Seminar: The impact of enlightened shareholder value*
- 23 March 2018 at 1:00 pm – 23 March 2018 at 2:00 pm
- Caulfield campus, building S, room S3.17, 900 Dandenong Road, Caulfield East
- Business Law and Taxation
Corporate Law, Organisation and Litigation (CLOL) Research Group is holding a free seminar at 1pm Friday 23 March 2018 at Monash Business School, Caulfield campus.
The introduction of enlightened shareholder value (ESV) in UK’s Companies Act 2006 was arguably the most controversial and challenging element in the whole of that enormous piece of legislation. ESV consisted of imposing, in s.172(1), a duty on directors to promote the success of the company for the benefit of the members while having regard to certain stakeholder factors, and requiring the drafting of a report (now known as the Strategic Report) that set out how the directors had exercised their duty. When s.172 was enacted, it was not clear whether it was introducing a totally new duty or whether it was merely codifying the duty to act bona fide in the best interests of the company. The idea of ESV was examined with interest not only in the UK but in many jurisdictions around the world, including Australia with the Federal Parliament’s Joint Parliamentary Committee on Corporations and Financial Services considering it carefully in its report, Corporate Responsibility, Managing Risk and Creating Value. Now, as the tenth anniversary of the implementation of ESV has just passed, it is an opportune time to reflect on how ESV has been interpreted and what impact it has had.
*The research paper on which the presentation is based is co-authored by Taskin Iqbal, Lecturer in Law, School of Law, University of Lincoln and Researcher, Centre for Business Law and Practice, School of Law, University of Leeds.
Guest speaker - Professor Andrew Keay
Professor of Corporate and Commercial Law, Centre for Business Law and Practice, School of Law, University of Leeds, Professorial Research Fellow, Deakin Law School, Deakin University, Australia and Barrister, Kings Chambers and 9 Stone Buildings, Lincoln Inn. Professor Andrew Keay taught at several Australian universities, where he specialised in commercial law, before teaching in the UK. He has been at Leeds since 2002.
RSVP: Friday 16th March 2018 to Michael.email@example.com
- Michael Duffy