Shareholders and Stakeholders: The Unrealised Promise of Company Law Reform in Post-War Britain

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Joanne F Sonin (London School of Economics and Political Science, UK) Marc Moore (University College London UK)

Shareholders and Stakeholders

The Unrealised Promise of Company Law Reform in Post-War Britain

Joanne F Sonin (London School of Economics and Political Science, UK), Marc Moore (University College London UK), Christopher Bruner

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English

Hart Publishing
20 March 2025

Legal history; Company law

Series: Contemporary Studies in Corporate Law

This book explores the evolution of the shareholder in post-war Britain within the context of changing legal, political, economic, and social conditions. It examines how the post-war transformation of the shareholder body influenced relationships amongst stakeholders, impacting corporate behaviour and the legal and political efforts to govern industry and financial markets.

The book addresses a number of themes, including: 1) how the movements for democratisation influenced the treatment of shareholder interests and the calls for stakeholder representation; 2) how the rhetoric of change created a narrative that deflected from the lack of systemic legal reforms and protected the status quo; 3) how, in the post-war consensus environment, political positions on equity ownership de-radicalised, which proved unsustainable against a background of increasing political polarisation and industrial unrest; and 4) how the institutionalisation of the post-war shareholder body had profound effects on industry, the financial markets, and the economy.

With these themes as a foundation, the evolutionary arch of the post-war shareholder is examined, focusing on developments that influenced the treatment and perception of shareholder and stakeholder interests, including nationalisations, shareholder democracy, corporate purpose, and industrial democracy.

The book further considers how these post-war changes contribute to the post-1979 legal treatment of shareholder and stakeholder interests, including subsequent changes to the Companies Act and the development of corporate governance codes. Parallels to contemporary movements for stakeholder capitalism, corporate purpose, and ESG are drawn.

The historical analysis of the post-war shareholder provides a framework for considering current questions on shareholder primacy and the demands for systemic legal reforms. These missed opportunities for meaningful changes to the treatment of shareholder interests in UK company law serve as useful precedents for evaluating subsequent periods.

By: Joanne F Sonin (London School of Economics and Political Science UK)
Edited by: Marc Moore (University College London UK), Christopher Bruner
Imprint: Hart Publishing
Country of Publication: United Kingdom
Dimensions: Height: 229mm, Width: 150mm, Spine: 18mm
Weight: 520g
ISBN: 9781509966844
ISBN 10: 1509966846
Series: Contemporary Studies in Corporate Law
Pages: 328
Publication Date: 20 March 2025
Audience: Professional and scholarly , College/higher education , Undergraduate , Primary
Format: Paperback
Publisher's Status: Active

Joanne F Sonin is a finance professional with a PhD from London School of Economics and Political Science, UK.

Reviews for Shareholders and Stakeholders: The Unrealised Promise of Company Law Reform in Post-War Britain

This book is very clearly written, painstakingly argued, and very thoroughly researched. The structure of the book is commendable. It is recommended to anyone who is interested in company law and corporate governance. The book is a significant achievement and Dr Sonin is to be commended for it. * The Edinburgh Law Review *