Nesta dissertação, defender-se-á que o poder de controle se pareça com o que poderia ser denominado de um direito de propriedade indireto. Conforme será demonstrado, isto estaria de acordo com a diferença entre o poder de controle direto e o poder de controle indireto (arts. 243, §2º, LSA, e 1.098, II, CC) e com o conceito da transferência indireta dos bens da sociedade (art. 254-A, caput e §1º, LSA) utilizados na legislação brasileira. Para levar a cabo esta comparação, abordar-se-á, novamente, o problema do antigo direito de propriedade. Durante a pesquisa realizada para a feitura do presente trabalho monográfico, percebeu-se que a literatura brasileira especializada não costumava aludir à bibliografia antiga sobre o poder de controle no Brasil. Acredita-se, assim, ter contribuído para as discussões sobre o poder de controle no Brasil com a referência a estas obras de outrora. Em particular, crê-se ter contribuído para o debate sobre a permanência do poder de controle em face dos livros dos Professores W. Ferreira, J. E. Borges e C. Champaud. Este último, na verdade, não é um autor brasileiro, mas o seu trabalho foi especificamente analisado pelos Professores F. K. Comparato e O. Gomes na década de setenta antes da edição da Lei das Sociedades por Ações. Ao final, expõe-se a conclusão de que o poder de controle se assemelharia a um direito de propriedade indireto. / In this thesis, it shall be contended that corporate control is equivalent to an indirect property right. As it shall be demonstrated, this would be in accordance with the difference between direct corporate control and indirect corporate control (articles 243, §2º, BCL, and 1.098, II, BCC) and with the concept of the indirect transfer of goods (article 254-A, caput and §1º, BCL) mentioned in the Brazilian legislation. In order to make this comparison, the ancient problem of the property right shall be addressed. During the research made to elaborate this thesis, it was noticed that the Brazilian law literature did not usually direct attention to old references on corporate control in Brazil. As a result, it is believed that a contribution has been made to the discussion on corporate control in Brazil with reference to these previous works. In particular, it is understood that a contribution has been made to the debate about the permanence of corporate control in light of the works of Professors W. Ferreira, J. E. Borges and C. Champaud. This last Professor is not, in fact, a Brazilian scholar, but his work has been specifically reviewed by Professors F. K. Comparato and O. Gomes during the seventies, before the Brazilian Corporation Law was enacted. In conclusion, it is argued that corporate control is similar to an indirect property right.

Cette thèse porte sur l’étude d’un groupe socio-professionnel, les avocats, et leurs pratiques professionnelles de la communication et leurs usages des médias en France de 1945 à nos jours. Longtemps situé hors de la sphère marchande, on assiste au développement d’un marché du droit mondialisé, complexe et concurrentiel qui bouleverse l'exercice de la profession d'avocat. Ce changement du biotope a rendu la communication indispensable. La profession a pris acte de cette nécessité et a assoupli progressivement ses règles déontologiques en ce sens. La pratique ordinaire de communication des avocats reste déficitaire. Nous privilégierons d’abord, une approche générale, la communication de l’instance représentative de la profession, le Conseil national des barreaux, agissant comme source mandatée dans l’arène médiatique. Nous analyserons les stratégies mobilisées dans le cadre de cette communication institutionnelle pour promouvoir, influencer la représentation médiatique de la profession et élargir son périmètre d’action. Néanmoins, à côté de cette pratique ordinaire de communication déficitaire, deux typologies d’acteurs que constitue cette profession réglementée font exception. Nous explorerons la communication et l’utilisation des médias par les cabinets d’avocats d’affaires et les pénalistes ténors du barreau. Nous nous intéresserons aux procédés utilisés, aux stratégies et pratiques médiatiques mises en oeuvre et aux objectifs poursuivis. / This thesis focuses on a socio-professional entity (lawyers) and their professional practice of communication and use of the media in France from 1945 until the present. The law stayed during a long period outside the market sphere. But recently a new market (of the law) has emerged: this market is worldwide, complex and very competitive. The legal profession has been impacted deeply by this recent development, which has rendered communications necessary. The legal profession is aware of this change and has progressively softened the ethical rules in this regard. To start, we will focus on the representative authority of the profession, the National Council of Bar, which acts as a mandatory source in the media. We will notably analyse the strategies used within the framework of this institution’s communications in order to promote, to influence the representation of the profession in the media and to enhance the perimeter of action of this institution. While lawyers’ ordinary use of communications remains minimal, there are two exceptions in the legal profession: corporate law firms and high-profile lawyers involved in criminal cases. We will study these two categories of actors: their manner of using communications and their use of the media, and we will describe the processes, the strategies, and behaviours toward the media, as well as the objectives targeted.

A tese tem por objeto a análise do instigante tema do abuso de minoria em direito societário, sobre o qual muitos possuem uma noção geral empírica, extraída da sua vivência profissional, mas que, no direito brasileiro, não havia sido objeto de análise sistemática por parte dos juristas pátrios, que ao tema dedicaram não mais do que algumas breves considerações, malgrado a sua inegável importância e a riquíssima experiência acumulada noutros países, em especial na França, Itália e Alemanha. Partindo das constatações inegáveis de que a minoria, ainda quando atue em face de um grupo controlador preestabelecido, exerce um verdadeiro poder e de que, onde há poder, existe sempre a possibilidade de sua degeneração, do seu desvirtuamento, procurou-se apontar quais são os pressupostos caracterizadores do abuso de minoria no direito societário brasileiro, com apoio em subsídios de direito comparado. De fato, tanto a maioria como a minoria podem exercer os seus direitos de maneira abusiva dentro de uma sociedade, de modo que o estudo do tema não pode ser entendido como um golpe à posição dos grupos minoritários, e sim o contrário: só quem conhece os limites dos seus poderes tem condições de exercê-los de forma eficaz, sem temer as reações de seus atos. Elaborado sob tal perspectiva, o estudo encontra-se dividido em cinco partes. A primeira delas, composta por dois capítulos, tem por objetivo caracterizar o abuso de minoria em direito societário analisando, para tanto, os vários institutos empregados pela doutrina nessa tarefa edefinindo os seus elementos constitutivos. Na segunda parte, procura-se apresentar a tipologia do abuso de minoria e a sua casuística, com destaque para as situações mais interessantes ou corriqueiras. A terceira parte, por sua vez, trata do delicado e intrigante problema dos meios de repressão dos abusos de minoria e as possíveis técnicas contratuais e estatutárias de auto-tutela. A quarta parte, a seu turno, traz breves considerações sobre a hipótese, também pouquíssimo explorada na doutrina, do abuso de igualdade, que pode se instalar em sociedades em que o capital votante é igualmente dividido entre dois sócios e que, assim, só consegue operar sob o signo da unanimidade. Por fim, na quinta e última parte são apresentadas as considerações finais, com o apanhado das principais conclusões construídas ao longo da tese. / The purpose of this thesis is to analyze the exciting theme of minority abuse in the corporate law, of which many legal professionals have general empirical knowledge, extracted from their professional experience, but that, in the Brazilian law system, had not been the subject matter of a systematic analysis on the part of Brazilian law experts, that dedicated no more than some brief considerations to the theme, in spite of their undeniable importance and very rich experience accumulated in other countries, especially in France, Italy and Germany. Based on undeniable verifications that the minority, even if acting against a pre-established controlling group, exercises a true power and that, where there is power, there is always a possibility for degeneration and distortion of power, we sought to point out the assumptions characterizing minority abuse in the Brazilian corporate law, supported on inputs from comparative law. Actually, both the majority and the minority may exercise their rights abusively in a society, so that the study of the theme should not be understood as an attack on the position of minority groups, much on the contrary: only those who know the limitations of their powers are in a position to exercise them effectively, without fearing any reactions to their actions. Prepared under such perspective, this study is divided into five parts. The first of them, consisting of two chapters, intends to characterize minority abuse in corporate law analyzing for such, the several institutes employed by the doctrine in that task and defining their constitutive elements. In the second part, the author seeks to present the typology of minority abuse and its casuistry, highlighting situations that are most interesting or ordinary. The third part, in turn, discusses the delicate and intriguing problem of manners to repress minority abuses and possible contractual and statutory self-protection techniques. The fourth part brings brief considerations on the hypothesis, also very little explored in the doctrine, of equality abuse, that may get settled in societies where the voting capital is equally divided among shareholders and therefore, can only operate under the sign of unanimity. Finally, the fifth part presents the final considerations, with a summary of the main conclusions developed throughout the thesis.

Nesta dissertação, defender-se-á que o poder de controle se pareça com o que poderia ser denominado de um direito de propriedade indireto. Conforme será demonstrado, isto estaria de acordo com a diferença entre o poder de controle direto e o poder de controle indireto (arts. 243, §2º, LSA, e 1.098, II, CC) e com o conceito da transferência indireta dos bens da sociedade (art. 254-A, caput e §1º, LSA) utilizados na legislação brasileira. Para levar a cabo esta comparação, abordar-se-á, novamente, o problema do antigo direito de propriedade. Durante a pesquisa realizada para a feitura do presente trabalho monográfico, percebeu-se que a literatura brasileira especializada não costumava aludir à bibliografia antiga sobre o poder de controle no Brasil. Acredita-se, assim, ter contribuído para as discussões sobre o poder de controle no Brasil com a referência a estas obras de outrora. Em particular, crê-se ter contribuído para o debate sobre a permanência do poder de controle em face dos livros dos Professores W. Ferreira, J. E. Borges e C. Champaud. Este último, na verdade, não é um autor brasileiro, mas o seu trabalho foi especificamente analisado pelos Professores F. K. Comparato e O. Gomes na década de setenta antes da edição da Lei das Sociedades por Ações. Ao final, expõe-se a conclusão de que o poder de controle se assemelharia a um direito de propriedade indireto. / In this thesis, it shall be contended that corporate control is equivalent to an indirect property right. As it shall be demonstrated, this would be in accordance with the difference between direct corporate control and indirect corporate control (articles 243, §2º, BCL, and 1.098, II, BCC) and with the concept of the indirect transfer of goods (article 254-A, caput and §1º, BCL) mentioned in the Brazilian legislation. In order to make this comparison, the ancient problem of the property right shall be addressed. During the research made to elaborate this thesis, it was noticed that the Brazilian law literature did not usually direct attention to old references on corporate control in Brazil. As a result, it is believed that a contribution has been made to the discussion on corporate control in Brazil with reference to these previous works. In particular, it is understood that a contribution has been made to the debate about the permanence of corporate control in light of the works of Professors W. Ferreira, J. E. Borges and C. Champaud. This last Professor is not, in fact, a Brazilian scholar, but his work has been specifically reviewed by Professors F. K. Comparato and O. Gomes during the seventies, before the Brazilian Corporation Law was enacted. In conclusion, it is argued that corporate control is similar to an indirect property right.

A atividade exercida pelos administradores de sociedades anônimas envolve a prática de uma série de atos de gestão não previamente ou exaustivamente definidos, estando sujeita, portanto, a uma margem de discricionariedade. Apesar das limitações impostas pela Lei e pelos Estatutos Sociais, ao administrador caberá, cotidianamente, escolher uma alternativa, dentre muitas possíveis, para cada negócio realizado pela companhia. A proposta deste trabalho é estudar a influência da regulação jurídica sobre as escolhas que são tomadas pelos administradores, mais precisamente o chamado dever de diligência, estudando, deste modo, como a escolha de determinados padrões de conduta pela regulação jurídica pode determinar a relação dos administradores com o risco empresarial e afetar a atividade econômica de um país. O estudo é conduzido em grande parte com a utilização da metodologia da análise econômica do direito, tendo em vista as frutíferas contribuições que as ferramentas de microeconomia podem trazer para construção de análises sobre os comportamentos de agentes econômicos. / The activity rendered by managers ahead of corporations contemplate series of acts not previously or thoroughly defined, being subjected, therefore, to a discretionary margin. Nonetheless all limits imposed by Law and by the company by-laws, a manager, every day, still should choose one alternative amongst many possible, for each company business. The purpose of this work is to study the influence of legal regulation over the choices made by company managers, more precisely about the duty of care, studying, in this sense, how certain behavioral patterns imposed by legal regulation can determine the relationship of company managers with business risks and, hence, affect economic activities in a country. The study is grounded in the methodology proposed by Law & Economics, considering all prolific contributions received by the microeconomic tools for the construction behavioral analysis of economical agents.

Dans l’épure de la classification traditionnelle des sociétés, l’intuitu personae est considéré comme une notion inutile, absente du fonctionnement des sociétés par actions. Pourtant, sous l’effet des considérations financières des fonds d’investissement et des fonds de pension qui apportent des capitaux importants, l’intuitu personae fait étonnement son retour dans le droit des sociétés. L’intuitu personae, locution latine qui désigne « la considération de la personne » est une notion polymorphe. Ainsi, son identification dans les opérations de capital n’est pas aisée et oblige à analyser les techniques mises en place par le législateur par le biais des clauses d’agrément, des actions de préférence ou des opérations de transmission universelle de patrimoine. La notion révèle ainsi ses forces et ses faiblesses au contact de la contractualisation du droit des sociétés. Cette redécouverte de l’intuitu personae oblige également à s’interroger sur son rôle dans les nouvelles orientations du paysage sociétaire. L’intuitu personae fragilise les critères de définition de la société, affecte les fonctions traditionnelles du capital social et s’impose comme un facteur de mutation. Son impact est considérable dans le contexte d’un droit des sociétés traversé par des courants contradictoires. Dès lors, cette étude propose de conceptualiser les bouleversements opérés par l’intuitu personae dans les opérations de capital. À cet égard, l’intuitu personae contribue à la modernisation du droit des sociétés. / In the blueprint of traditional classification of companies, the concept of intuitu personae is considered a useless concept in regard to corporations’ transactions. However, due to financial considerations of investment funds and pension funds that provide important capital, intuitu personae astonishingly makes a return into Corporate Law. Intuitu personae is a Latin expression meaning “the reputation of the person”. It is a polymorphic concept. Consequently, it’s identification in capital operations is not easy task and requires the analysis of techniques implemented by the legislator through approval clauses, preference shares or universal transmission of wealth operations. The concept reveals its strengths and weaknesses in regards to Corporate Law. This rediscovery of the concept of intuitu personae also raises questions about its role in the new directions of the societal landscape. Intuitu personae weakens the definition criteria of the company. It affects the traditional functions of capital shares and establishes itself as a mutation factor. Its impact is significant in the context of Corporate Law crossed by conflicting currents. Therefore, this study proposes to conceptualize the changes made by intuitu personae in capital transactions. In this regard, the intuitu personae contribute to the modernization of Corporate Law.

Es allí que me motivo a realizar un trabajo sobre la importancia del objeto social y aquellos actos y contratos que pueden ser celebrados excediéndose de lo circunscrito en el objeto social, lo que se conoce como actos ultra vires. De allí la necesidad de analizar los actos ultra vires y su responsabilidad de quienes han contratado excediéndose de lo circunscrito en su objeto social y como tal sus consecuencias. / Trabajo de investigación

A presente dissertação tem por finalidade a análise dos principais aspectos jurídicos societários do tratamento dado aos planos de opção de compra de ações de emissão de sociedades por ações comumente designados stock option plans , especialmente quanto aos planos adotados por companhias abertas brasileiras. Para tanto, o estudo se inicia com a contextualização dos planos de opção no Brasil em face da chamada Teoria da Agência, bem como das normas atualmente aplicáveis ao referido instituto. Em seguida, por se tratar de questão intimamente relacionada, são discutidos determinados aspectos sobre a eventual natureza trabalhista dos planos de opção, para, então, proceder-se à análise das principais características dos stock option plans. Por fim, é apresentado o panorama atual das companhias abertas brasileiras que possuem um plano de opção aprovado por seus acionistas, como esforço da caracterização da evolução da forma de remuneração variável no Brasil. / This dissertation aims the analysis of the main corporate legal aspects of corporations stock option plans, particularly with regards the plans adopted by Brazilian publicly held companies. To this end, the study begins with the background of the option plans in Brazil in the face of the so-called agency theory, as well as the currently rules applicable thereto. Thereafter, are discussed certain aspects involving the eventual labor nature of the stock option plans, as well as their main characteristics. Finally, the study presents the current panorama of Brazilian companies that have an option plan approved by its shareholders, as an effort to illustrate the evolution of the variable compensation in Brazil.

Le but de cette thèse consiste à démontrer que la rémunération des dirigeants est d'une nature contractuelle car l'ensemble des relations juridiques au sein de l'entreprise l’est. Il ne s'agit pas d'un postulat idéologique mais de la conséquence d’une déduction faite après avoir étudié la nature de l’ordre juridique français, à savoir une démocratie libérale où un Etat de droit-au sens moderne du terme-protège une économie de marché. Donc en présence d’une économie de marché, les relations inter-entreprises sont forcément des relations fondées sur le contrat. Par conséquent, toute rémunération de n’importe quel dirigeant de toute entreprise privée indépendamment de sa forme juridique (entreprise sociétaire personnifiée, non personnifiée, entreprise en nom) est forcément d’une nature conventionnelle. Reconnaître ce point de vue permettrait de faire une réforme du droit des sociétés et d’en finir avec la vision institutionnelle de l’entreprise qui est inexacte dans une économie où l’Etat n’est pas propriétaire des moyens de production. Aujourd’hui, les mandataires sociaux des grandes entreprises ont une rémunération parfois conséquente qui n’est pas véritablement contrôlée : ni par un contrôle institutionnel (défaillant car contre-nature), ni par une logique de marché (car non reconnue par beaucoup de juristes). / The remuneration of corporate officers is a highly publicized subject, particularly because of the impression, rightly or wrongly, of the important amounts received by corporate officers of numerous large companies. The legal relationship under which corporate officers perceive their remuneration does not appear to be precisely defined within the framework of positive law. There are two types distinct natures of remunerations. While one has a contractual nature, the other one is institutional by nature. The nature would depend on several criteria including the legal form of the company studied, whether the company is listed or not, and the type of remuneration paid. This analysis, inherited from the French corporate law history of the twentieth century, does not seem accurate to us. The private enterprise is first and foremost an economical reality, before being apprehended by the law. In a legal order such as ours, i.e. a liberal democracy and a market economy, the private enterprise, whether it is represented by a legal personality or not, is always structured by the private property and the contract. Property and exchange (through contracts) translate the principle of individual liberty within the civil law. The private enterprise of a legal order, which recognizes the economic freedoms, is first the exercise of the entrepreneurial freedom, alone or with others. Any power exercised within a private enterprise roots in a legal act of private law, generally a contract. The company with a legal person allows the realization of various legal effects, including the protection of the company assets. The legal autonomy of the company, authorized by law, should however not hide the fact that the company is not independent from those who founded it or their successors. The company officer, the one in charge of the company management, derives its power and remuneration from a contract. This remuneration, as the object of a contractual obligation, has always the same cause, i.e. the compensation for a management work, in the broad sense of the term.

Hoy en día, el Perú es un país que se influencia mucho de países internacionales, generando así necesidades de adaptación principalmente en el derecho societario, sin embargo, a la luz de la actualidad, se siguen verificando trabas respecto a las normas prohibitivas que, de alguna forma u otra, traban operaciones que en otros países se han podido flexibilizar. Una de las normas que da lugar al presente estudio de investigación es la figura denominada asistencia financiera prohibida, regulada en el artículo 106 de la Ley General de Sociedades, figura que en toda su trayectoria se ha restringido de una manera poco razonable. El propósito de este estudio es evaluar los fundamentos legales que permitan la flexibilización de las disposiciones sobre la asistencia financiera contenidas en el artículo 106 de la Ley General de Sociedades, en atención al Leveraged Buyout. Para lograr los resultados de nuestra investigación, se trazó dos objetivos: analizar el marco jurídico nacional de la asistencia financiera regulado en el art 106 de la Ley General de Sociedades y su tratamiento en el derecho comparado y analizar los fundamentos legales vinculada a la asistencia financiera, en atención al Leveraged buyout. En relación al primer punto, se llega a una probabilidad alta de certeza que su presencia carece de justificación, ya que se orienta hacia propósitos innecesarios o, en caso de atender a necesidades legítimas, lo hace de forma poco lógica. Respecto al segundo punto, tenemos una certeza absoluta que lamentable la regulación actual es restrictiva limitando numerosas estructuras de adquisición de acciones más de lo que una amplia gama de doctrinarios en la materia y juristas desearían reconocer. / Today, Peru is a country highly influenced by international nations, thereby generating adaptation needs primarily in corporate law. However, in light of the present situation, obstacles persist regarding prohibitive regulations that, in one way or another, hinder operations that have been able to be streamlined in other countries. One of the regulations that gives rise to this research study is the so-called prohibited financial assistance, regulated in Article 106 of the General Law of Companies, a provision that throughout its history has been unreasonably restricted. The purpose of this study is to evaluate the legal foundations that allow for the flexibility of the provisions on financial assistance contained in Article 106 of the General Companies Law, in relation to Leveraged Buyouts. To achieve the results of our research, two objectives were outlined: to analyze the national legal framework of financial assistance regulated in Article 106 of the General Law of Companies and its treatment in comparative law, and to examine the legal foundations related to financial assistance, in relation to Leveraged Buyouts. In relation to the first point, it is highly likely that its presence lacks justification, as it is geared towards unnecessary purposes or, if it addresses legitimate needs, it does so in a somewhat illogical manner. Regarding the second point, we have absolute certainty that the current regulation is regrettably restrictive, limiting numerous structures for share acquisition more than what a wide range of scholars in the field and legal practitioners would wish to acknowledge.