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O Estado como acionista controlador; The state as controlling shareholder

Pinto Junior, Mario Engler
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Tese de Doutorado Formato: application/pdf
Publicado em 23/06/2009 Português
Relevância na Pesquisa
46.75%
O presente trabalho acadêmico procura construir um referencial teórico baseado no ordenamento jurídico brasileiro para definir o papel da empresa estatal no mundo contemporâneo. Trata-se do ponto de partida para compreender a atuação do Estado como acionista controlador e as regras de convivência com acionistas privados em posição minoritária e com outros grupos de interesse afetados pela atividade empresarial. A abordagem do tema apóia-se na idéia central de que toda empresa estatal está investida de uma missão pública, explícita ou implicitamente incorporada no objeto social, que varia conforme a natureza da atividade exercida e está sujeita a adaptações ao longo do tempo. A missão pública coexiste com a finalidade lucrativa inerente ao modelo de companhia e serve para condicionar a ação do Estado enquanto acionista controlador e dos administradores, dando conteúdo a seus deveres fiduciários.; This dissertation aims at establishing a theoretical framework according to Brazilian law to identify the role of state-owned enterprise in contemporary world. This is the first step to understand what the governments behavior should be as a controlling shareholder and the legal rules applied to its relationship with equity investors and others stakeholders. The approach is based on the assumption that every state-owned enterprise has a public mission implicitly or explicitly included in its bylaws objectives. The public mission varies according to the nature of the business and should be redefined from time to time to keep adherence to the external environment. The public mission coexists with the companys profit scope and guides the States actions...

Ensaio sobre o regime jurídico das debêntures; Essay on the legal regime of debentures

Amaral, Jose Romeu Garcia do
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 31/03/2014 Português
Relevância na Pesquisa
46.89%
Este trabalho propõe-se a estudar, mediante abordagem teórica e prática, o regime jurídico das debêntures, tendo em vista as recentes alterações introduzidas pela Lei nº 12.431, de 24 de junho de 2011, que promoveu mudanças significativas em sua disciplina, bem como examinar os problemas e questões atuais das debêntures em um contexto evolutivo da doutrina e dos casos práticos que lhe são submetidos à análise, tendo em vista o uso cada vez mais frequente desse mecanismo de financiamento das sociedades. Busca-se, também, examinar o funcionamento do mercado de debêntures e as novas propostas para incentivar a circulação dos títulos de dívida. Dentre as questões mais controvertidas a serem estudadas neste trabalho, destacam-se as seguintes: (i) evolução da natureza jurídica do instituto, em que as debêntures são vistas como títulos de dívida pertencentes à categoria dos valores mobiliários; (ii) criação do novo mercado de debêntures, como avanço à proposta do Novo Mercado de Renda Fixa; (iii) possibilidade de emissão de debêntures por sociedades limitadas e cooperativas, em razão da ausência de vedação legal e da existência de normas que lhe dão suporte jurídico; (iv) realização de negócios jurídicos com debêntures que vão além da sua função econômica de financiamento da empresa; (v) existência da organização dos debenturistas...

A indústria de fundos de investimento no Brasil: um estudo teórico e empírico sobre a relação fiduciária entre o administrador-gestor e os respectivos cotistas de fundos de investimentos

Coelho, Alexandre Ramos
Fonte: Fundação Getúlio Vargas Publicador: Fundação Getúlio Vargas
Tipo: Dissertação
Português
Relevância na Pesquisa
27.31%
De acordo com dados de 07.10.2014 da Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais – ANBIMA, no acumulado em 12 meses, entre aplicações, resgates e captações, a indústria de fundos movimentou mais de 11 bilhões de reais no Brasil. É um volume financeiro considerável, fazendo dos fundos de investimento importantes instrumentos de captação de poupança e de direcionamento de recursos para os mais diversos projetos de financiamento da economia. Além disso, as quebras de determinados conglomerados financeiros no Brasil nos últimos anos envolvendo fundos administrados e geridos por sociedades pertencentes a esses conglomerados colocou em evidência a importância de regras e estudos direcionados à relação entre o administrador-gestor e o cotista de fundos de investimento. De fato, pesquisa conduzida ao longo dos anos de 2013 e 2014 demonstrou que acadêmicos, reguladores e demais participantes do mercado de valores mobiliários possuem poucos estudos que possam assisti-los na solução de problemas relativos a essa relação, inclusive diante de situações envolvendo conflitos de interesses entre administradores-gestores e cotistas. Assim, diante da importância econômica dos fundos de investimento para o Brasil...

Contribuições preliminares para uma análise da conduta de administradores e de controladores de S.A. em contexto de oferta hostil

Scalzilli, João Pedro
Fonte: Universidade Federal do Rio Grande do Sul Publicador: Universidade Federal do Rio Grande do Sul
Tipo: Dissertação Formato: application/pdf
Português
Relevância na Pesquisa
46.75%
O presente estudo versa sobre a conduta de administradores e controladores em contexto oferta hostil, tendo como principal objetivo a análise desta à luz do interesse social e dos deveres fiduciários, buscando, ao fim, comprovar que o Brasil possui um arcabouço legislativo apto a regular tais situações, bem como que a experiência norteamericana pode servir como fator de auxílio na investigação do papel desses sujeitos no referido contexto.; This paper deals with the behavior of managers and controlling shareholders in hostile tender offer context, with the main goal of analyse it in the light of the “proper role of the companies” and the fiduciary duties, aiming, finally, to prove that Brazilian law is able to rule those situations, as well that American experience could serve as a helpful instrument in the search for directors and officers “proper role” in the related situations.

Fiduciary Duties and Equity-Debtholder Conflicts

Becker, Bo; Stromberg, Per
Fonte: Harvard University Publicador: Harvard University
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
47.16%
We use an important legal event to examine the effect of managerial fiduciary duties on equity‐debt conflicts. A 1991 legal ruling changed corporate directors’ fiduciary duties in Delaware firms, limiting managers’ incentives to take actions favoring equity over debt for distressed firms. After this, affected firms responded by increasing equity issues and investment and by reducing risk. The ruling was also followed by an increase in leverage, reduced reliance on covenants, and higher values. Fiduciary duties appear to affect equity‐bond holder conflicts in a way that is economically important, has impact on ex ante capital structure choices, and affects welfare. JEL: G32, G33, L2

An Economic Theory of Fiduciary Law

Sitkoff, Robert H
Fonte: Oxford University Press Publicador: Oxford University Press
Tipo: Monograph or Book
Português
Relevância na Pesquisa
37.36%
This chapter restates the economic theory of fiduciary law, making several fresh contributions. First, it elaborates on earlier work by clarifying the agency problem that is at the core of all fiduciary relationships. In consequence of this common economic structure, there is a common doctrinal structure that cuts across the application of fiduciary principles in different contexts. However, within this common structure, the particulars of fiduciary obligation vary in accordance with the particulars of the agency problem in the fiduciary relationship at issue. This point explains the purported elusiveness of fiduciary doctrine. It also explains why courts apply fiduciary law both categorically, such as to trustees and (legal) agents, as well as ad hoc to relationships involving a position of trust and confidence that gives rise to an agency problem. Second, this chapter identifies a functional distinction between primary and subsidiary fiduciary rules. In all fiduciary relationships we find general duties of loyalty and care, typically phrased as standards, which proscribe conflicts of interest and prescribe an objective standard of care. But we also find specific subsidiary fiduciary duties, often phrased as rules, that elaborate on the application of loyalty and care to commonly recurring circumstances in the particular form of fiduciary relationship. Together...

Democratic Republic of São Tomé and Príncipe : Country Integrated Fiduciary Assessment, Volume 2. Public Expenditure Review

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
36.68%
This Integrated Fiduciary Assessment is the first of its kind for Sao Tome and Principe. It combines the analysis and policy recommendations from a public expenditure review (PER), a country financial accountability assessment (CFAA), and a country procurement assessment review (CPAR). The goal of the report is to identify the major challenges facing the country in the prepetroleum era (the next three to five years) in public finance management (including public enterprises) as it attempts to implement its National Poverty Reduction Strategy (NPRS) with a tight resource envelope. This executive summary presents recent economic developments and fiscal sustainability analysis that takes into account petroleum and no-petroleum scenarios, with corresponding analysis on which of the Millennium Development Goals (MDGs) are reachable. The summary reports on revenue and expenditure performance since 2000-01, issues related to the implementation of the public investment program (PIP) and its coordination with the NPRS, and the budget process...

Redefining Value : The Future of Corporate Sustainability Ratings

White, Allen L
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
36.75%
Corporate sustainability ratings are a potentially powerful but still underused tool for building a competitive, socially purposeful, and financially sound enterprise. In a globalizing world replete with business opportunities and risk, corporate boards continually need to reappraise what constitutes good governance. Traditional board duties pertaining to strategic oversight, executive compensation, and financial auditing will remain integral for the foreseeable future. But these alone will not suffice in a time when the prosperity of companies is inextricably linked to issues such as reputation, brands, supply chain management, quality and quantity of human and intellectual capital, protection of human and labor rights, and climate change. Such emergent issues are part of a historical moment in which the role of companies in fostering societal and ecological well-being at the global, national, and local levels is under increasing scrutiny. These are conditions that fuel intensifying public discourse concerning corporate social responsibility...

An economic analysis of corporate directors' fiduciary duties

Gutiérrez, María
Fonte: Wiley-Blackwell Publicador: Wiley-Blackwell
Tipo: Artigo de Revista Científica Formato: application/pdf
Publicado em //2003 Português
Relevância na Pesquisa
46.75%
I present a principal-agent model where the shareholders (principal) can take legal action against the director (agent). The court's decision provides a verifiable but costly and imperfect signal on the director's fulfilment of his fiduciary duties. The director's remuneration can be made contingent not only on performance but also upon the court's decision. I show that when damage awards are high enough, the widespread use of liability insurance and limited-liability provisions that is observed in the United States is optimal because it allows for a more efficient litigation strategy to be ex post rational for the shareholders.

A contractual approach to the regulation of corporate director's fiduciary duties

Gutiérrez, María
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: info:eu-repo/semantics/submittedVersion; info:eu-repo/semantics/workingPaper Formato: application/pdf
Publicado em /10/2000 Português
Relevância na Pesquisa
67%
Traditional American corporation statutes state that the business and affairs of the corporation shall be managed by a board of directors who act as fiduciaries of the corporation. The purpose of this paper is to explain the economic logic underlying the regulation of corporate directors' fiduciary duties, placing special emphasis on the consequences of the adoption of protective measures for the directors such as indemnification and liability insurance

Finding the fiduciary : recognition of the director-shareholder relationship in closely held companies.

Nosworthy, Beth
Fonte: Universidade de Adelaide Publicador: Universidade de Adelaide
Tipo: Tese de Doutorado
Publicado em //2013 Português
Relevância na Pesquisa
36.9%
The fiduciary obligation is an accepted equitable doctrine within Australian law. Its role within the corporate field, as a duty applied to directors and owed to the company, is also well accepted. This thesis examines the role of the fiduciary obligation in general, and specifically in relation to directors. The examination begins with the development of the fiduciary obligation in equity, and addresses the difficulty of developing a doctrinal definition for the obligation. This is useful when analysing the most recent High Court decisions on this obligation, and applying the obligation to directors within corporate law, particularly in light of inconsistent use of language in that field. The thesis clarifies the content of the obligation, and recognises exceptions to the default position that fiduciary obligations are owed to the company. The thesis proposes a definition of a closely held company, which encompasses these exceptions, and recognition of the relationship between directors and shareholders in a closely held company as subject to fiduciary obligations. Finally, the thesis makes recommendations as to the method of recognising this relationship at law within Australia, to provide greater clarity to both directors and shareholders.; Thesis (Ph.D.) -- University of Adelaide...

Pakistan : Report on the Observance of Standards and Codes (ROSC) : Corporate Governance Country Assessment

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Corporate Governance Assessment (ROSC); Economic & Sector Work
Português
Relevância na Pesquisa
46.75%
This report provides an assessment of Pakistan's corporate governance policy framework. In Pakistan, awareness of the importance of good corporate governance is high among policymakers and standard setters. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in Pakistan. The focus of the assessment is on listed companies, although reference is also made to banks and other financial institutions. Reform to improve corporate governance has been significant, including the introduction of a code of corporate governance and increased vigilance by regulators. Highly concentrated control by significant shareholders has limited the objectivity of boards and reduced the impact of some of the recent reforms. More generally, many smaller and family-owned companies have a limited awareness of the potential benefits of improved corporate governance. Corporate governance reform needs to percolate throughout the corporate sector, including family-owned businesses. The report concludes that further steps need to be taken to protect shareholder rights, including disclosure of beneficial ownership, and that boards must become more effective...

Guidance for the Directors of Banks

Westlake, Richard
Fonte: International Finance Corporation, Washington, DC Publicador: International Finance Corporation, Washington, DC
Tipo: Publications & Research :: Working Paper
Português
Relevância na Pesquisa
36.48%
The need for sound governance of banks worldwide has never been stronger. After the global financial crisis of 2007-2009, spectacular bank failures, whether caused by greed, incompetence, or indifference, are still occurring. This guide is intended mainly for three groups of readers: (i) new directors with experience in banking; (ii) directors who understand governance, but have no experience in banking; and (iii) new directors who have no experience of either banking or being a director. It is mainly an introduction for the directors of non-complex banks, whose main business is to take deposits and provide loans, and is not designed for the directors of large, complex banks or investment banks operating in global capital markets and dealing with complex corporate structures. We hope, however, that even relatively experienced directors of banks, and those who work with them, may find the book a useful refresher. Main topics discussed in the Guidance are: 1) where banks fit in the corporate governance framework; 2) the unique role of banks governing risk; 3) Board structures and directors' duties; and 4) effective Board decision making. Since the late Jonathan Charkham CBE wrote the first edition of this Guidance book in 2003...

Integrity, Culture, and Other Intangibles for Building Long-Term Value--The Board's Critical Responsibility

Stout, John H.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
Português
Relevância na Pesquisa
46.98%
Governance is a discipline different from management. Understanding that concept is the first step toward improving board practices. While management designs, recommends to the board, and executes the company s strategy and business plan within an agreed budget, governance focuses on active, vigorous oversight of the company and its management. This paper presents a practical guide for boards on how to fulfill their responsibilities of being the guardians of integrity and their company s culture by discussing common causes of board failures. Stressing that relationships based on integrity add value to organizations, contribute to their sustainability, and promote their reputation, Stout points out the board s responsibility in creating and maintaining such an organizational culture. Several key topics are explored: the commitment of the directors, the ideal board composition, the fiduciary duties of directors, the selection of the Chief Executive Officer (CEO), the role of directors in the creation of internal controls...

Reform Realism and the Boardroom

World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
Português
Relevância na Pesquisa
36.75%
The board of a 21st century corporation has the imperative to navigate the shoals of regulatory landmines without making a shipwreck of its entrepreneurial energy and strategic thrusts, aptly summarizing one major challenge for directors. Having in place effective corporate governance best practices and training directors to understand their duties are essential steps in improving the sustainability of companies. One principle is that a board can delegate, but it cannot abdicate its responsibilities. This speaks to the fundamental division between the board's role, that of strategic direction, and management's duty of executing the board's strategy. The board must monitor management's performance, even though it does not directly carry out the actions. As Koh notes, courts have rejected the argument that a lower standard of care should apply to non-executive directors than to executive directors.

Company in Distress?; Directors Needn't Be--Mitigating Risks at the Board

Rechden, Claudio N.; Miller, Kalina B.
Fonte: International Finance Corporation, Washington, DC Publicador: International Finance Corporation, Washington, DC
Tipo: Brief; Publications & Research; Publications & Research :: Brief
Português
Relevância na Pesquisa
36.48%
Investors see value in nominating members to the boards of companies they have invested in. Through board members, they can help improve the company's operations, define corporate strategy, adjust inefficiencies, improve governance, and ultimately increase the expected return on their investment. The authors examine the shift in the relative position of stakeholders when a company enters the penumbra of insolvency. In good times, directors rightly think of the shareholders as the parties to whom their duties to the company (and legal responsibilities) most directly extend. But once the enterprise s very survival as a going concern comes into question, the profile and legal rights of creditors and other stakeholders take on greater importance. The board must be able to demonstrate that it is doing everything it can to maximize the enterprise value of the company, and hence the likelihood that the company will meet its obligations to parties with claims (on the cash flow and assets of the company) that come before the residual interest of shareholders. This paper lists other actions (including...

Le devoir fiduciaire d'agir dans le meilleur intérêt de la compagnie insolvable: comment concilier les intérêts de l'actionnaire et du créancier?

Morin, Luc
Fonte: Université de Montréal Publicador: Université de Montréal
Tipo: Thèse ou Mémoire numérique / Electronic Thesis or Dissertation
Português
Relevância na Pesquisa
47.15%
Le présent mémoire analyse l'impact du contexte d'insolvabilité sur le devoir fiduciaire d'agir dans le meilleur intérêt de la compagnie, devoir imposer aux administrateurs de compagnies par la législation corporative canadienne. L'objectif du mémoire est de déterminer un standard de conduite à être adopté par l'administrateur d'une compagnie insolvable en vue de répondre à ce devoir fiduciaire. Dans un premier temps, comment peut-on définir ce que constitue le « meilleur intérêt de la compagnie» ? L'auteur en vient à la conclusion que l'intérêt de la compagnie est au carrefour d'une communauté d'intérêts lui étant sous-jacents. L'intérêt de la compagnie, bien qu'indépendant de ces intérêts sous-jacents, ne peut s'analyser en faisant abstraction de ces derniers. La jurisprudence et la doctrine récentes laissent entrevoir que l'impact du contexte d'insolvabilité se fait sentir sur la détermination de ces intérêts sous-jacents à celui de la compagnie susceptibles d'être affectés par la finalité poursuivie par la compagnie, finalité axée sur la maximisation des profits à partir des opérations de l'entreprise exploitée par la compagnie. Dans un contexte d'insolvabilité, le créancier, à l'instar de l'actionnaire dans un contexte de solvabilité...

Aproximación al estudio del deber de lealtad del administrador de sociedades

Ribas Ferrer, Vicente
Fonte: Bellaterra : Universitat Autònoma de Barcelona, Publicador: Bellaterra : Universitat Autònoma de Barcelona,
Tipo: Tesis i dissertacions electròniques; info:eu-repo/semantics/doctoralThesis Formato: application/pdf; application/pdf
Publicado em //2005 Português
Relevância na Pesquisa
27.09%
Consultable des del TDX; Títol obtingut de la portada digitalitzada; La obra se divide en tres partes. La primera parte estudia, en primer lugar, cuestiones metodológicas, distinguiendo entre el análisis económico del derecho y el análisis jurídico dogmático. A través del análisis económico se tratan las conductas oportunistas en las relaciones gestoras y los medios contractuales dirigidos a limitar el conflicto de intereses efectuándose un enfoque crítico de esta metodología. Mediante el análisis jurídico dogmático se sientan las bases para la configuración del deber de lealtad como principio jurídico, tomándose como base la naturaleza gestora del deber. Esta primera parte, también es objeto de estudio el derecho comparado, diferenciándose los ordenamientos continentales de los anglosajones. Entre los primeros, se estudian las regulaciones normativas de la institución en Francia, Bélgica, Italia y Alemania, atendiendo a las reformas normativas más recientes. Respecto de los ordenamientos anglosajones se estudian los regímenes del Reino Unido y los Estados Unidos, precedidos de un apartado relativo al estudio de los deberes fiduciarios. La segunda parte aborda la parte general del deber de lealtad. En primer lugar se analiza la relación gestora desde una perspectiva tipológica...

Fiduciary Disclosure of Medical Mistakes: The Duty to Promptly Notify Patients of Adverse Health Care Events

Faunce, Thomas
Fonte: The Law Book Company Publicador: The Law Book Company
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
37.08%
Fiduciary obligations are imposed by the common law to ensure that a person occupying a societal role with a high potential for the manipulation of vulnerable persons exercises utmost good faith. Australian law has recognised that the doctor-patient relationship, while not wholly fiduciary, has fiduciary aspects. Amongst such duties are those prohibiting sexual or financial abuse of patients or disclosure without express authority of confidential information. One important consequence of attaching such fiduciary duties to the doctor-patient relationship is that the onus of proof falls not upon the vulnerable party (the patient), but upon the doctor (to disprove the allegation). Another is that consent cannot be pleaded as an absolute defence. In this article the authors advocate that the law should now accept that the fiduciary obligations of the doctor-patient relationship extend to creating a legal duty that any adverse health care event be promptly reported to the patient involved. The reasons for creating such a presumption, as well as its elements and exceptions, are explained.

Do boards of trustees of South African retirement funds owe fiduciary duties to both the funds and fund members?The debate continues

Marumoagae,MC
Fonte: PER: Potchefstroomse Elektroniese Regsblad Publicador: PER: Potchefstroomse Elektroniese Regsblad
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/08/2012 Português
Relevância na Pesquisa
67.16%
Over the years, the South African retirement fund industry has experienced major regulatory changes. These changes were aimed at imposing a higher standard of governance on the boards of trustees governing various pension funds. As such, there has been a debate within the retirement fund industry as to whom the board, as the governing and managing body of the retirement fund, is accountable. South African courts and tribunals adjudicating pension fund related disputes and the retirement industry at large seem to share the view that the board of trustees is accountable to both the fund and its members. In that the board of trustees owes fiduciary duties to both the fund and its members, meaning that the board is required to act in the best interest of the fund and its members. However, in this paper I demonstrate that the boards of trustees of South African Pension Funds are accountable to and owe fiduciary duties only to the fund they serve and not members of those funds. Furthermore, I submit that at the very best the board owes a duty of good faith towards the members of the fund. In order to substantiate my submissions, I distinguish the legal position relating to trust law from the law relating to retirement funds in South Africa.