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Visions and Revisions of the Shareholder

Visions and Revisions of the Shareholder 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 http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png American Journal of Comparative Law Oxford University Press

Visions and Revisions of the Shareholder

American Journal of Comparative Law , Volume 48 (1) – Jan 1, 2000

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Publisher
Oxford University Press
Copyright
© 2000 by The American Society of Comparative Law, Inc.
ISSN
0002-919X
eISSN
2326-9197
DOI
10.2307/841033
Publisher site
See Article on Publisher Site

Abstract

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

Journal

American Journal of Comparative LawOxford University Press

Published: Jan 1, 2000

There are no references for this article.