National Corporate Law in a Globalised Market

National Corporate Law in a Globalised Market

The UK Experience in Perspective

Corporations, Globalisation and the Law series

David Milman

In this timely book, David Milman considers how UK corporate law has been affected by the forces of globalisation, arguing that this is not a new development, but rather is part of an historical continuum. He examines corporate law regulatory strategy in general, treatment of foreign shareholders and multinational groups, aspects of private international law and issues connected with cross border insolvency.

Chapter 1: Introduction

David Milman

Subjects: law - academic, company and insolvency law, private international law

Extract

No man is an island (John Donne, Meditation XVII, Devotions Upon Emergent Occasions) 1 AIM OF THE TEXT This book seeks to examine whether, and, if so, to what extent, UK Company Law has been affected by those processes of globalisation that have increasingly had a bearing on the course of our modern lives. This evaluation will involve both a study of the characteristics of modern UK corporate law and some comparison with the models adopted in other jurisdictions to regulate companies. The reasons for this mutation, if indeed any such metamorphosis has occurred, will also require analysis. Finally, it will be necessary to speculate on where this process will lead to in the medium term. Globalisation is a phenomenon that has become widely discussed in popular discourse in the past two decades.1 Although not a new concept, it arouses fierce emotions depending upon one’s political perspective. Its influence has been felt in many areas of national law, particularly revenue law, employment law and trade law. Clearly, it rests heavily upon the convergence of economies and markets. However, it is a much wider manifestation than that. It is no exaggeration to state that it involves the global/regional bonding of cultures and societies. The convergence of legal cultures through transnational legal measures forms part of the equation and hence part of our study. Very often, of course, globalisation involves a combination of economic and legal integratory forces; the emergence of the European ‘Project’ encompassing both EU law and the fundamental protections...