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Blinded by ‘Fairness’: Why We Need (Strong) Procedural Safeguards in Screening Self-Dealing and Obtaining a Fair Price Is Not the Answer
European Business Organization Law Review ( IF 1.790 ) Pub Date : 2022-04-21 , DOI: 10.1007/s40804-022-00243-5
Alperen Afşin Gözlügöl

Ex post court review of related party transactions (RPTs) is one of the main mechanisms to deal with the problem of value diversion in public companies via self-dealing and is extensively made use of in Delaware and until relatively recently in most continental European countries. Such court review has also become to be known as the ‘fairness test’ whose contours may change depending on the jurisdiction and contexts in which it is applied. This study takes issue with the court review of actualized transactions under certain standards from two different perspectives. Firstly, it is argued that the behavioral insights derived from studies by behavioral economists and psychologists suggest that a legal regime that solely depends on the court review of substantive merits of RPTs without any (strong) procedural safeguard may fail to create a robust regime against value diversion. Secondly, acknowledging that the court review of substantive merits of RPTs may be inevitable in some cases, the study then turns its attention to the fairness test itself that compares the terms of an RPT to an arm’s length transaction, and argues that such an objective test fails to fully prevent value diversion. Accordingly, a recalibration of the test and a new framework are proposed.



中文翻译:

被“公平”蒙蔽:为什么我们需要(强有力的)程序保障来筛选自我交易和获得公平价格不是答案

对关联方交易 (RPT) 的事后法庭审查是通过自我交易处理上市公司价值转移问题的主要机制之一,并在特拉华州以及直到最近在大多数欧洲大陆国家广泛使用。这种法院审查也被称为“公平测试”,其轮廓可能会根据适用的司法管辖区和环境而变化。本研究从两个不同的角度对特定标准下已实现交易的法院审查提出质疑。首先,有人认为,行为经济学家和心理学家的研究得出的行为见解表明,依赖于法院审查的法律制度没有任何(强有力的)程序保障的 RPT 的实质性优点可能无法创建一个防止价值转移的强大机制。其次,承认在某些情况下法院对 RPT 的实质性优点的审查可能是不可避免的,因此该研究将注意力转向将 RPT 的条款与公平交易进行比较的公平测试本身,并认为这样的客观测试未能完全防止价值转移。因此,提出了重新校准测试和新框架。

更新日期:2022-04-22
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