Corporate Law and Financial Instability

Andreas Kokkinis (University of Warwick, UK)

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English

Routledge
13 November 2017

Financial crises & disasters; Financial services industry; Company law

Series: Routledge Research in Corporate Law

Virtually all large banks and other financial institutions in the UK and internationally are public limited liability companies whose shares are listed on one or several stock exchanges. As such, their corporate governance and, in particular, the incentives faced by their directors and senior managers are to a significant extent determined by corporate and securities law rules such as directors’ duties, directors’ liability in insolvency, takeover regulation, disclosure obligations, shareholder rights and rules on executive remuneration. At the same time, systemically important financial institutions in the UK are licensed, regulated and supervised by the Prudential Regulation Authority (PRA).

This book explores the relationship between, on the one hand, the broader corporate law, corporate governance and securities law framework and, on the other, the prudential regulatory framework. Although the book’s main focus is on UK law, much of the policy argumentation is relevant globally and therefore appropriate international comparisons are drawn, and analysis of EU law and regulation is included. The book argues that the corporate law regime, which focuses on shareholder empowerment and profit maximisation, operates as an antithesis to prudential regulatory objectives thus undermining the safety and soundness of banks and other financial institutions by encouraging risky behaviour that may be in the best interests of their shareholders, but is clearly not in the public interest.

By: Andreas Kokkinis (University of Warwick UK)
Imprint: Routledge
Country of Publication: United Kingdom
Dimensions: Height: 234mm, Width: 156mm,
Weight: 453g
ISBN: 9781138289130
ISBN 10: 1138289132
Series: Routledge Research in Corporate Law
Pages: 244
Publication Date: 13 November 2017
Audience: College/higher education , Primary , A / AS level
Format: Hardback
Publisher's Status: Active

Andreas Kokkinis is Assistant Professor at the School of Law of the University of Warwick, UK.

Reviews for Corporate Law and Financial Instability

Dr Kokkinis' book reminds us of the importance to critically question the shareholder primacy model in corporate governance especially when certain public interests are at stake in how important corporations are governed. It is very much aligned with UK financial regulators' view that senior managers should be made more responsible for public interest objectives, charting a unique path away from religious adherence to shareholder primacy. - Dr. Iris H Chiu, Professor of Corporate Law and Financial Regulation at UCL For too long, corporate and banking law have remained mutually distinct subject areas. This was illustrated by the markedly differing academic and policy discourses in these fields following the financial crisis. In this ground-breaking and thought-provoking work, an author who is equally well-versed in both specialisms provides a lucid, compelling and conceptually sophisticated exposition of why prudential bank regulation is incapable of resolving financial stability concerns in the absence of supportive corporate law reforms. Kokkinis' polemic is at once both radical and common-sense. Above all, it calls on academics and policymakers to recognise the potential of corporate law to act as a powerful public policy mechanism in the financial domain. -Dr. Marc Moore, Reader in Law at Cambridge University