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Marc T. Moore

Chapter 6 focuses more tightly on a particular aspect of UK company law, the widely accepted generalization that, in contrast to many other jurisdictions. UK company law has always given primacy to shareholders. While not disagreeing with this generalization—indeed, the author, Marc Moore, shows the collection of legal rules and principles that tend to establish it today—he argues that this primacy has been more contested than is recognized. Across the twentieth century there has been a good deal of ‘doctrinal and ideological turbulence’ in UK company law concerning who the corporation should chiefly serve. In the 1970s the UK even came close to adopting an ‘industrial democracy’ approach which would have provided for employees representation on large companies’ boards—an approach thwarted, in part, by labour’s belief that it was better protected outside the corporate governance mechanism. Thus, while present UK law may embody a shareholder primacy stance, that stance has not always fitted in with the nation’s broader social and political currents, and could still prove vulnerable to the consequences of economic and demographic changes.

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Iris H.-Y. Chiu, Michael McKee, Anna P. Donovan, Rod Edmunds, Andreas Kokkinis, John Lowry, Marc T. Moore and Arad Reisberg

Corporate governance in financial institutions has come under the spotlight since the banking crisis in the UK in 2008-9. In many respects, the banking business raises unique problems for corporate governance that are not found in other corporate sectors. The Law on Corporate Governance in Banks is the first work to provide a detailed survey and practical examination of key topical issues in the corporate governance of banks and financial institutions, including governance structure, collective board responsibility, directors’ liability, shareholders, and risk management. Combining the insight and expertise of leading corporate lawyers in the field with rigorous academic analysis, the book unpicks and clarifies the legal issues that confront corporate and banking law practitioners when advising banks and financial institutions.
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Iris H.-Y. Chiu, Michael McKee, Anna P. Donovan, Rod Edmunds, Andreas Kokkinis, John Lowry, Marc T. Moore and Arad Reisberg