董事決策的空間，另一方面又可以確保股東的利益被保全，成為本論文最關心的問題。 以我國為例，近年公股銀行民營化或是私募基金收購案例屢見不鮮，共同引發的擔憂就是目標公司董事同意此項併購案到底是因為併購條件有利於全體股東，還是嘉惠特定合作對象而決定？我國企業併購法第5條及第6條要求目標公司董事為併購決議時應盡其注意義務及忠實義務，然董事到底是為「公司」還是「股東」盡其義務似乎仍有疑義；再者，法院似乎亦尚未發展出在個案中判斷董事具體行為是否符合受任人義務的標準，因此本文擬參考美國法上的相關規範，以期解決我國現狀的困境。 德拉瓦州法院在1980年代提出一項標準，當目標公司董事決定要出售公司或控制權時，董事有義務要為股東爭取最好的價格，又稱為「露華濃義務(Revlon Duty)」或「標售公司義務」，有兩個重點值得關注：第一，目標公司董事同意何種併購交易會觸發露華濃義務？此即露華濃適用範圍的討論；第二，目標公司董事一旦觸發露華濃義務，董事應該要採取何種具體措施以符合要求？此即露華濃義務內涵的討論。對應到我國現況，應不應該在特定的併購交易中限縮董事的裁量空間？或提出可供法院參考之指標？

Submitted by Alexandre Ramos Coelho (alexandre.coelho@gvmail.br) on 2015-06-09T22:53:52Z No. of bitstreams: 1 Dissertação Mestrado_ARCoelho_ 09.06.15_FINAL.pdf: 1391202 bytes, checksum: e5aeec796f84194f76858aa85f8ad7b6 (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2015-06-10T11:39:33Z (GMT) No. of bitstreams: 1 Dissertação Mestrado_ARCoelho_ 09.06.15_FINAL.pdf: 1391202 bytes, checksum: e5aeec796f84194f76858aa85f8ad7b6 (MD5) / Made available in DSpace on 2015-06-10T12:43:44Z (GMT). No. of bitstreams: 1 Dissertação Mestrado_ARCoelho_ 09.06.15_FINAL.pdf: 1391202 bytes, checksum: e5aeec796f84194f76858aa85f8ad7b6 (MD5) Previous issue date: 2015 / According to data, from the Brazilian Association of Financial and Capital Market – ANBIMA, accumulated of 12 months, as of July 7, 2014, the sum of investments, redemptions and capital raised, the fund industry in Brazil transacted more than 11 billion Brazilian Reais. It is a considerable financial value, making the industry fund an important tool to channel savings and to invest in the most diverse projects of the economy. In addition, the collapse of some financial conglomerates in Brazil in recent years involving investment funds managed by companies belonging to such conglomerates has highlighted the importance of rules and studies addressing the relationship between the asset manager / fund administrator and the respective investors in those funds. In fact, the research conducted over the years 2013 and 2014 with regulators, academics and other participants in the securities market have demonstrated that there are few studies that can provide assistance in solving problems of this nature, including situations involving conflicts of interest between asset managers / fund administrator and investors. Thus, in face of the economic importance of the fund industry to Brazil and the relevance of the rights of investors / shareholders in the fund industry, and also due to the lack of studies, this work aims at conducting a theoretical and empirical research on the fiduciary relationship between the fund administrator, the asset manager and the respective shareholders of the investment funds. Along these lines, the goal will be to identify the origin, the essential characteristics of this relationship, the risks it can bring to the investor, and the duties it imposes on administrators and managers. We propose to evaluate the historical origin of the fiduciary relationship and understand the theoretical foundations that support its application to investment funds in the United States and Brazil. Based on this theoretical knowledge and under the focus of fiduciary duties applicable to administrators and managers, we develop an evaluation of the standards of conduct contained in the rulings of the Brazilian Securities Commission (CVM), to test the fiduciary relationship characteristics on the CVM rules. Finally, was conducted a study of cases where administrators and managers were convicted for breaking the fiduciary relationship and for failing to comply with specific duties embedded in the standards of conduct previously evaluated. On the basis of theoretical and empirical studies described, it is finally concluded that there are, indeed, essential characteristics in determining a fiduciary relationship between fund administrator / asset manager and the shareholder, and once this relationship is established, fund administrators and asset managers will have to observe the duty of diligence and loyalty to the shareholder. Also on the basis of theoretical and empirical studies, it is possible to say that the CVM standards establish the fiduciary relationship between the fund administrators / asset managers and the shareholder of investment funds, as well as fiduciary duties related to this relationship. / De acordo com dados de 07.10.2014 da Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais – ANBIMA, no acumulado em 12 meses, entre aplicações, resgates e captações, a indústria de fundos movimentou mais de 11 bilhões de reais no Brasil. É um volume financeiro considerável, fazendo dos fundos de investimento importantes instrumentos de captação de poupança e de direcionamento de recursos para os mais diversos projetos de financiamento da economia. Além disso, as quebras de determinados conglomerados financeiros no Brasil nos últimos anos envolvendo fundos administrados e geridos por sociedades pertencentes a esses conglomerados colocou em evidência a importância de regras e estudos direcionados à relação entre o administrador-gestor e o cotista de fundos de investimento. De fato, pesquisa conduzida ao longo dos anos de 2013 e 2014 demonstrou que acadêmicos, reguladores e demais participantes do mercado de valores mobiliários possuem poucos estudos que possam assisti-los na solução de problemas relativos a essa relação, inclusive diante de situações envolvendo conflitos de interesses entre administradores-gestores e cotistas. Assim, diante da importância econômica dos fundos de investimento para o Brasil, da relevância dos direitos dos investidores dentro da indústria de fundos, e também em razão da escassez de estudos, este trabalho tem por finalidade realizar investigação teórica e empírica sobre a relação fiduciária entre o administrador, o gestor e os respectivos cotistas dos fundos de investimento. Dessa forma, o objetivo será identificar a origem, as características essenciais dessa relação, os riscos que ela pode trazer para o investidor e os deveres que ela impõe aos administradores e gestores. Para tanto, propõe-se avaliar a origem histórica da relação fiduciária e os fundamentos teóricos que a suportam aplicados aos fundos de investimento nos Estados Unidos e no Brasil. Com base nesse conhecimento teórico e sob o enfoque dos deveres fiduciários aplicáveis aos administradores e gestores, parte-se para a avaliação das normas de conduta contidas nas instruções da Comissão de Valores Mobiliários (CVM), visando testar as características da relação fiduciária diante das regras da CVM. Por fim, realiza-se estudo sobre casos em que administradores e gestores foram condenados por quebra na relação fiduciária e por inobservância de deveres específicos embutidos nas normas de conduta avaliadas anteriormente. Com fundamento nos estudos teóricos e empíricos descritos, conclui-se que existem características essenciais na configuração de uma relação fiduciária entre o administrador-gestor e o cotista de fundos de investimento e que, uma vez formada essa relação, administradores e gestores obrigam-se a observar o cumprimento de deveres de diligência e de lealdade perante o cotista. Igualmente, ainda é possível afirmar que as normas da CVM de fato instituem a relação fiduciária entre o administrador-gestor e o cotista de fundos de investimento, bem como os deveres fiduciários conexos a essa relação.

近年來，國際經濟危機層出不窮，產生各式各樣之公司治理問題；全球化之企業經營模式的崛起與迅速發展，企業之經營從國內走向國際，使得公司治理成為國際性之重要議題，美國之公司治理模式的移植亦於世界各國蔚為風潮。 公司治理之架構下，鑑於所有權與經營權分離原則，掌握公司經營權限之董事係公司核心，為避免擴大董事之經營權限的同時，會損及公司與股東之利益，美國法對於董事乃課以受託義務，其內涵包含忠實義務、注意義務與善意義務。然基於商業環境詭譎多變且有限司法審查能力，如董事必須為做出失誤經營決策負擔法律責任，將造成具有能力之人不願意擔任董事而不利於經濟社會之發展，故美國法院判決乃發展出經營判斷法則。經營判斷法則係推定董事係立於充分資訊、出於善意且誠實確信其係為公司之最佳利益，當原告主張董事違反受託義務時，應負有先行舉證證明董事行為不符合經營判斷法則之構成要件。 我國公司法第23條係忠實義務與注意義務之規定，惟對於經營判斷法則尚無明文規範，學說見解對於我國是否應引進經營判斷法則仍有爭議，法院實務雖早已援用經營判斷法則作為公司經營者之責任標準，卻存在諸多誤解導致誤將該法則視為行為標準。因此，似有必要重新審視經營判斷法則之定位，故本文嘗試提出對於經營判斷法則於我國之應用的見解與省思。然經營判斷法則與我國現有法制應如何相互融合仍有待立法配合與後續觀察。 / In recent years, the world has been engulfed by international economic crises, resulting in a wide range of corporate governance matters. The rise and rapid development of the global business model has made the management of enterprises go from a single country toward the whole world, making corporate governance an important international issue. The transplantation of corporate governance of America legal model has emerged as a global trend. Under the framework of corporate governance and in view of the principle of separation of ownership and control, the directors empowered decision-making authority are the core of the company. To avoid the expanding of directors’ decision-making authority and protect the interests of both the corporation and its shareholders, the directors has fiduciary duty which includes duty of loyalty, duty of care and duty of good faith. However, based on the complexity of the business environment and the limit of the capability of the judicial review, if the directors burden the responsibility for making wrong decisions will make capable people unwell to be directors and affect the development of the economy. The business judgment rule is the presumption that in making decisions not involving self-interest and self-dealing, corporate directors act on an informed basis, in good faith, and in the honest belief that their actions are in the corporation’s best interest. Article 23 of Taiwan Company Act is the regulation of duty of loyalty and duty of care. However, the business judgment rule is not regulated in Taiwan Company Act. The opinion of whether the business judgment rule should be introduced to Taiwan is still controversial. Therefore, it is necessary to reexamine the position of the business judgment rule in Taiwan legal structure and this article attempts to provide points of view in the issue. Last but not least, the interaction of business judgment rule and Taiwan legal structure still needs the cooperation of the legislation and following observation.

The subject matter of this Master's thesis is to describe and to analyze the legislation of the fiduciary duties as well as the related questions such as the business judgment rule and the request on the management decisions. The fiduciary duties represent the standard of acting which must be respected by the member of the elected body during the exercise of the managerial power. The business judgment rule, however, protects the members of the elected bodies from unjustified accusations of the violation of the standard of the acting while in the final consequence represents the protection of the authority to undertake the decisions. The request on the management decision represents an exception from the common rule, solely entrusting the management of the business into the hands of the statutory body. The main aim of this thesis is to describe and to analyze the listed legislations including the crucial questions arising from these issues together with the suggestion of the solutions. The diploma thesis consists of four chapters. First chapter presents the introductory treatise on the implementation of the legal establishment of the corporate governance together with the emphasis on the economical output. The second chapter is dedicated to the very merit. The legislation of the fiduciary duties,...

Lorsqu’un salarié s’exprime publiquement à propos de son travail, deux normes juridiques interviennent généralement : l’obligation de loyauté et la liberté d’expression. La première étant prévue à l’article 2088 du Code civil du Québec et la seconde bénéficiant d’une protection constitutionnelle et quasi constitutionnelle, ce mémoire porte sur l’interprétation actuelle de ces deux normes par les tribunaux canadiens et québécois dans les cas de critique ou de dénonciation de l’employeur. Nous nous sommes intéressés à trois questions distinctes. La première de ces questions a consisté en l’analyse du raisonnement des décideurs mobilisés dans des causes relatives à la critique et à la dénonciation de l’employeur. Nous avons vérifié si les sources de droit utilisées par ces décideurs et les décisions qu’ils ont rendues ont pu être influencées par différents facteurs émanant du contexte du litige. Ensuite, nous avons analysé l’impact de l’utilisation des technologies numériques de communication dans ces mêmes décisions. Nous voulions déceler de potentielles divergences dans le raisonnement des décideurs en fonction du recours par le salarié d’une telle technologie afin d’acheminer son message. Enfin, nous avons évalué la protection offerte aux salariés contre les mesures disciplinaires par les récentes lois québécoises encadrant la divulgation d’actes répréhensibles lorsque ceux-ci se sont exprimés publiquement. Nous avons observé que s’il existe des différences dans le raisonnement des décideurs selon les différents facteurs contextuels, ces différences sont négligeables en comparaison avec l’impact de l’utilisation d’une technologie numérique de communication : les décideurs ont interprété largement la liberté d’expression et ils ont été plus sévères envers les salariés utilisant une technologie numérique de communication. Les recours provenant des lois québécoises encadrant la divulgation d’actes répréhensibles ont été très peu utilisés par les salariés et les décisions qui en résultèrent furent désavantageuses aux salariés pour l’ensemble. / When an employee speaks publicly about his work, two legal norms generally come into play: the duty of loyalty and freedom of expression. The first being codified in the Civil Code of Québec in art. 2088 and the second benefiting of a constitutional and quasi-constitutional protection, this research focuses on the current interpretation of these two norms by Canadian and Quebec courts in cases of criticism or denunciation of the employer. We looked at three separate questions. The first of these questions consisted of the analysis of the reasoning of mobilized decision-makers in cases relating to criticism and denunciation of the employer. We verified whether the sources of law used by these decision-makers and the decisions they rendered could have been influenced by various factors emanating from the context of the dispute. Then, we analyzed the impact of the use of digital communication technologies in these same decisions. We wanted to identify potential differences in the reasoning of decision-makers based on the employee's use of such technology in order to get their message across. Finally, we assessed the protection offered to employees against disciplinary measures by recent Quebec laws governing the disclosure of wrongdoings when they have expressed themselves publicly. We observed that while there are differences in the reasoning of decision-makers based on different contextual factors, these differences are negligible in comparison with the impact of the use of a digital communication technology: decision-makers have broadly interpreted freedom of expression and they have been tougher on employees using a digital communication technology. The remedies provided by Quebec laws governing the disclosure of wrongdoing have been rarely used by employees, and the resulting decisions were all disadvantageous for them.