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JENNIFE R HILL 1. INTRODUCTION The most abiding vision of shareholders in public companies in the 20th century was one-dimensional. It was the familiar image of shareholders as a dispersed and marginalized group, inevitably sepa rated from their investment as a result of th e division between own ership and control. This basic premise underpins and explains a wide arra y of doctrinal developments an d debate in modern corporate law—matters as fundamental as the shift in division of powers be tween board and general meeting, free transferability of shares and the economic justifications for limited liability. Several recent developments have undermined the appropriateness of a one-dimensional image of the role of shareholders. The first of these is the preoccupation in recent years with corporate govern 2 3 ance, coupled with the rise of institutional investment. Corporate governance has become a matter of international concern, in the wake of a global trend away from direct regulation by government. Many international reports have focused on the issue of corporate governance, or specific aspects of governance, such as managerial re- JENNIFER HILL is Associate Professor, Faculty of Law, University of Sydney; Visiting Professor, University of Virginia and University of Texas at
American Journal of Comparative Law – Oxford University Press
Published: Jan 1, 2000
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