Directors’ Duties and Shareholder Litigation in the Wake of the Financial Crisis

Directors’ Duties and Shareholder Litigation in the Wake of the Financial Crisis

Corporations, Globalisation and the Law series

Joan Loughrey

The financial crisis revealed failings at board level at many financial institutions. But despite calls for bank boards to be held to account, there has been a remarkable paucity of litigation against bank directors for breach of their duties to their institutions. This book assesses whether the law relating to directors’ duties and shareholder litigation has contributed to this, taking into account the changes to both that were introduced by the Companies Act 2006.


Joan Loughrey

Subjects: business and management, corporate social responsibility


DANIEL ATTENBOROUGH:1 This is a question for Andrew Keay. I often think that it is very easy to be negative about enlightened shareholder value and to say that it has actually achieved very little, or nothing, in law but is it fair to suggest that the word ‘enlighten’ is a very subtle, gentle term, particularly if you compare it against the vigour and striking nature of such terms as ‘maximization’ or ‘primacy’. As I said, the word enlightened is a rather delicate or subtle term and it does imply only a modest, rather than wholesale change, so I wonder whether you agree that enlightened shareholder value has in fact precipitated a welcome

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