Skip to main content
Fachgebiete
Automobil + Motoren Bauwesen + Immobilien Business IT + Informatik Elektrotechnik + Elektronik Energie + Nachhaltigkeit Finance + Banking Management + Führung Marketing + Vertrieb Maschinenbau + Werkstoffe Versicherung + Risiko
DE
EN
Themenseiten
Organisationspsychologie Projektmanagement Marketing Smart Manufacturing
Bücher
Zeitschriften
Weitere Formate
Podcasts Webinare Technik Webinare Wirtschaft Kongresse Veranstaltungskalender Awards
Jetzt Einzelzugang starten
Zugang für Unternehmen
Referenzkunden
MTZ-Fachkongress

Antriebe und Energiesysteme von morgen


Austausch von Automobil- und Energiewirtschaft

Am 14./15. Mai geht es in Chemnitz um die Mobilitätswende durch Elektro- und Wasserstofffahrzeuge.
Erweiterte Suche
Anmelden
nach oben
Erschienen in:
Corporate Governance Codes Under the Spotlight Kapitel lesen Erstes Kapitel lesen

2017 | OriginalPaper | Buchkapitel

Globalisation of Corporate Governance Depends on Both Soft Law and Hard Law

verfasst von : Junhai Liu

Erschienen in: Corporate Governance Codes for the 21st Century

Verlag: Springer International Publishing

Einloggen

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config
loading …

Abstract

Directive 2014/95/EU of the European Parliament and of the Council (22 October 2014) amending Directive 2013/34/EU as regards disclosure of non-financial and diversity information by certain large undertakings and groups has not only attracted global attention on the significance of disclosure of CSR performance, but also raised an even broader corporate governance question: Is it now time to move on from a soft law approach to a hard law approach? In my opinion, both soft law and hard law are equally important. Neither type of law can guarantee the effectiveness of good corporate governance. Soft law will not be jettisoned even after some soft law rules have been transformed into hard law. That said, both soft law and hard law require comprehensive renovation, instead of minor patch-ups. Despite the particularities of corporate governance norms created by unique legal traditions and cultures in individual jurisdictions, globalisation requires further convergence, coordination or harmonisation of corporate governance norms in terms of both soft law and hard law.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 102.000 Bücher
  • über 537 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 340 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Jetzt Wissensvorsprung sichern!

Jetzt informieren
Vorheriges Kapitel Disclosure and Auditing of Corporate Social Responsibility Standards: The Impact of Directive 2014/95/EU on the German Companies Act and the German Corporate Governance Code
Fußnoten
1
The arbitration body, as non-profit organisation, is the product of merchant autonomy. Of course, the support from the state is essential for the recognition and enforcement of the arbitration awards. Art. 14 of the 1994 Chinese Arbitration law declares, ‘An arbitration commission shall be independent of any administrative organ, without any subordinate relationship with administrative organs. Neither would there be any subordinate relations thereof.’
 
2
In China, influenced by the civil law family, decided cases are not legally binding on future court judgments. However, the Chinese Supreme Court now encourages local courts to follow its recommended cases. Of course, case law in the common law family is one of the fundamental sources of hard law.
 
3
For the details of the six features of good corporate governance, see, Liu (2015a), pp. 574–75.
 
4
Para. 1 of Art. 16 Chinese Company Law (2013): ‘Where a company intends to invest in another enterprise or provide guarantee for another entity, the matter shall, in accordance with the provisions of the company’s articles of association, be subject to a resolution adopted by the board of directors or the shareholders assembly; and where norms for the gross amount of investments or guarantees and for the amount of a single investment or guarantee are specified in the company’s articles of association, such norms shall not be exceeded.’
 
5
Art. 23 Chinese Company Law (2013): ‘The following conditions shall be met for the incorporation of a company with limited liability: (1) The number of shareholders conforms to the statutory number; (2) The capital contributions of the shareholders reach the statutory minimum amount of capital; (3) The shareholders have jointly formulated the articles of association; (4) The company has its name and has established an organizational structure in conformity with the requirements for a company with limited liability; and (5) The company has its own domicile.’ Art. 81 Chinese Company Law (2013) has a similarly detailed laundry list for the content of articles of association of a joint stock corporation.
 
6
Art 25 Chinese Company Law (2013) has a detailed laundry list for the indispensable items contained in the articles of association of a company with limited liability: (1) the name and domicile of the company; (2) the scope of business of the company; (3) the registered capital of the company; (4) the names or titles of the shareholders; (5) the forms of capital contributions, the amounts and dates of capital contributions made by shareholders; (6) the bodies of the company, and the measures for their establishment, their functions and powers, as well as the rules of procedure; (7) the legal representative of the company; and (8) other items which the shareholders assembly deems necessary to be specified. The shareholders shall sign their names on and affix their seals to corporate articles of association. Art. 81 Chinese Company Law (2013) also has a detailed laundry list for the content of the articles of association of a joint stock corporation.
 
7
Liu (2006), pp. 64–68.
 
8
US Dept of Justice (2 July 2012), GlaxoSmithKline to plead guilty and pay $3 billion to resolve fraud allegations and failure to report safety data (press release).
 
9
Corporate integrity agreement between the office of inspector general of the Dept of Health and Human Services and GlaxoSmithKline LLC (CIA).
 
10
Corporate integrity agreement between the office of inspector general of the Dept of Health and Human Services and GlaxoSmithKline LLC (CIA).
 
11
Corporate integrity agreement between the office of inspector general of the Dept of Health and Human Services and GlaxoSmithKline LLC (CIA).
 
12
US Dept of Justice (2 July 2012), GlaxoSmithKline to plead guilty and pay $3 billion to resolve fraud allegations and failure to report safety data (press release).
 
13
See CIA, supra note 9, pp. 5–25.
 
14
The Decision of the CCCPC on Some Major Issues Concerning Comprehensively Deepening the Reform (2013) made it clear that, ‘We will establish and improve a social credit system to commend honesty and punish dishonesty. We will improve the market exit system in which the good eliminates the bad, and perfect the enterprise bankruptcy system.’
 
15
China Association for Public Companies, see http://​www.​capco.​org.​cn/​content/​6.​shtml.
 
16
Under Art. 10 Chinese Securities Law (2005), the conditions set forth by laws or administrative regulations must be satisfied in the public issuance of securities, and such issuance must, pursuant to law, be submitted to the securities regulatory authority under the State Council or the departments authorized by the State Council for examination and approval. Without such examination and approval pursuant to law, no entities or individuals shall issue securities publicly. Any one of the following circumstances shall constitute a public issuance: (1) issuing securities to non-specific persons; (2) issuing securities to more than 200 specific persons in the aggregate; and (3) such other issuing activities as may be so prescribed by laws or administrative regulations. Where securities are issued in non-public manners, no advertising, public solicitation or any other covert ways in disguised form shall be employed.
 
17
China Association for Public Companies, see http://​www.​capco.​org.​cn/​content/​6.​shtml.
 
18
I am currently a member of the Committee of Appealing Review, Shenzhen Stock Exchange.
 
19
National Equity and Exchange Quotation, see http://​www.​neeq.​com.​cn/​index.
 
20
Communication from the Commission to the Council and the European Parliament: Modernizing Company Law and Enhancing Corporate Governance in the European Union—A Plan to Move Forward (2003), p. 18.
 
21
Communication from the Commission to the Council and the European Parliament: Modernizing Company Law and Enhancing Corporate Governance in the European Union—A Plan to Move Forward (2003), pp. 18–19.
 
22
Report of the Reflection Group on the Future of EU Company Law (5 April 2011), p. 59.
 
23
Liu (2015b), pp. 107–28.
 
24
For instance, Art. 19 Securities Companies Regulations (2008) declares, ‘Securities firms may establish independent directors’.
 
25
Para. 2 of this Article list some measures to achieve these ends, such as promoting the development of standards and procedures designed to safeguard the integrity of relevant private entities, including codes of conduct for the correct, honorable and proper performance of the activities of business and all relevant professions and the prevention of conflicts of interest, and for the promotion of the use of good commercial practices among businesses and in the contractual relations of businesses with the State; promoting transparency among private entities, including, where appropriate, measures regarding the identity of legal and natural persons involved in the establishment and management of corporate entities; Ensuring that private enterprises, taking into account their structure and size, have sufficient internal auditing controls to assist in preventing and detecting acts of corruption and that the accounts and required financial statements of such private enterprises are subject to appropriate auditing and certification procedures.
 
26
According to the research of a Beijing-based Internet consultancy Analysys International, with the number of individual users exceeding 650 million, WeChat is keen to expand its market to enterprise users. See Meng Jing (2016).
 
27
This Article says ‘Relevant authorities and social organizations may take litigation against the infringements of the public interest especially those involving environmental pollution or damaging mass consumers’ legal rights and interests.’ Art. 47 Chinese Consumer Protection Law further extends public interest litigation to consumer disputes, and authorises the Chinese Consumer Association and provincial level consumer organisations to act as the plaintiff.
 
28
For instance, Para. 1 of Art. 55 says, ‘Business operators engaged in fraudulent activities in supplying commodities or services shall, on the demand of the consumers, increase the compensations for victims’ losses; the increased amount of the compensations shall be three times the costs that the consumers paid for the commodities purchased or services received. The increased compensation shall not be less than 500 RMB in any event. The special legal rules will govern in case of conflict with other statutes.’
 
29
Xinhua (2016).
 
30
Liu (2015c).
 
Literatur
Liu J (2006) Institutional innovations of new corporate law: Legislative and judicial controversies (新公司法的制度创新:立法重点与解释难点). Law Press (法律出版社), Beijing, pp 64–68
Liu J (2015a) Modern Corporation (现代公司法), Press of Law (法律出版社), 3rd edn, pp 574–75
Liu J (2015b) Experience of internationalization of Chinese Corporate Law and Corporate Governance: how to make the hybrid of Civil Law and Common Law work. Eur Bus Law Rev 26(1):107–128
Liu J (2015c) Crafting an investor-friendly securities law to promote the modernization of the governance in the capital market. Legal Forum, no. 4, July
Metadaten
Titel
Globalisation of Corporate Governance Depends on Both Soft Law and Hard Law
verfasst von
Junhai Liu
Copyright-Jahr
2017
Buch
Corporate Governance Codes for the 21st Century

Print ISBN: 978-3-319-51867-1

Electronic ISBN: 978-3-319-51868-8

Copyright-Jahr: 2017

DOI
https://doi.org/10.1007/978-3-319-51868-8_13

Premium Partner

    Bildnachweise