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Controlling shareholders and fiduciary duties in Asia
Journal of Corporate Law Studies ( IF 1.093 ) Pub Date : 2017-07-27 , DOI: 10.1080/14735970.2017.1354471
Ernest Lim 1, 2
Affiliation  

ABSTRACT

The company laws of the common law jurisdictions in Asia are based on or inspired by English common law. Yet, the ownership structure of the listed companies in these jurisdictions – concentrated – is marked differently from that in the UK, which is dispersed. Although different ownership structures give rise to different agency problems which warrant different regulatory strategies, the common law jurisdictions in Asia and the UK share the same strategy in one critical respect: fiduciary duties are imposed on directors not shareholders. Given that the central agency problem in common law systems in Asia is the conflict between controlling shareholders and minority shareholders, the question is whether these jurisdictions should still adhere to the English position or they should consider subjecting controlling shareholders to fiduciary duties. This article critically analyses whether, and in particular, how controlling shareholders in common law jurisdictions in Asia can and ought to be subject to fiduciary duties.



中文翻译:

亚洲的控股股东和信托责任

摘要

亚洲普通法司法管辖区的公司法以英国普通法为基础或受其启发。但是,这些司法管辖区中的上市公司的所有权结构(集中)与在分散的英国明显不同。尽管不同的所有权结构会导致不同的代理问题,从而需要不同的监管策略,但亚洲和英国的普通法司法管辖区在一个关键方面共享相同的策略:信托责任是对董事而非股东承担的。鉴于亚洲普通法体系中的中央代理问题是控股股东与少数股东之间的冲突,问题在于这些司法管辖区是否仍应坚持英国立场,还是应考虑让控股股东承担信托责任。

更新日期:2017-07-27
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