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Durham Research Online
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Myth of shareholder primacy in English law.

Mukwiri, Jonathan (2013) 'Myth of shareholder primacy in English law.', European business law review., 24 (2). pp. 217-241.

Abstract

This article assesses the validity of the shareholder primacy norm, with particular focus on the pre and post Companies Act 2006 implications of shareholder primacy in English company law. Prior to the Companies Act 2006, much was written about shareholder primacy, which assumed it to be the basis of corporate governance in English law. In testing the validity of that assumption, this article examines the historical application of partnership principles to corporate governance, the case law often called in aid of the shareholder primacy norm, and finds that shareholder primacy remains at odds with the tenet of corporate legal personality in English law. It concludes that the assumption that shareholder primacy was the basis of corporate governance in English law is a myth.

Item Type:Article
Full text:(AM) Accepted Manuscript
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Status:Peer-reviewed
Publisher Web site:http://www.kluwerlawonline.com/document.php?id=EULR2013011
Publisher statement:Reprinted from European business law review, 24, 2, 2013, 217-241, with permission of Kluwer Law International.
Date accepted:No date available
Date deposited:19 April 2013
Date of first online publication:2013
Date first made open access:No date available

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