Overview

Despite the enormous economic, social and political power they possess, company law regards public companies as essentially private bodies, existing for the benefit of their shareholders. In recent years the revival and extension of the analysis of corporate organization in terms of contract has been relied on to reinforce this perspective and to insulate the ""internal affairs"" of companies from regulatory intervention. This book rejects this approach, arguing that company law should be seen as serving public purposes - of promoting the efficient operation of the economy, while at the same time constraining the pursuit of profit in the interests of the various groups affected by corporate activity. From this standpoint many of the central issues relating to the large public company are discussed, including the separation of ownership and control, corporate governance, the ""nexus of contracts"" theory of the company, and the role of markets in controlling management behaviour. The meaning and the merits of corporate social responsibility, together with the techniques for making that concept operational, are considered in some detail. The book should be of interest not only to lawyers, but to all those concerned with the regulation of corporate power.

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9780198252887

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