New Governance in European Corporate Law Regulation as Transnational Legal Pluralism

31 Pages Posted: 27 Apr 2009

See all articles by Peer C. Zumbansen

Peer C. Zumbansen

King’s College London, Dickson Poon Transnational Law Institute

Abstract

The present transformation of European corporate governance regulation mirrors the challenges that have been facing the EU's continuously evolving polity, marked by tensions between centralised integration programmes, on the one hand, and Member State's embedded capitalisms, path-dependencies and rent-seeking, on the other. As longstanding concerns with remaining obstacles to more mobility for workers, services, business entities and capital in recent years are aligned with post-Lisbon commitments to creating the world's leading competitive market, European corporate governance regulation (ECGR) has become exposed to and implicated in a set of highly dynamic regulatory experiments. In this context, New Governance offers itself as both a tentative label and immodest proposal for a more responsive and innovative approach to European law making. The following article assesses the recently emerging regulatory forms in ECGR as illustrations of far-reaching transformations in market governance. The arguable parallels between the EU's regulatory transformation in response to growing legitimacy concerns and the recurring question about whose interests a business corporation is intended to serve, provide the framework for an exploration of current regulatory trajectories in European corporate law that can most adequately be understood as a telling example of transnational legal pluralism.

Suggested Citation

Zumbansen, Peer C., New Governance in European Corporate Law Regulation as Transnational Legal Pluralism. European Law Journal, Vol. 15, Issue 2, pp. 246-276, March 2009. Available at SSRN: https://ssrn.com/abstract=1376578 or http://dx.doi.org/10.1111/j.1468-0386.2008.00460.x

Peer C. Zumbansen (Contact Author)

King’s College London, Dickson Poon Transnational Law Institute ( email )

Somerset House East Wing
Strand
London, WC2R 2LS
United Kingdom

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