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Title: The success of the company in s. 172(1) of the UK companies act 2006: Towards an 'enlightened directors' primacy' ?
Authors: Cerioni, L
Issue Date: 2008
Publisher: Sandstone Academic Press
Citation: Original Law Review. 4 (1)
Abstract: This paper argues that S. 172(1) of the UK Companies Act 2006, which, by incorporating the concept of enlightened shareholders value, requires a director of a company to have regard to several non-shareholders groups, can be read from a particular managerial perspective, and that directors could end up having a personal interest ‘to internalise’ exactly this perspective in their approach to S. 172(1). The article submits that, when this occurs, this managerial perspective can offer an input to the legal reasoning and to the model of companies underpinning UK company law, by turning the enlightened shareholders value into an approach that may be defined ‘enlightened directors’ primacy’ and that would benefit the long-term survival and development of the business activity. This outcome would be fully in line with the OECD Principles on Corporate Governance, and with the ‘interest of the company’ as identified in some continental Europe jurisdictions.
Appears in Collections:Law
Dept of Politics, History and Law Research Papers

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