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New Principles for Corporate Law
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he fundamental assumptions of corporate law have changed little in decades. Accepted as truth are the notions that corporations are voluntary, private, contractual entities, that they have broad powers to make money in whatever ways and in whichever locations they see fit. The primary obligation of management is to shareholders, and shareholders alone.1 Corporations have broad powers but only a limited role: they exist to make money. Not much else is expected or required of them.
Those who maintain these principles – a group that includes most of the legal scholars who teach and write in the area – have derived the narrow role of corporations in one of two ways. A few traditionalists take it as an article of faith, developed from a rights-based view of the private nature of corporations.2 Such view holds that shareholders are owners, and the corporation is their individual property. Their control is to be respected. Managers are shareholders’ agents, and the correct law to apply is the law of property and trusts
Kent Greenfield - Personal Name
1st Edtion
NONE
New Principles for Corporate Law
Management
English
2005
1-33
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