The Current Challenges for EU Company and Financial Law and Regulation

Business and Financial Law SIG of the European Law Institute (ELI), Green Paper. Vienna: 17 November 2017

21 Pages Posted: 18 Dec 2017 Last revised: 2 Jan 2018

See all articles by Alexia Autenne

Alexia Autenne

Catholic University of Louvain (UCL)

Yuri Biondi

French National Center for Scientific Research (CNRS)

Georges A. J. Cavalier

University of Lyon 3

Andra Cotiga

Catholic University of Lille

Peter Doralt

Vienna University of Economics and Business

Colin Haslam

Queen Mary University of London

Hana Horak

University of Zagreb

Corrado Malberti

University of Trento - Faculty of Law

Denis Philippe

Catholic University of Louvain (UCL)

Konstantinos Sergakis

University of Glasgow

Jessica Schmidt

University of Bayreuth

Date Written: November 17, 2017

Abstract

European company and financial law and regulation have been evolving over time along with business and financial practices. The resulting ‘social licence’ established by company and financial law and regulation aimed to balance the granted privileges of limited liability and share transferability with the corporate social contribution to economic development and employment. Recent transformations driven by shareholder value and financialisation have been challenging this balance of interests between stakeholders (including employees and shareholders) and society. The EU institutional framework may respond to these challenges by reaffirming the centrality of the enterprise as a going concern. On this basis, corporate accountability and responsibility may be enforced to make ongoing corporate affairs accountable and responsible for their contribution to economy and society. Ongoing corporate capacity to cope with social and environmental responsibilities may be assured along with the fair and sustainable remuneration of stakeholders, including shareholding investors, and a fair tax contribution. The EU institutional design and policy mix may be organised to respond to this comprehensive set of corporate dimensions. Here the most relevant fields to be reconsidered include: enterprise groups and corporate social responsibility; financial reporting and transparency; financial investment and asset management.

Keywords: Company Law, Financial Law, European Law, Corporate Governance, Corporate Social Responsibility, Financial Reporting, Transparency, Corporate Groups, Enterprise Groups, Financial Investment, Institutional Investors, Social Control of Business, Limited Liability, Accountability, Shareholder Value

JEL Classification: K10, K20, K22, G34, G38, H25, M41, M48, G23, G28, L20, N40

Suggested Citation

Autenne, Alexia and Biondi, Yuri and Cavalier, Georges A. J. and Cotiga, Andra and Doralt, Peter and Haslam, Colin and Horak, Hana and Malberti, Corrado and Philippe, Denis and Sergakis, Konstantinos and Schmidt, Jessica, The Current Challenges for EU Company and Financial Law and Regulation (November 17, 2017). Business and Financial Law SIG of the European Law Institute (ELI), Green Paper. Vienna: 17 November 2017. Available at SSRN: https://ssrn.com/abstract=3089782 or http://dx.doi.org/10.2139/ssrn.3089782

Alexia Autenne

Catholic University of Louvain (UCL) ( email )

Place Montesquieu, 3
Louvain-la-Neuve, 1348
Belgium

Yuri Biondi (Contact Author)

French National Center for Scientific Research (CNRS) ( email )

IRISSO - University Paris Dauphine PSL
Place Marechal Lattre Tassigny
75016 Paris
France

HOME PAGE: http://yuri.biondi.free.fr/

Georges A. J. Cavalier

University of Lyon 3 ( email )

1 rue de Université
B.P. 0638
Lyon, 69007
France

HOME PAGE: http://www.edocdroit-lyon3.com/annuaires_pop_prof.php?id=5008

Andra Cotiga

Catholic University of Lille ( email )

60 Boulevard Vauban
Lille, 59800
France

Peter Doralt

Vienna University of Economics and Business ( email )

Welthandelsplatz 1
Vienna, Wien 1020
Austria

Colin Haslam

Queen Mary University of London ( email )

Mile End Rd
Mile End Road
London, London E1 4NS
United Kingdom

Hana Horak

University of Zagreb ( email )

Trg maršala Tita 14
Zagreb
Croatia

Corrado Malberti

University of Trento - Faculty of Law ( email )

Italy

Denis Philippe

Catholic University of Louvain (UCL) ( email )

Place Montesquieu, 3
Louvain-la-Neuve, 1348
Belgium

Konstantinos Sergakis

University of Glasgow ( email )

Stair Building
5 - 8 The Square
Glasgow, Scotland G12 8QQ
United Kingdom

Jessica Schmidt

University of Bayreuth ( email )

Universitatsstr 30
Bayreuth, D-95447
Germany

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