This paper argues that “enlightened shareholder value” (“ESV”) offers a “third way” between the shareholder primacy and stakeholder theories of the corporation; one that maintains the creation of shareholder value as the corporation’s primary function, but requires directors to take into account the environmental impact of the corporations’ operations. ESV requires directors to “have regard to”, among other things, “the impact of the company’s operations on…the environment.” The obligation to “have regard to” should be interpreted as a procedural duty requiring directors to inform themselves as to the environmental impact of the corporation’s operations, which may in itself cause directors to reallocate corporate resources to environmental protection. ESV may also improve corporations’ environmental disclosure and impact social norms of corporate behaviour with respect to the environment. Any negative impact of ESV on present shareholder returns is justified by the obligation to avoid imposing foreseeable severe or irreparable environmental harm on future generations.

The traditional approach to corporate governance in Canada has centered on shareholders. This model of governance is commonly referred to as shareholder primacy. The shareholder primacy model has recently been rejected by the Supreme Court of Canada in Peoples v. Wise and BCE v. 1976 Debentureholders. This paper will be argued that directors should be required to focus exclusively on increasing shareholder value in the change of control context. It is within the change of control context that shareholders most require fiduciary protection. In addition, the shareholder primacy rule provides an enforceable standard for evaluating the actions of directors. As stakeholders have a variety of mechanisms to ensure that their interests are not disregarded, they are not in need of fiduciary protection. In contrast, shareholders face greater risks, which validate a need to be protected by an exclusive fiduciary duty in the change of control context.

The traditional approach to corporate governance in Canada has centered on shareholders. This model of governance is commonly referred to as shareholder primacy. The shareholder primacy model has recently been rejected by the Supreme Court of Canada in Peoples v. Wise and BCE v. 1976 Debentureholders. This paper will be argued that directors should be required to focus exclusively on increasing shareholder value in the change of control context. It is within the change of control context that shareholders most require fiduciary protection. In addition, the shareholder primacy rule provides an enforceable standard for evaluating the actions of directors. As stakeholders have a variety of mechanisms to ensure that their interests are not disregarded, they are not in need of fiduciary protection. In contrast, shareholders face greater risks, which validate a need to be protected by an exclusive fiduciary duty in the change of control context.

Esta dissertação tem como objetivo principal a análise da alienação fiduciária de bens imóveis regulada pela Lei nº 9.514/97 e os seus efeitos a partir do seu registro no competente Registro de Imóveis. Essa modalidade de garantia real foi introduzida em nosso ordenamento na década através da Lei nº 4.728/65, alterada e complementada pelo Decreto-Lei nº 911/69, que tratava do financiamento de bens de consumo duráveis. Dada a bem sucedida experiência com aludida lei federal aliada à escassez de moradia que assola o País, a alienação fiduciária de bens imóveis surgiu como uma solução para combater tal problema social e, ao mesmo tempo, fomentar o crescimento econômico, com a geração de empregos na indústria de construção civil. Com o registro do contrato de alienação fiduciária perante o competente Registro de Imóveis, a propriedade fiduciária é constituída. Enquanto a propriedade fiduciária é a garantia real, o contrato de alienação fiduciária em garantia é o título para sua constituição. Inexistido o registro do mencionado contrato, inexiste garantia real. A propriedade fiduciária de bens imóveis representou verdadeira revolução no mercado imobiliário, especialmente no campo das garantias reis. Por meio da propriedade fiduciária, o credor-fiduciário recebe a propriedade resolúvel e limitada do imóvel, bem como a sua posse indireta, ao passo que o devedor-fiduciante recebe a posse direta do imóvel, podendo dele usufruir por sua conta e risco enquanto estiver adimplente. Em caso de inadimplemento do devedor-fiduciário, a Lei nº 9.514/97 autoriza o credorfiduciário a alienar o imóvel em público leilão extrajudicial, desde que observados certos procedimentos. Apesar desta fórmula de satisfação do crédito ainda ser controversa na doutrina e na jurisprudência, a posição majoritária dos tribunais é no sentido de que o leilão extrajudicial atende aos princípios constitucionais do contraditório e da ampla defesa. Tal fato tem contribuído substancialmente para a crescente utilização desta nova modalidade de garantia real. / The goal of this dissertation is to review the contract of fiduciary alienation of real estate governed by Federal Law No. 9.514/97 and its effects after its registration before the real estate registry. Such type of security was introduced in the Brazilian legal system in the 60s by Federal Law No. 4.728/65, modified and complemented by Decree-Law No. 911/69, which regulates the fiduciary alienation of durable goods. Based on the success achieved with that Federal Law and the necessity of covering the lack of residential properties in Brazil, the fiduciary alienation appeared as a solution to face such social issue and, at the same time, stimulate the economic growth with the creation of new employments in the civil construction industry. By the act of recording the contract of fiduciary alienation before the real estate registry, the fiduciary ownership of real estate (propriedade fiduciária sobre bens imóveis) emerges. While the fiduciary ownership is a type of security, the contract of fiduciary alienation is the title necessary to constitute that security. If the contract of fiduciary alienation is not registered before the real estate registry, there is no security. The fiduciary ownership of real estate represented a revolution in the Brazilian real estate market, mainly on the field of securities. Through the fiduciary ownership of real estate, the fiduciary/trustee (credor-fiduciário) receives the title of the property object of the security as well as its indirect possession, and, on the other hand, the fiduciary agent (devedor-fiduciante) receives the direct possession over the property and is entitled to the right of using the real estate by its own risk while he performs his obligations. In case the fiduciary agent fails to accomplish his obligations of paying the debt, Federal Law No. 9.514/97 allows the trustee to recover its credit with the sale of the property at an extrajudicial public auction since all procedures provided in Law are duly respected. Although this formula of satisfying the trustees credit is still discussed by doctrine and case law, the majority position of case law points out the constitutionality of the public auction regulated by Federal Law No. 9.514/97 since it observes the constitutional commandment of due process of law. This fact has contributed substantially for the increasing use of this new type of security.

Made available in DSpace on 2016-04-26T20:23:57Z (GMT). No. of bitstreams: 1 Rafael Molinari Rodrigues.pdf: 958282 bytes, checksum: fbab66e40a4153aa98ad880dd360f379 (MD5) Previous issue date: 2015-10-08 / This study has the purpose of analyzing the possibility of constituting fiduciary alienation over farming products as guarantee to the financing of the Brazilian agribusiness. For this purpose, we have divided this paper in three big parties. Firstly, in order to contextualize this study, we have mentioned brief considerations about the Brazilian agribusiness, its importance to the country and to the world, and indicated an overview about the public and private financing of the activities related to the agribusiness sector. Also as a background to reach the purpose of this study, we have established in the second chapter some notions about the historical origin of the fiduciary alienation and, further, we highlighted the types of fiduciary alienation as guarantee, its legal bases and requirements, as well as we pointed out the main advantages of the fiduciary alienation as guarantee before pledge and mortgage. After this important part of contextualization, the research follows in the last chapter with a detailed analysis of the doctrinaire and jurisprudential understandings consolidated in the 1990s and until today applicable, regarding the supposed impossibility of fiduciary alienation of fungible, consumable and alienable (in stock) movable goods, as it would be the case of the farming products. After that, we propose a reanalysis of such understanding, mainly based on the legislative evolution of the fiduciary alienation as guarantee in the Brazilian legal system in the last decades and on new jurisprudence about the issue, to then defend the possibility of the fiduciary alienation over fungible, consumable and alienable movable goods. Finally, we highlight existing peculiarities and special legislation about the fiduciary alienation of farming products and we conclude that is possible the constitution of fiduciary alienation as guarantee over farming products to the financing of the agribusiness, both when those products are fungible, consumable and alienable (in stock), and in case such farming products are duly individualized, thus, they have become not fungible products / O presente trabalho tem por objetivo analisar a possibilidade de constituição de alienação fiduciária sobre produtos agropecuários, como garantia para o financiamento do agronegócio brasileiro. Para tanto, dividimos a dissertação em três grandes partes. Primeiramente, de forma a contextualizar o estudo, tecemos breves considerações sobre o agronegócio brasileiro, sua importância para o país e para o mundo, e traçamos um panorama geral sobre o financiamento público e privado das atividades relacionadas ao agronegócio. Ainda como pano de fundo para se atingir o objetivo deste trabalho, trazemos, no segundo capítulo, noções sobre a origem histórica da alienação fiduciária, para depois destacar as modalidades de alienação fiduciária em garantia, suas bases e requisitos legais, bem como as principais vantagens da alienação fiduciária em garantia frente ao penhor e à hipoteca. Após esta importante fase de contextualização, a pesquisa segue, no último capítulo, com análise detalhada acerca dos entendimentos doutrinário e jurisprudencial consolidados em meados de 1990 e até hoje aplicados, quanto à suposta impossibilidade de garantia fiduciária de bens móveis fungíveis, consumíveis e comerciáveis ou de estoque, como seria o caso dos produtos agropecuários. Em seguida, propomos uma reanálise de tais entendimentos, principalmente com base na evolução legislativa da alienação fiduciária em garantia no ordenamento jurídico brasileiro nas últimas décadas e em nova jurisprudência sobre o assunto, para depois defender a possibilidade da alienação fiduciária sobre bens móveis fungíveis, consumíveis e comerciáveis. Por fim, destacamos peculiaridades e legislação especial existentes sobre alienação fiduciária de produtos agropecuários e concluímos pela possibilidade de constituição de garantia fiduciária de produtos agropecuários para financiamento do agronegócio, tanto quando tais produtos forem fungíveis, consumíveis e comerciáveis ou de estoque, quanto no caso em que os produtos agropecuários estiverem devidamente individualizados e, por isso, terem se tornado produtos infungíveis

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.(Private Law))

Disqualification of a governing body member and other persons from their positions in a business corporation Abstract The master thesis analyses the regulation of disqualification of directors and other persons from the management of a business corporation. The purpose of this study is to introduce in detail the grounds for disqualification and to define persons who might be disqualified based on each particular ground, moreover, to describe a scale of effects of a disqualification order and to deal with the consequences of acting while being disqualified. The attention is also drawn to several interpretative problems, which are construed. Additionally, the thesis reflects the regulation of the English Company Directors Disqualification Act 1986 and the relevant English case-law. Except for the introductory part and the conclusion, the thesis is divided into six chapters. The first chapter looks briefly at the disqualification as such and its purpose. Additionally, it is generally described, who might be disqualified. Special attention is paid to the person that is in a similar position as a director and to the influential and controlling persons. The second and the third chapters deal with particular grounds for disqualification. Firstly, it is focused on the disqualification which is pre-conditioned by...

Every corporate director is under the obligation to perform his duties with reasonable care and loyalty. In connection with re-codification of the Czech private law, the Business Corporations Act brought a new institute to the Czech legal system - the business judgment rule. This rule provides corporate directors with a special protection against the liability for the breach of their duties. The aim of this thesis is to focus on this institute, to analyse the Czech version of business judgment rule, to compare it with its foreign models and provide the most likely judicial interpretation of it. The thesis consists of three main chapters. Chapter One deals with the issue of directors duties of care and loyalty and describes the grounds for existence of business judgment rule with a broaded context of law and economics knowledge. It explains the role of capital companies in business in order to define leading requirements for company regulation. Author focuses on the necessity of taking a risk in process of making entrepreneurial decisions. Chapter Two provides a description of two foreign models of business judgment rule. First, it deals with the business judgment rule originated from the practise of the courts in USA and two possible interpretations given by them - a standard of review and an...

The thesis focuses on the concept of the duty of due managerial care as regulated in the legal framework of the Czech Republic and the Federal Republic of Germany; in particular, the comparison is aimed at the application of this duty against the members of the board of directors and the supervisory board of the joint-stock company and the executives of the limited liability company. The thesis first describes the duty of due managerial care as a standard of conduct. Chapter 3 describes the particular consequences of said duty for the conduct of the members of the board of directors and the supervisory board of the joint-stock company. Chapter 4 is focused on the reflection of this duty on the legal relationships within the limited liability company. Chapters 3 and 4 each include a partial conclusion concerning the most important differences as well as the effectiveness of the respective legal regulation. Chapter 5 is divided into two parts, differentiated according to the legal form of the company in question, and concerns itself with the liabilities following from the breach of said duty. Particular attention is paid to the possibilities of shareholders (members) to influence - whether ex ante or ex post - the said liabilities, as this area is marked by the most significant differences when...

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2017-03-30T12:39:27Z No. of bitstreams: 1 Alexandre Gereto de Mello Faro.pdf: 1426834 bytes, checksum: fdcf05c1165d29b511177c3c9c7415fe (MD5) / Made available in DSpace on 2017-03-30T12:39:27Z (GMT). No. of bitstreams: 1 Alexandre Gereto de Mello Faro.pdf: 1426834 bytes, checksum: fdcf05c1165d29b511177c3c9c7415fe (MD5) Previous issue date: 2017-02-20 / system – is to establish practical and effectiveness rules in order to avoid the instability of the law and facilitate the relations. This mission considered the velocity of relations’ development vis a vis the le giiss laetivveen phroacreddeur reif that, according to the Brazilian reality, tends to be very slow. In this context it is important to point out the development of contracts and legal business on the financial and capital markets, that are an example of complexity and creativity (even more considering sophisticated structured operations). Thus, this study analyses the stock fiduciary collateral and, based on the legal regime of the general fiduciary collateral, develop the law and concepts regarding this collateral when involved stocks. The fiduciary collateral is regulated by several rules, such as (i) Law n. 4.728/1965, that regulates the fiduciary collateral involving movable (fungible and non-fungible assets), and also the fiduciary assignment of writs and credit notes. This law is only applicable for purposes of the financial and capital market; (ii) decree law n. 911/1969 that have amended the Law n. 4.728/1965 and also establishes the procedure to foreclose the fiduciary collateral; (iii) Law 8.514/1997, that stablishes the fiduciary collateral involving real state; and (iv) the Brazilian Civil Code (articles 1.360 and f.), that regulates the fiduciary collateral of movable an non-fungible assets (there is no restriction of parties or environment of appliance of the Civil Code). Based on this general analysis of the fiduciary collateral (according to the parties involved, nature of the assets and contractual arrangements) it is possible to establish the structures of the stocks fiduciary collateral cumulating the Law n. 4p.r7o2p8o/s1it9io6n5 tahnadt /sotro tchkes Bcraanz ibliaen c oCnivsiild Ceoredde manodv atbhlee Lnaown -nfu. n6g.4ib0le4 /a1s9s7e6t,s a asnsdu,m inin gm tohset of cases, incorporeal assets. In other words, the analysis of the general regime of the fiduciary collateral allows to establish the stock fiduciary collateral structure. Notwithstanding, this study brings considerations regarding the procedure to foreclose this collateral, once the absence of specific rules for purposes of the fiduciary collateral involving stocks and incorporeal assets. For that matter, this study contains the analysis of the possibility of extrajudicial foreclose of the collateral and also the judicial actions that could be taken by the creditor according to the interpretation of the general rules of fiduciary collateral. Finally, the intention of this study is to present conclusions regarding the existing law system involving the stocks fiduciary collateral, raising the main discussions and, as possible, establishing solutions based on revision of law, legal-writings and case-law / Não há dúvidas de que um dos maiores desafios do legislador – e do próprio sistema jurídico – é estabelecer normas que sejam, na prática, eficazes, evitando a insegurança jurídica e facilitando as relações. Essa missão é ainda considerarmos a velocidade em que ocorre a evolução das relações mjuraíidsi cdaisfí cvili ss ae vis o processo legislativo que, na realidade brasileira, tende a ser extremamente moroso. Nessa perspectiva, destaca-se a evolução dos negócios jurídicos no ambiente do mercado financeiro e de capitais, expoentes de sofisticação, complexidade e criatividade, principalmente, no tocante às operações estruturadas que tangenciam essas relações. Dentro desse contexto, o presente estudo se volta à análise da alienação fiduciária de ações em garantia, buscando, a partir do estudo do regime jurídico da alienação fiduciária em geral, aprofundar os dispositivos e principais discussões inerentes. Note-se que a alienação fiduciária em garantia é regulada por diversas normas, dentre as quais se destacam (i) Lei n. 4.728/1965, que se refere aos bens móveis fungíveis e infungíveis, assim como à cessão fiduciária de direitos inerentes às coisas móveis e títulos de crédito, tudo, dentro do ambiente do mercado financeiro e do mercado de capitais; (ii) Decreto-Lei n. 911/1969, que, além de ter alterado as Lei n. 4.728/1965, estabelece procedimento para excussão de garantia fiduciária; (iii) Lei n. 9.514/1997, a qual regula a alienação fiduciária de bens imóveis; e (iv) Código Civil, arts. 1.360 e seguintes, que regulam a alienação fiduciária de bens móveis infungíveis. A partir da delimitação da incidência geral das normas, de acordo com as partes envolvidas, natureza do objeto e disposições contratuais disponíveis às partes, é possível estabelecer as possíveis construções jurídicas da alienação fiduciária de ações em garantia (cumulando Lei n. 4.728/1965 e Código Civil, com a Lei n. 6.404/1976), adotando-se, como premissa, de que as ações podem ser consideradas bens infungíveis perante terceiros e, na maioria dos casos, incorpóreos. Por outras palavras, a análise do regime geral da alienação fiduciária em garantia permite chegar à efetiva construção jurídica da alienação fiduciária de ações em garantia. Em paralelo, o estudo traz ainda considerações a respeito da forma de excussão da alienação fiduciária de ações em garantia, principalmente, porque, em face da ausência de normas específicas para ações e bens incorpóreos, a doutrina discute, na prática, a legalidade dos procedimentos a serem adotados. Nesse sentido, o estudo analisa a possibilidade de excussão extrajudicial, a partir das disposições contratuais atinentes, bem como a possibilidade do credor fiduciário se valer de demandas judiciais para excussão, desde que, sob a ótica do regime geral, esse procedimento lhe seja disponível. Enfim, por meio deste estudo se buscou apresentar notas conclusivas a respeito da forma como, atualmente, o ordenamento jurídico regulamenta a alienação fiduciária de ações em garantia, levantando as principais discussões e, dentro do possível, buscando solucioná-las a partir da revisão da lei, doutrina e jurisprudência