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The interplay between corporate governance and company law
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In modern economic conditions, joint-stock companies are one of the most popular forms of business activity. Corporate relations is a system of relations developing between the participants of the association (shareholders) and the management apparatus (management) separated from the shareholders, as well as between the management and other interested parties of such an association (employees, partners, government bodies, etc.) and being the result of a compromise of interests associations, its members and management.
In other words - each has its own specific interest, which induces to perform certain actions.
Corporate governance is management within the company including the entire unit, from the secretary to the shareholders. This rather broad concept of coordination covers not only those involved in corporate relations but also their rights and obligations and the role of everyone in the management system.
The basic issue underlying the corporate governance debate is the fundamental choice between two competing conceptions of the company (or theories of the firm):
On the one hand, there is the shareholder model, according to which the company is a private association of shareholders who come together and found a company with the intention of increasing their wealth. In this model, the clear primary responsibility of managers hired to run the company is to the shareholders, and their main task is to increase the value of the company.
This may be contrasted with the stakeholder model, according to which the company is a community in which shareholders are only one of a number of stakeholders. Stakeholders are groups that are closely linked to the company. One important stakeholder group, especially from the trade union perspective, is the employees. As for corporate law, it is a right that helps in resolving any issues and regulates corporate relations.
Since the concept of corporate law and corporate governance are quite extensive. It is necessary to make a more detailed study of each and understand how they are interrelated.
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European corporate governance Company law Corporate governance code International law