Minority Shareholders' Remedies

By Elizabeth J. Boros | Go to book overview

II
Overview and Conclusions
1. Listed Companies319
2. Quasi-Partnership Companies320
(1) Over-protection of the minority321
(2) Inappropriateness of corporate norms322
(a) A special code325
(b) Other approaches326
3. Other Companies328
4. Comparison between Jurisdictions328

This book began by dividing companies into three broad categories, and identifying the most commonly expressed complaints of minority shareholders in each category of company. It is therefore appropriate to end by examining the extent to which solutions can be found to those complaints.


1. LISTED COMPANIES

As regards listed companies, institutional shareholders can be distinguished from other categories of minority shareholder because although no single institution may have a controlling shareholding in a company, collectively institutions will usually own a substantial majority of its shares. This creates opportunities for self-help in the form of collective institutional pressure.

The influence of the institutions has the potential to combat all of the identified complaints, either by direct action or by the introduction of structural changes. To the extent that these measures are successful, they generally benefit all shareholders, except that the institutions' very success in establishing better lines of communication with the companies in which they invest has arguably weakened the channels of information which are available to all shareholders. The area in which institutional activism has probably had least success is in preventing self-interested conduct by the directors, particularly in respect of remuneration. This is at least partly

-319-

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Minority Shareholders' Remedies
Table of contents

Table of contents

  • Title Page iii
  • Preface v
  • Acknowledgments vi
  • Contents vii
  • Abbreviations viii
  • Table of Cases xi
  • Table of Statutes xxxvii
  • Regulations and Statutory Instruments *
  • Part I - The Problem 1
  • I - Introduction 3
  • 2 - Common Complaints of Minority Shareholders 5
  • Part II - Prevention 11
  • 3 - Self-Help in Listed Companies 13
  • Contents 13
  • 4 - Self-Help in Quasi-Partnership and Joint Venture Companies 63
  • Contents 63
  • 5 - Self-Help in Other Companies 107
  • Part III - Remedy 109
  • 6 - The Oppression/Unfair Prejudice Remedy 111
  • 7 - Winding Up 166
  • Contents 166
  • 8 - Common Law Relief 183
  • Contents 183
  • 9 - Application of Litigious Remedies to Identified Complaints 218
  • Contents 218
  • 10 - Compulsory Acquisition 260
  • Contents 260
  • Part IV - Conclusions 317
  • II - Overview and Conclusions 319
  • Contents 319
  • Index 331
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