THE DUTY OF LOYALTY AND THE CORPORATE OPPORTUNITY DOCTRINE

Postgraduate Thesis uoadl:2707528 326 Read counter

Unit:
Κατεύθυνση Εταιρείες και Χρηματοδότηση
Library of the School of Law
Deposit date:
2018-03-18
Year:
2018
Author:
Charalampopoulos Ioannis
Supervisors info:
Σωτηρόπουλος Γεώργιος, Καθηγητής Νομικής Σχολής Εθνικού και Καποδιστριακού Πανεπιστημίου Αθηνών
Μαστρομανώλης Εμμανουήλ, Επίκουρος Καθηγητής Νομικής Σχολής Εθνικού και Καποδιστριακού Πανεπιστημίου Αθηνών
Βερβεσός Νικόλαος, Επίκουρος Καθηγητής Νομικής Σχολής Εθνικού και Καποδιστριακού Πανεπιστημίου Αθηνών
Original Title:
ΤΟ ΚΑΘΗΚΟΝ ΠΙΣΤΗΣ ΚΑΙ Η ΑΠΑΓΟΡΕΥΣΗ ΕΚΜΕΤΑΛΛΕΥΣΗΣ ΕΠΙΧΕΙΡΗΜΑΤΙΚΩΝ ΕΥΚΑΙΡΙΩΝ ΤΗΣ ΕΤΑΙΡΕΙΑΣ
Languages:
Greek
Translated title:
THE DUTY OF LOYALTY AND THE CORPORATE OPPORTUNITY DOCTRINE
Summary:
The subject of this thesis is the prohibition of the exploitation of corporate opportunities. The concept of corporate opportunities includes actions which, although not directly falling under the business activity of the company, may be crucial to fulfilling or expanding it or even more to avoid business failure. The Corporate Opportunity Doctrine has not been covered by Greek case law and there is limited theoretical analysis which, influenced by an older German theory, has approached it within the limits of the prohibition of competition under the Article 23 of the codified law 2190/1920. The approach of Anglo-Saxon law is different and for this reason this thesis makes use of the methodological tool of comparative analysis for the purpose of the dogmatic foundation of the prohibition under Greek law. In the United States of America, corporate opportunities are treated as assets of the company and their exploitation constitutes a case of prohibited expropriation of corporate property. In the United Kingdom, the prohibition is examined within the context of the corporate administrators' conflicts of interests and fiduciary duties.
The proper legal basis for the prohibition of the exploitation of corporate opportunities should be sought outside the concept of the prohibition of competition. The exploitation of a corporate opportunity can be considered as a prohibited competitive action only in the broad sense of the term; thus the corporate opportunity doctrine is based on the very duty of loyalty of the company's directors itself, which functions as a regulatory mechanism for the preventive management of situations where a company director attempts to take advantage of his position to obtain personal benefit. Following the last significant modification of the codified law 2190/1920, the article 22a§3a could be considered as the statutory provision of the prohibition of the exploitation of corporate opportunities under Greek Law. However, it must be mentioned that the modern approach towards the Corporate Opportunity Doctrine, predominantly in the USA, casts doubt on the prohibition over a complex cost-benefit analysis.
Main subject category:
Law and Legislation
Other subject categories:
Commercial Law
Keywords:
duty of loyalty, corporate opportunity, board of directors,
Index:
Yes
Number of index pages:
4
Contains images:
No
Number of references:
80
Number of pages:
146

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