Esta dissertação analisa os limites e a conveniência da vinculação de administradores a acordo de acionistas. Com a promulgação da lei nº 10.303, de 31 de outubro de 2001, foram incluídos os §§ 8º e 9º, ao art. 118 da lei nº 6.404, de 15 de dezembro de 1976 (LSA), que indisputavelmente passaram a vincular os administradores de companhias aos termos dos acordos de acionistas arquivados em suas sedes. Desde então, inexiste consenso doutrinário e jurisprudencial acerca dos limites de tal vinculação. A dissertação analisa, pois, as principais posições doutrinárias que variam desde a vinculação genérica, até a vinculação relativa. A primeira é capaz de abranger todos os atos da administração; a segunda, por sua vez, limita a possibilidade de vinculação da administração apenas com relação aos atos que não sejam de sua competência privativa previstos em lei ou pelo estatuto e, ainda, preserva o poder (dever) finalístico do administrador, previsto no art. 154 da LSA, de buscar e privilegiar o interesse da companhia. A dissertação tece, ainda, diversos comentários e posicionamentos sobre a conveniência de se vincular administradores. / This dissertation analyses the limits and the convenience of binding administrators to the shareholders\' agreement. With the promulgation of law nº 10,303, of October 31, 2001, §§ 8º and 9º were included to the article 118 of law nº 6,404, of December 15, 1976 (LSA), which indisputably began to bind companies administrators to the terms of the shareholder agreements filed in their headquarters. Since then, there is no consensus in the doctrine or the precedents about the limits of such binding situation. The dissertation analyses, thus, the main doctrinal positions ranging from the generic binding form until the relative one. The first is able to cover all acts of the administration; the second, on it turn, limits the possibility of binding the administration only with respect to acts that are not part of its competence provided for by law or by companies by-laws, and also preserves the finalistic power (duty) of the administrator provided for in article 154 of the LSA, of pursuing and giving priority to the companies interest. The dissertation also weaves several commentaries and positions on the desirability to bind administrators.

Avant d’accorder un crédit, tout créancier entend naturellement s’assurer que la restitution des sommes prêtées sera effective quelle que soit la situation de l’emprunteur le jour de l’exigibilité du remboursement. C’est particulièrement l’hypothèse de l’ouverture d’une procédure collective à l’encontre du débiteur emprunteur qui concentre les craintes des créanciers. La socialisation croissante du droit des entreprises en difficulté a en effet sensiblement réduit l’efficacité des sûretés réelles traditionnelles en cas de faillite du débiteur. C’est dans ce contexte que les créanciers ont cherché ailleurs une sûreté réelle susceptible de satisfaire à leur exigence de sécurité. Le trust d’une part, la fiducie d’autre part, pouvaient apparaître comme des oasis de tranquillité en période de troubles financiers affectant le débiteur. Universitaires et praticiens ont alors redécouvert les vertus du transfert de propriété réalisé à des fins de garantie, et plus précisément la cession fiduciaire de créance. / Before granting a loan, any creditor naturally intends to ensure that the return of the money lent will be effective regardless of the situation of the borrower on the day of the repayment of the refund. This is particularly the case of the opening of insolvency proceedings against the debtor which concentrates the creditors fears. The increasing socialization of the insolvency law has indeed significantly reduced the effectiveness of traditional collateral in case of bankruptcy of the debtor. It is in this context that the creditors have also sought a security that would satisfy their security requirements. The trust one hand, the other hand trust, could appear as oasis of tranquility in times of financial turmoil affecting the debtor. Academics and practitioners then rediscovered the virtues of transfer of title made for guarantee purposes, specifically fiduciary assignment of receivables.

This paper deals with a comparison between the Czech duty of due managerial care of a member of governing body of limited company and the Irish non-fiduciary duty to exercise care, skill and diligence of a director of limited company (hereinafter also referred as "duty of care"). The paper aims to find out a possible way to improve legislation of the duty of due managerial care on the basis of comparison with the duty of care. The duty of care sets the ground for the comparison, therefore the paper deals first with the Irish legal status of the duty of care, which has been recently changed by the Companies Act 2014. Despite of the codification of the directors' duties, the core of interpretation and application of the duty of care still rests in judicial decisions. Nevertheless, the change of source and statutory wording of the duty means that the substance of Re City Equitable [1925] does not represent a good law anymore. The standard of care of Re City Equitable [1925] has been replaced by the minimal objective standard based on the British judgment Re D'Jan of London [1994]. The content of the duty of care is determined on the case by case basis, but in any event it consists of conclusions of the British judgment Re Barings [1999], which has been accepted by the Irish courts in restriction...

Este trabalho propõe-se a estudar, mediante abordagem teórica e prática, o regime jurídico das debêntures, tendo em vista as recentes alterações introduzidas pela Lei nº 12.431, de 24 de junho de 2011, que promoveu mudanças significativas em sua disciplina, bem como examinar os problemas e questões atuais das debêntures em um contexto evolutivo da doutrina e dos casos práticos que lhe são submetidos à análise, tendo em vista o uso cada vez mais frequente desse mecanismo de financiamento das sociedades. Busca-se, também, examinar o funcionamento do mercado de debêntures e as novas propostas para incentivar a circulação dos títulos de dívida. Dentre as questões mais controvertidas a serem estudadas neste trabalho, destacam-se as seguintes: (i) evolução da natureza jurídica do instituto, em que as debêntures são vistas como títulos de dívida pertencentes à categoria dos valores mobiliários; (ii) criação do novo mercado de debêntures, como avanço à proposta do Novo Mercado de Renda Fixa; (iii) possibilidade de emissão de debêntures por sociedades limitadas e cooperativas, em razão da ausência de vedação legal e da existência de normas que lhe dão suporte jurídico; (iv) realização de negócios jurídicos com debêntures que vão além da sua função econômica de financiamento da empresa; (v) existência da organização dos debenturistas, em complemento à ideia de comunhão de interesses, tendo em vista o seu caráter orgânico; e, por fim, (vi) se os deveres fiduciários dos administradores se voltariam também aos interesses dos debenturistas, como credores especiais da sociedade emitente. / This work aims to study, through a theoretical and practical approach, the legal system of debentures in view of the recent changes introduced by Law No. 1431, of June 24, 2011, affecting significantly their discipline, and also to examine their current problems and issues within the evolutionary context of the doctrine and the case studies that are submitted to analysis, since the use of this financing mechanism by companies has been increasingly frequent. It also seeks to examine the functioning of the debenture market and the new proposals to stimulate the circulation of debt bonds. Amongst the most controversial issues to be studied in this work, the following are highlighted: (i) the evolution of the legal nature of this institute, in which debentures are seen as debt notes pertaining to the category of securities; (ii) the creation of a new debenture market as an advancement to the proposal of the New Fixed Income Market; (iii) the possibility of limited partnerships and cooperatives issuing debentures in view of the absence of a legal prohibition and the existence of norms that give legal support to it; (iv) the consummation of legal transactions with debentures that go beyond their economic function of business financing; (v) the existence of a debenture holder organization as a complement to the idea of pooling of interests, in view of its organic character; and, finally, (vi) whether the fiduciary duties of the administrators would also accommodate the interests of the debenture holders, while in their position of special creditors to the issuing business.

Este trabalho propõe-se a estudar, mediante abordagem teórica e prática, o regime jurídico das debêntures, tendo em vista as recentes alterações introduzidas pela Lei nº 12.431, de 24 de junho de 2011, que promoveu mudanças significativas em sua disciplina, bem como examinar os problemas e questões atuais das debêntures em um contexto evolutivo da doutrina e dos casos práticos que lhe são submetidos à análise, tendo em vista o uso cada vez mais frequente desse mecanismo de financiamento das sociedades. Busca-se, também, examinar o funcionamento do mercado de debêntures e as novas propostas para incentivar a circulação dos títulos de dívida. Dentre as questões mais controvertidas a serem estudadas neste trabalho, destacam-se as seguintes: (i) evolução da natureza jurídica do instituto, em que as debêntures são vistas como títulos de dívida pertencentes à categoria dos valores mobiliários; (ii) criação do novo mercado de debêntures, como avanço à proposta do Novo Mercado de Renda Fixa; (iii) possibilidade de emissão de debêntures por sociedades limitadas e cooperativas, em razão da ausência de vedação legal e da existência de normas que lhe dão suporte jurídico; (iv) realização de negócios jurídicos com debêntures que vão além da sua função econômica de financiamento da empresa; (v) existência da organização dos debenturistas, em complemento à ideia de comunhão de interesses, tendo em vista o seu caráter orgânico; e, por fim, (vi) se os deveres fiduciários dos administradores se voltariam também aos interesses dos debenturistas, como credores especiais da sociedade emitente. / This work aims to study, through a theoretical and practical approach, the legal system of debentures in view of the recent changes introduced by Law No. 1431, of June 24, 2011, affecting significantly their discipline, and also to examine their current problems and issues within the evolutionary context of the doctrine and the case studies that are submitted to analysis, since the use of this financing mechanism by companies has been increasingly frequent. It also seeks to examine the functioning of the debenture market and the new proposals to stimulate the circulation of debt bonds. Amongst the most controversial issues to be studied in this work, the following are highlighted: (i) the evolution of the legal nature of this institute, in which debentures are seen as debt notes pertaining to the category of securities; (ii) the creation of a new debenture market as an advancement to the proposal of the New Fixed Income Market; (iii) the possibility of limited partnerships and cooperatives issuing debentures in view of the absence of a legal prohibition and the existence of norms that give legal support to it; (iv) the consummation of legal transactions with debentures that go beyond their economic function of business financing; (v) the existence of a debenture holder organization as a complement to the idea of pooling of interests, in view of its organic character; and, finally, (vi) whether the fiduciary duties of the administrators would also accommodate the interests of the debenture holders, while in their position of special creditors to the issuing business.

Since their creation in Europe in the seventeenth century, pension funds have grown to become one of the main sources of capital in the world. A number of role players ultimately manage the pension money of members on their behalf. Accordingly, the focus of this study is on the role players involved in the actual investment of pension fund money. For the purposes of the study, the key role players in the pension fund investment chain are identified as pension fund trustees, asset managers and asset consultants. These role players have a specific responsibility in terms of the service that they ought to provide. One of the key aspects of this dissertation is therefore determining whether their responsibility is a fiduciary responsibility. The main purpose of the study is, however, to answer one overarching research question: Does fiduciary responsibility create barriers to the implementation of responsible investment in the South African pension fund investment chain? Clearly, there are two key terms in this research question, fiduciary responsibility and responsible investment. It is suggested that responsible investment takes at least two forms: a “business case” form1 in which environmental, social and governance (ESG) issues are considered only in so far as they are financially material; and a social form in which ESG issues are considered over maximising risk adjusted financial returns. Three key questions were asked in order to find qualitative descriptions and interpretations of fiduciary responsibility: Question 1: Are the key role players in the pension fund investment chain fiduciaries? Question 2: If so, to whom do the key role players owe their fiduciary duty? Question 3: What are the fiduciary duties of the key role players in the pension fund investment chain? It is also suggested that the duty to act in the best interests of beneficiaries could be described as the all-encompassing fiduciary duty. Two main interpretations of the / Private Law / LL.M.

This thesis considers the typical structure and requirements of a traditional securitisation scheme in South Africa. The models used in other jurisdictions cannot be applied unchanged in South Africa. South African securitisation structures make use of a security special purpose vehicle (SPV), because of uncertainties about the provisions of the Companies Act 61 of 1973 relating to the trustee for debenture-holders. An evaluation of the functioning of a security SPV leads to the conclusion that a trustee for debenture-holders should still be appointed within the security SPV structure to represent the interests of the investors. The trust for debenture-holders can be a true trust. The use of general notarial bonds over claims, pledges of claims and fiduciary security cession is examined to determine the effectiveness of each one during securitisation. Aspects of several Acts, Notices and other regulatory measures are considered where they are relevant to securitisation. Of specific importance is the Exemption Notice Relating to Securitisation Schemes, 2008. The Notice requires that both rights and obligations of the originator must be transferred to the SPV. The requirement that the obligations of the originator must be transferred leads to the conclusion that the Notice requires a transfer of claims by means of cession and a transfer of duties by means of delegation. For several reasons, delegation is not a suitable method of transfer during securitisation. Foremost among these reasons is that delegation is a form of novation, which means that the claims cease to exist and are replaced with new claims between the debtors and the SPV. Security rights that were accessory to these claims will then also cease to exist. The amendment to the Notice is recommended so that transfer of claims by means of cession will suffice for compliance with the Notice. The South African courts‘ approach to simulated transactions is evaluated to determine the possibility that the sale of the assets to the SPV may be viewed as a simulated transaction. This thesis evaluates the provisions in insolvency law that could be raised to impeach the sale of the assets in the event of the originator‘s insolvency. The risk of avoidance of the transaction on either ground is small. / Mercentile Law / L.L.D. (Mercentile Law)

South African company law is currently the object of comprehensive review. One o f the areas under scrutiny is that of corporate governance. Control over management is vital in the interests of the company itself, its shareholders and its creditors. Effective accountability should be balanced against the need to allow those who manage a certain measure of freedom and discretion in the exercise of their function. Company directors are subject to various duties. This thesis concentrates on their fiduciary obligation. It is suggested that this sui generis obligation is owed to the company as a separate entity. Interests of other groups may sometimes merit con­ sideration. Against the background o f a com parative investigation, a "corporate opportunity" is defined as any property or economic opportunity to which the com­ pany has a claim. South African law protects a company’s claim to an opportunity if it is in the company’s line of business and if the company has justifiably been relying upon the director(s) to acquire it or to assist in its acquisition for the company. The application of established fiduciary principles suffice to resolve corporate opportunity matters. Essentially the application o f these rules amount to a determination whether the director has complied with his fundamental duty to act in the company’s best interests. There seems to be no need for a separate doctrine of corporate opportunities.' A director should only be absolved from liability on account of the company’s inability to pursue an opportunity or its rejection by the company if there was no real conflict of interest. The appropriation of corporate opportunities should not be ratifiable, both because the ratification constitutes a fraud on the minority, and because the decision to ratify cannot be regarded as being in the interests of the company. The relationship between the appropriation of corporate opportunities, misuse of confidential information and competition is investigated. These aspects fre­ quently overlap, but should be distinguished because their bases, and accordingly their appropriate remedies, may differ. Effective control may benefit by a restatement of directors’ fiduciary duties in the Companies Act. To this end certain amendments to the Act are recommended. / Mercantile Law / LLD

Thesis (MBA (Business Management))--Stellenbosch University, 2008. / ENGLISH ABSTRACT: Small and medium enterprises have an important role to play in the South African economy. The success of SME’s will lead to economic growth, that will play a major role in reducing unemployment in South Africa. It will also be the main driver for black economic empowerment. As elsewhere in the world one of the main problems that SME’s face is the need for finance and access to finance. Banks play a major role in providing finance to SME’s by providing different forms of finance to SME’s. The finance that the shareholders / directors can access in their personal capacity plays a critical role in the provision of finance to SME’s. Banks will require security when advancing credit facilities and the security that is offered by the shareholders / directors play an important role in the decision of banks to advance credit. The risk that the banks carry when granting credit facilities to SME’s is reduced when personal suretyships of the directors / shareholders are required. The personal assets of the shareholders / directors are used as security to obtain credit facilities for the SME’s. If the SME’s should fail, the banks will liquidate the personal assets of the directors / shareholders to settle the credit facilities that were granted to the SME’s. Customers are not aware of the dangers when signing surety. Banks have fiduciary duties towards their customers to inform them of any risks and what possible solutions might exist that will minimize the adverse financial effect of such risk consequences. If the surety should die, the bank will have the option to liquidate the assets of the sureties to settle the debts of the entities for which the surety has signed personal surety. Life cover can be affected on the lives of the sureties that will provide the necessary liquidity to settle the debts of the entities without the bank having to liquidate the personal assets of the sureties. Consumer protection has become widespread where the phrase caveat emptor has been replaced by caveat vendor – let the seller be aware. In addition to this the South African Government has also enacted legislation that banks have to adhere to that will lead to customers making informed decisions. The National Credit and the Financial Advisory and Intermediary Services Acts have been introduced to afford the customer more protection. The banking industry has adopted the Code of Banking Practice which places responsibility on the banks to fully disclose all risks to their customers. It is especially the surety, the person that provides security for the debts of others that now enjoys increased protection. The National Credit Act affords a surety the same protection as the principal debtor and the Code of Banking Practice also contains very specific references with regards to sureties. Banks have become a business and the traditional notion that holds that business ethics and absolute adherence to legislation, industry codes and its own code of ethics will have an adverse effect on business, no longer holds. Many reasons have been given by ABSA Bank as to why the financial planners of ABSA Brokers should not be part and parcel of each transaction where credit facilities are extended to their customers. The reality however is that the Financial Planners must be made part of the process when credit facilities are extended. The Financial Planners must provide a financial needs analysis to the customer that will enable the customer to make an informed decision as to whether to implement life cover or not. By making the financial planners part of the process ABSA Business Bank will ensure adherence to legislation, industry codes and most importantly, it will fulfill the fiduciary duty that it has towards its customers. / AFRIKAANSE OPSOMMING: Klein en medium ondernemings (KMO’s) speel ‘n belangrike rol in die Suid-Afrikaanse ekonomie. Die sukses van klein en medium ondernemings sal lei tot ekonomiese groei, wat sal bydra tot ‘n afname in werkloosheid in Suid Afrika. Dit sal ook die hoof drywer wees van swart ekonomiese bemagtiging. Soos elders in die wêreld is een van die hoofprobleme wat deur KMO’s in die gesig gestaar word die behoefte aan finansiering en die toegang tot finansiering. Banke speel ‘n belangrike rol in die verskaffing van finansiering deurdat finansiering in verskeie vorme aan KMO’s beskikbaar gestel word. Die finansiering wat aandeelhouers / direkteure in hulle persoonlike hoedanigheid kan bekom speel ‘n kritieke rol in die verskaffing van finansiering aan KMO’s. Banke vereis sekuriteit wanneer kredietfasiliteite beskikbaar gestel word en die sekuriteit wat deur die aandeelhouers / direkteure aangebied word speel ‘n belangrike rol in die banke se besluit om krediet te verskaf. Die risiko’s wat banke loop wanneer kredietfasiliteite aan KMO’s beskikbaar gestel word, word verminder wanneer persoonlike borgskappe van aandeelhouers / direkteure vereis word. Die persoonlike bates van die aandeelhouers / direkteure word gebruik as sekuriteit om kredietfasiliteite vir KMO’s te bekom. Indien die KMO’s sou misluk, sal die banke die persoonlike bates van direkteure / aandeelhouers te gelde maak om die kredietfasiliteite wat aan die KMO’s beskikbaar gestel was af te los. Kliënte is nie bewus van die gevare wat hulle loop wanneer hulle borgskappe verleen nie. Banke het fidusiêre pligte teenoor hulle kliënte om hulle in te lig aangaande enige risiko’s en watter moontlike oplossings daar bestaan wat enige nadelige finansiële gevolge sal beperk. Indien die borggewer tot sterwe sou kom, het die bank die opsie om die bates van die borggewer te gelde te maak om die skulde te delg van die entiteite waarvoor die borggewers persoonlike sekuriteite verskaf het. Lewensdekking kan aangegaan word op die lewe van die borggewers wat die nodige likiditeit sal verskaf om die skulde van die entiteite te delg sonder dat die persoonlike bates van die borggewers te gelde gemaak hoef te word. Verbruikersbeskerming geniet hedendaags voorrang waar die frase 'caveat emptor' - laat die koper op sy hoede wees - vervang is deur 'caveat vendor' – laat die verkoper bedag wees. Hiermee saam het die Suid-Afrikaanse regering ook wetgewing in plek gestel waaraan banke moet voldoen wat daartoe sal lei dat kliënte ingeligte besluite kan neem. Die Nasionale Kredietwet en die Finansiële Adviseurs- en Tussengangerswet is in werking gestel om meer beskerming aan die verbruiker te verleen. Die bank industrie het ook die Kode van Bankpraktyk aanvaar wat groter verantwoordelikhede op banke plaas om alle risiko’s ten volle aan hulle kliënte te openbaar. Dit is veral die borggewer, die persoon wat sekuriteit verskaf vir die skulde van ander persone / entiteite wat groter beskerming geniet. Die Nasionale Kredietwet bied aan die borggewer dieselfde beskerming as die hoofskuldenaar en die Kode van Bankpraktyk bevat ook spesifieke verwysing na die regte van borggewers. Bankwese het ‘n besigheid geraak en die tradisionele siening dat sake etiek en streng onderworpenheid aan wetgewing, industrie kodes en banke se eie etiese kodes ‘n negatiewe effek op besigheid sal hê, dra nie meer water nie. Verskeie redes is al deur ABSA Bank aangevoer oor hoekom die finansiële beplanners van ABSA Makelaars nie deel moet wees van elke transaksie waar krediet aan kliënte verleen word nie. Die realiteit is egter dat die finansiële beplanners deel van die proses gemaak moet word. Die finansiële beplanners moet ‘n finansiële behoefte ontleding aan die kliënt beskikbaar stel wat die kliënt in staat sal stel om ‘n ingeligte besluit te neem om lewensdekking te implementeer al dan nie. Deur die finansiële beplanners deel van die proses te maak verseker ABSA Besigheidsbank nakoming aan wetgewing en industrie kodes. Wat egter meer belangrik is, is dat die bank dan ook sy fidusiêre plig wat die bank teenoor sy kliënte het, sal nakom.

台新金控購併彰化銀行可以說是台灣金融業擬以融資購併方式進行合併的第一案，本研究希望透過分析此個案，了解台新金控購併的目的、資金來源與後續合併換股可能衍生之議題，為未來公股釋出，以及金融整併提供可行之方法。 本文就融資購併理論架構說明起，以當前台灣金融政策與購併環境現況分析，這包括實際已發生的金融購併案件及金融購併法規探討，它突顯出台灣在金融合併處理上是保守的。 / / The M&A of Taishin Holdings Cooperation (THC) and Chang Hwa Bank (CHB) could be regarded as the first M&A (Merge and Acquisition) by LBO ( Leverage Buy-out) in Taiwan. This study, by analyzing this case, discusses the purpose, the funding source of THC and the issues after shares-exchange, which indicates the feasible methods for the release of the state holdings and the combination of the financial institutes in the future. The beginning of this study discusses the theory and the structure of LBO to analyze the financial policy and M&A environment in Taiwan at present, including practical M&A cases and legal problems etc., which reveals not very aggressive. /