Research Handbook on Directors’ Duties

Research Handbook on Directors’ Duties

Research Handbooks in Corporate Law and Governance series

Edited by Adolfo Paolini

Directors’ duties and liabilities have become the centre of a general legal discussion following the 2008 financial scandal that resulted in global recession. Questions have arisen regarding the ways in which the directors of the world’s major financial institutions have handled their duties and how their decisions have impacted investors, shareholders and consumers. This detailed Handbook discusses the nature of the relationship between a company and its directors, assessing issues such as how duties are discharged, liabilities that may arise and what interests directors should consider before embarking on commercial ventures.

Chapter 6: Directors’ duties in China

Marcos Jaramillo

Subjects: law - academic, company and insolvency law, comparative law, corporate law and governance

Extract

When we talk about “Chinese law”, many people smile and ask, “is there Chinese law?” Surely they have heard, or suffered, the consequences of the difference between the theory and the practice of law in that country: excessive governmental meddling, the intervention of the Communist Party, local protectionism, fraud and manipulation in the markets, weak enforcement, judicial corruption at certain levels, are only some of the elements that cause there to be a great difference between the theory and the practice of law in China. To begin with, is there a rule of law in China? Actually, the Chinese have made an immense and valiant effort to have the rule of law. It is really impressive to see the quality and quantity of its laws, institutions and studies in such a short period of time. But there still is a great distance to travel for a rule of law in China to achieve the standards of Western countries. One of my courses in the Law School of Pontificia Universidad Cat—lica de Chile is precisely “The Rule of Law in China” and there we are seeing, with very specific research, the different areas in which there still is a great distance to travel.

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