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Catherine Barnard
Catherine Barnard, MA (Cantab), L.LM. (EUI), Ph.D. (Cantab), is a Professor in European Union and Employment Law at the University of Cambridge and a fellow of Trinity College. She specialises in EU law, employment law and discrimination law. She is co-director of the Centre for European Legal Studies at Cambridge, and the author of EU Employment Law (4th edn) OUP, Oxford, 2012 and The Substantive Law of the EU: The Four Freedoms (4th edn.), OUP, Oxford, 2013.

Ernő Várnay
Head of Department of European and International Law, University of Debrecen, Chair Jean Monnet in European Law, Graduated in Law (Szeged), Economics (Budapest) and European Studies (Nancy).
Article

The Personal Law of Companies and the Freedom of Establishment under EU Law

The Enthronement of the Country-of-origin Principle and the Establishment of an Unregulated Right of Cross-Border Conversion

Journal Hungarian Yearbook of International Law and European Law, Issue 1 2013
Authors Csongor István Nagy
Author's information

Csongor István Nagy
Doctor juris (Budapest), LL.M. (Budapest/New York), Ph.D. (Budapest), SJD (Budapest/New York). Associate professor at and head of the Private International Law Department of the University of Szeged (Hungary), associate professor at Budapest University of Technology and Economics (Hungary), and head of the International and EU Law Department of the István Bibó College of Law (Budapest) and visiting associate professor at the Sapientia University in Cluj-Napoca (Romania). The author was a visiting fellow at the British Institute of International and Comparative Law (London) at the time the paper was completed.
Article

Access_open Towards Context-Specific Directors' Duties and Enforcement Mechanisms in the Banking Sector?

Journal Erasmus Law Review, Issue 2 2013
Keywords banking sector, directors' duties, financial crisis, context-specific doctrines, public enforcement
Authors Wasima Khan LL.M.
AbstractAuthor's information

    The global financial crisis gives reason to revisit the debate on directors’ duties in corporate law, mainly with regard to the context of banks. This article explores the need, rationale and the potential for the introduction of context-specific directors’ duties and enforcement mechanisms in the banking sector in the Netherlands from a comparative perspective.
    Chiefly, two legal strategies can be derived from the post-crisis developments and calls for legal reforms for the need and rationale to sharpen directors’ duties in the context of the banking sector in order to meet societal demands. The two strategies consist in shifting the scope of directors’ duties (i) towards clients’ interests and (ii) towards the public interest.
    Subsequently, this article explores the potential for context-specific directors’ duties and accompanying enforcement mechanisms. Firstly, it is argued that the current legal framework allows for the judicial development -specific approach. Secondly, such context-specific directors’ duties should be enforced through public-enforcement mechanisms to enhance the accountability of bank directors towards the public interest but currently there are too much barriers for implementation in practice.
    In conclusion, this article argues that there is indeed a need, rationale and potential for context-specific directors’ duties; yet there are several major obstacles for the implementation of accompanying public-enforcement mechanisms. As a result, the introduction of context-specific directors’ duties in the banking sector may as yet entail nothing more than wishful thinking because it will merely end in toothless ambitions if the lack of accompanying enforcement mechanisms remains intact.


Wasima Khan LL.M.
PhD Candidate at the Erasmus School of Law, Erasmus University Rotterdam. The author wishes to express her gratitude for valuable comments on an earlier draft of this article from Prof. Vino Timmerman and Prof. Bastiaan F. Assink at the Erasmus School of Law, Erasmus University Rotterdam, as well as the Journal‘s editors and peer reviewers. Any errors remain those of the author.
Article

Access_open An Eclectic Approach to Loyalty-Promoting Instruments in Corporate Law: Revisiting Hirschman's Model of Exit, Voice, and Loyalty

Journal Erasmus Law Review, Issue 2 2013
Keywords Eclecticism, corporate law & economics, corporate constitutionalism, loyalty-promoting instruments
Authors Bart Bootsma MSc LLM
AbstractAuthor's information

    This essay analyses the shareholder role in corporate governance in terms of Albert Hirschman's Exit, Voice, and Loyalty. The term 'exit' is embedded in a law & economics framework, while 'voice' relates to a corporate constitutional framework. The essay takes an eclectic approach and argues that, in order to understand the shareholder role in its full breadth and depth, the corporate law & economics framework can 'share the analytical stage' with a corporate constitutional framework. It is argued that Hirschman's concept of 'loyalty' is the connecting link between the corporate law & economics and corporate constitutional framework. Corporate law is perceived as a Janus head, as it is influenced by corporate law & economics as well as by corporate constitutional considerations. In the discussion on the shareholder role in public corporations, it is debated whether corporate law should facilitate loyalty-promoting instruments, such as loyalty dividend and loyalty warrants. In this essay, these instruments are analysed based on the eclectic approach. It is argued that loyalty dividend and warrants are law & economics instruments (i.e. financial incentives) based on corporate constitutional motives (i.e. promoting loyalty in order to change the exit/voice mix in favour of voice).


Bart Bootsma MSc LLM
PhD candidate in the corporate law department at Erasmus School of Law, Erasmus University Rotterdam. Email: bootsma@law.eur.nl. The research for this article has been supported by a grant from the Netherlands Organisation for Scientific Research (NWO) in the Open Competition in the Social Sciences 2010. The author is grateful to Ellen Hey, Klaus Heine, Michael Faure, Matthijs de Jongh and two anonymous reviewers for their constructive comments and suggestions. The usual disclaimer applies.

    In this paper, I will firstly illustrate the broader context of the contractualisation of family law by drawing upon the oscillations in family regulation between private and public regulators, in the light of the so-called family law exceptionalism. I consider the contractualisation of family law to be the ordering of the family by families and individuals through the use of legally binding private instruments. I will elaborate upon the substantive and jurisdictional contractualisation of family law in Sections 2 and 3 of this paper respectively. The deliberately 'impressionist' presentation of Section 1-3 leads onto the conclusion which proposes that States benevolently tolerate substantive contractualisation through a lower standard of judicial review, and that, whilst they actively stimulate jurisdictional contractualisation of the content of family relations, the formation and dissolution of family relations still appear to fall within the State's exclusive domain (Section 4).
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    In deze bijdrage situeer ik eerst de 21ste eeuwse contractualisering van het familierecht in de historische pendelbeweging tussen publieke en private regulering van familieleven. Die leidde in de 19de en 20ste eeuw tot de aanneming van een bijzondere, niet-contractuele, aard van het familierecht (sectie 1). Ik beschouw als contractualisering van het familierecht: de regulering van familieleven door de familie en door individuen, door middel van juridisch bindende privaatrechtelijke instrumenten. Ik zal ingaan op de inhoudelijke en jurisdictionele contractualisering van het familierecht in respectievelijk de secties 2 en 3 van deze bijdrage. De bewust 'impressionistische' uiteenzetting in secties 1-3 leidt naar de conclusie dat Staten enerzijds een welwillende houding aannemen ten opzichte van inhoudelijke contractualisering, doordat een lagere norm van rechterlijke toetsing wordt gehanteerd. Anderzijds stimuleren zij actief de jurisdictionele contractualisering van de inhoud van familierelaties. Het aangaan en de beëindiging van familierelaties blijven daarentegen het exclusieve domein van de Staat (sectie 4).


Prof. dr. Frederik Swennen
Frederik Swennen is a senior lecturer at the University of Antwerp and an attorney at the Brussels Bar.
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