استقلال مدیران شرکت‌های تجاری از اِنگاره تا واقعیت (مطالعه تطبیقی در نظام حقوقی ایالات متحده آمریکا، انگلستان و ایران)
نوع مقاله : پژوهشی اصیل
نویسندگان
1
دانشجوی دکتری دانشکده علوم انسانی، گروه حقوق، دانشگاه آزاد اسلامی، شعبه تهران شمال، تهران ، ایران
2
استادیار، حقوق تجارت بین‌الملل، دانشکده علوم انسانی، واحد تهران شمال، دانشگاه آزاد اسلامی، تهران، ایران
3
استادیار، حقوق خصوصی، دانشکده علوم انسانی، واحد تهران شمال، دانشگاه آزاد اسلامی، تهران، ایران
4
استادیار، حقوق خصوصی، دانشکده حقوق، واحد تهران مرکز، دانشگاه آزاد اسلامی، تهران، ایران
چکیده
منظور از استقلال مدیران، توانایی تفکر و تصمیم‌گیری آزادانه با در نظر گرفتن منافع شرکت و سهام‌داران و بدون تأثیر‌پذیری از عواملی است که باعث ایجاد تضاد منافع با حقوق شرکت می‌گردد. بی‌تردید استقلال مدیران به‌طور قابل‌توجهی توانسته است کارایی هیئت مدیره شرکت‌ها را افزایش دهد و در این میان فرض اولیه پیوسته آن بوده که مدیران شرکت‌های تجاری تنها بر اساس شایستگی‌های خود و بدون توجه به منافع شخصی یا وابستگی‌های عاطفی‌شان، به‌صورت مستقل تصمیم می‌گیرند. این مقاله با روش توصیفی – تحلیلی به دنبال آن است تا اثبات نماید که امروزه صحبت از اطلاق فرض استقلال مدیران که در مقام تصمیم‌گیری برای آن‌ها تصور شده به دلیل هنجارها، تغییرات و تعصب ساختاری و واقعیت‌های روان‌شناختی همچون تفکر گروهی حاکم در هیئت مدیره‌ها درست نیست و چه‌بسا مدیران به دلیل وجود تمایل به حفظ جایگاه، علایق مشترک و روابطشان با مدیران دیگر در عمل تمایلی به استناد به این حق خود نداشته باشند
کلیدواژه‌ها
موضوعات
A) Books
Cozian, Maurice & Florence Deboissy & Alain Viandier (2022). Droit des Sociétés, Paris, LexisNexis.
Davies, Paul& Sarah Worthington (2021). Gower: Principles of Modern Company Law, London, Sweet & Maxwell.
OECD (2011), Board Practices: Incentives and Governing Risks, Corporate Governance, OECD Publishing.
Zahiri, Mohammad Ali, Ansari, Masoud (2006). Encyclopaedia of Private Law, Tehran, Mehrab Fekr Publications, Vol. 1, (in Persian).
B) Articles
Arye Bebchuk Lucian & Assaf Hamdani (2002)."Vigorous Race or Leisurely Walk: Reconsidering Competition Over Corporate Charters", Yale Law Journal, Vol.112, pp533-615.
Bainbridge, Stephen M. (2002). "Why a Board? Group Decision-making in Corporate Governance", Vanderbilt Law Review, Vol. 55, pp.1-55.
Bhagat, Sanjai & Bernard Black (2002)." The Non-Correlation Between Board Independence and Long-Term Firm Performance", Journal of Corporation Law, Vol.27, pp 231-273.
Black, Lewis S. (2007). "Why Corporations Choose Delaware", Delaware Department of State Division of Corporations, pp1-14.
Cheffins, Brian R. (2000). "Putting Britain on the Roe Map: The Emergence of the Berle-Means Corporation in the United Kingdom", presented at Conference on Convergence and Diversity in Corporate Governance Regimes and Capital Markets, pp.1-53.
Clarke, Donald C. (2007). "Three Concepts of the Independent Director", Delaware Journal of Corporation Law, Vol 32, pp73-111.
Cox James D. & Harry L. Munsinger (1985)." Bias in the Boardroom: Psychological Foundations and Legal Implications of Corporate Cohesion", Duke University School of Law, Vol.48, pp 83-135.
Dalley, Paula J. (2006). "The Business Judgment Rule: What You Thought You Knew", Consumer Finance Law Quarterly Report, Vol 60, pp24-29.
Fairfax, Lisa M. (2011)."The Uneasy Case for the Inside Director", Iowa Law Review, Vol.96, pp127-193.
Faith Sharpe, Nicola (2011)." The Cosmetic Independence of Corporate Boards", Seattle University Law Review, Vol 34, pp1435-1456.
Hart, Paul't (1991). "Irving l. Janis, Victims of Groupthink", International Society of Political Psychology, Vol. 12, pp. 247-278.
Holland, Randy J. (2009). "Delaware Directors' Fiduciary Duties: The Focus on Loyalty", Pennsylvania Journal of Business Law, Vol.11, pp 675-701
Holland, Randy J. (2022). "Delaware Independent Directors ", Pennsylvania Journal of Business Law, Vol.24, pp 781-790.
Hooghiemstra, Reggy, & van Manen, Jaap. (2004). "The independence paradox: (im)possibilities facing non-executive directors in the Netherlands". Corporate Governance, Vol.12, pp. 314–324.
Hopt, Klaus J. (2013)." Conflict of Interest, Secrecy and Insider Information of Directors - A Comparative Analysis", European Company and Financial Law Review (ECFR), Vol. 10, pp. 167-193.
Hosseini, Seyyed Mohammad Reza (2018). "Requirements regarding the management and auditing of joint-stock companies within the framework of the principles of corporate governance (a comparative study of the laws of Iran, England and the United States)", Comparative Law Research, No. 22 (2), pp. 57-90. (in Persian).
O'Connor, Marleen Arleen (2003). "The Enron Board: The Perils of Groupthink", University of Cincinnati Law Review, Vol.71, pp 1233-1320.
Page, Antony (2008)." Unconscious Bias and The Limits of Director Independence", University of Illinois Law Review, Vol.2009, pp 237-294.
Pasban, Mohammad Reza, Farahani, Rasool (2022). "Basics and challenges of accepting independent directors in corporate governance", Legal Research Quarterly, No. 25, pp. 145-170. doi: 10.29252/jlr.2021.185176.1676. (in Persian).
Ribstein, Larry E. (2002). "Market vs. Regulatory Responses to Corporate Fraud: A Critique of the Sarbanes-Oxley Act of 2002", Journal Corporate Law, Vol.28, pp. 1-68.
Rodrigues, Usha (2008)." The Fetishization of Independence", The Journal of Corporation Law, Vol 33, pp. 447-496.
Ross Meyer, Linda (2000)."Forgiveness and Public Trust", Fordham International Law Journal, Vol 27, pp 1515- 1540.
Shahsavarani, Amir Mohammad& Azad Marz Abadi Esfandiar (2015)." The Bases, Principles, and Methods of Decision-Making: A Review of Literature", International Journal of Medical Reviews, Vol. 2, pp. 214-225.
Vakilifard, Hamidreza, Ghaderi, Foad (2011). "Investigation Institutional Investors Effect on Company Value Based on Managers Opportunities Behavior", Investment Knowledge, No. 1(2), pp. 81-96. (in Persian).
Velasco, Julian (2004). "Structural Bias and the Need for Substantive Review", Washington University Law Quarterly, Vol 82, pp821-917.
C)Cases
Aronson v. Lewis, 473 A.2d 805, (1984) Supreme Court of Delaware.
Beam ex rel. Martha Stewart Living Omni media, Inc. v. Stewart, 845 A.2d 1040, (2004) Supreme Court of Delaware.
Cinerama, Inc. v. Technicolor, Inc., 663 A.2d 1156 (1995) Supreme Court of Delaware.
Duomatic Ltd, Re,2 Ch. 365, (1969) Court of Chancery of England.
Franchi v. Firestone C.A. No. 2020-0503-KSJM (2021) Court of Chancery of Delaware.
In re BGC Partners, Inc. Derivative Litig. Civil Action. 2018-0722-LWW (2021) Court of Chancery of Delaware.
In re Kraft Heinz Co. Derivative Litig., 2021 WL 6012632, (2021) Court of Chancery of Delaware.
In re Oracle Corp. Derivative Litigation, 824 A.2d 917, 947 (2003) Delaware Court of Chancery.
John Cumming v. Wesley R. Edens, et al., C.A. No. 13007-VCS (2018) Court of Chancery of Delaware
Marchand v. Barnhill - 212 A.3d 805 (2019) Supreme Court of Delaware.
McMullin v. Beran, 765 A.2d 910, (2000) Supreme Court of Delaware.
Sandys v. Pincus - 152 A.3d 124 (2016) Supreme Court of Delaware.
United Food & Commercial Workers :union: & Participating Food Indus. Employers Tri-State Pension Fund v. Zuckerberg, 262 A.3d 1034, (2021) Supreme Court of Delaware.
Voigt v. Metcalf, et al., No. CV 2018-0828-JTL, 2020 WL 614999 (2020) Court of Chancery of Delaware.
D) Acts
Companies Act 2006 (UNITED KINGDOM).
Delaware General Corporation Law (Retrieved 21 December 2018) (USA).
NASDAQ, Inc., Manual: Marketplace Rules. (2023) (USA).
Sarbanes-Oxley Act. (2002) (USA).
The American Law Institute (ALI) (2013) (USA).
The New York Stock Exchange Listed Company Manual. (2016) (USA)
UK Corporate Governance Act (2018) (UNITED KINGDOM).
Model Business Corporation Act (2023) (USA).
E) Websites
http://nysemanual.nyse.com
http://wallstreet.cch.com
http://www.nyse.com
https://law.upenn.libguides.com
https://publications.parliament.uk
https://tactics.convertize.com
https://fortune.com
https://www.americanbar.org
http://nazarat.shora-rc.ir
https://www.lawinsider.com/dictionary
https://www.britannica.com
https://gov-conf.imi.ir
Cozian, Maurice & Florence Deboissy & Alain Viandier (2022). Droit des Sociétés, Paris, LexisNexis.
Davies, Paul& Sarah Worthington (2021). Gower: Principles of Modern Company Law, London, Sweet & Maxwell.
OECD (2011), Board Practices: Incentives and Governing Risks, Corporate Governance, OECD Publishing.
Zahiri, Mohammad Ali, Ansari, Masoud (2006). Encyclopaedia of Private Law, Tehran, Mehrab Fekr Publications, Vol. 1, (in Persian).
B) Articles
Arye Bebchuk Lucian & Assaf Hamdani (2002)."Vigorous Race or Leisurely Walk: Reconsidering Competition Over Corporate Charters", Yale Law Journal, Vol.112, pp533-615.
Bainbridge, Stephen M. (2002). "Why a Board? Group Decision-making in Corporate Governance", Vanderbilt Law Review, Vol. 55, pp.1-55.
Bhagat, Sanjai & Bernard Black (2002)." The Non-Correlation Between Board Independence and Long-Term Firm Performance", Journal of Corporation Law, Vol.27, pp 231-273.
Black, Lewis S. (2007). "Why Corporations Choose Delaware", Delaware Department of State Division of Corporations, pp1-14.
Cheffins, Brian R. (2000). "Putting Britain on the Roe Map: The Emergence of the Berle-Means Corporation in the United Kingdom", presented at Conference on Convergence and Diversity in Corporate Governance Regimes and Capital Markets, pp.1-53.
Clarke, Donald C. (2007). "Three Concepts of the Independent Director", Delaware Journal of Corporation Law, Vol 32, pp73-111.
Cox James D. & Harry L. Munsinger (1985)." Bias in the Boardroom: Psychological Foundations and Legal Implications of Corporate Cohesion", Duke University School of Law, Vol.48, pp 83-135.
Dalley, Paula J. (2006). "The Business Judgment Rule: What You Thought You Knew", Consumer Finance Law Quarterly Report, Vol 60, pp24-29.
Fairfax, Lisa M. (2011)."The Uneasy Case for the Inside Director", Iowa Law Review, Vol.96, pp127-193.
Faith Sharpe, Nicola (2011)." The Cosmetic Independence of Corporate Boards", Seattle University Law Review, Vol 34, pp1435-1456.
Hart, Paul't (1991). "Irving l. Janis, Victims of Groupthink", International Society of Political Psychology, Vol. 12, pp. 247-278.
Holland, Randy J. (2009). "Delaware Directors' Fiduciary Duties: The Focus on Loyalty", Pennsylvania Journal of Business Law, Vol.11, pp 675-701
Holland, Randy J. (2022). "Delaware Independent Directors ", Pennsylvania Journal of Business Law, Vol.24, pp 781-790.
Hooghiemstra, Reggy, & van Manen, Jaap. (2004). "The independence paradox: (im)possibilities facing non-executive directors in the Netherlands". Corporate Governance, Vol.12, pp. 314–324.
Hopt, Klaus J. (2013)." Conflict of Interest, Secrecy and Insider Information of Directors - A Comparative Analysis", European Company and Financial Law Review (ECFR), Vol. 10, pp. 167-193.
Hosseini, Seyyed Mohammad Reza (2018). "Requirements regarding the management and auditing of joint-stock companies within the framework of the principles of corporate governance (a comparative study of the laws of Iran, England and the United States)", Comparative Law Research, No. 22 (2), pp. 57-90. (in Persian).
O'Connor, Marleen Arleen (2003). "The Enron Board: The Perils of Groupthink", University of Cincinnati Law Review, Vol.71, pp 1233-1320.
Page, Antony (2008)." Unconscious Bias and The Limits of Director Independence", University of Illinois Law Review, Vol.2009, pp 237-294.
Pasban, Mohammad Reza, Farahani, Rasool (2022). "Basics and challenges of accepting independent directors in corporate governance", Legal Research Quarterly, No. 25, pp. 145-170. doi: 10.29252/jlr.2021.185176.1676. (in Persian).
Ribstein, Larry E. (2002). "Market vs. Regulatory Responses to Corporate Fraud: A Critique of the Sarbanes-Oxley Act of 2002", Journal Corporate Law, Vol.28, pp. 1-68.
Rodrigues, Usha (2008)." The Fetishization of Independence", The Journal of Corporation Law, Vol 33, pp. 447-496.
Ross Meyer, Linda (2000)."Forgiveness and Public Trust", Fordham International Law Journal, Vol 27, pp 1515- 1540.
Shahsavarani, Amir Mohammad& Azad Marz Abadi Esfandiar (2015)." The Bases, Principles, and Methods of Decision-Making: A Review of Literature", International Journal of Medical Reviews, Vol. 2, pp. 214-225.
Vakilifard, Hamidreza, Ghaderi, Foad (2011). "Investigation Institutional Investors Effect on Company Value Based on Managers Opportunities Behavior", Investment Knowledge, No. 1(2), pp. 81-96. (in Persian).
Velasco, Julian (2004). "Structural Bias and the Need for Substantive Review", Washington University Law Quarterly, Vol 82, pp821-917.
C)Cases
Aronson v. Lewis, 473 A.2d 805, (1984) Supreme Court of Delaware.
Beam ex rel. Martha Stewart Living Omni media, Inc. v. Stewart, 845 A.2d 1040, (2004) Supreme Court of Delaware.
Cinerama, Inc. v. Technicolor, Inc., 663 A.2d 1156 (1995) Supreme Court of Delaware.
Duomatic Ltd, Re,2 Ch. 365, (1969) Court of Chancery of England.
Franchi v. Firestone C.A. No. 2020-0503-KSJM (2021) Court of Chancery of Delaware.
In re BGC Partners, Inc. Derivative Litig. Civil Action. 2018-0722-LWW (2021) Court of Chancery of Delaware.
In re Kraft Heinz Co. Derivative Litig., 2021 WL 6012632, (2021) Court of Chancery of Delaware.
In re Oracle Corp. Derivative Litigation, 824 A.2d 917, 947 (2003) Delaware Court of Chancery.
John Cumming v. Wesley R. Edens, et al., C.A. No. 13007-VCS (2018) Court of Chancery of Delaware
Marchand v. Barnhill - 212 A.3d 805 (2019) Supreme Court of Delaware.
McMullin v. Beran, 765 A.2d 910, (2000) Supreme Court of Delaware.
Sandys v. Pincus - 152 A.3d 124 (2016) Supreme Court of Delaware.
United Food & Commercial Workers :union: & Participating Food Indus. Employers Tri-State Pension Fund v. Zuckerberg, 262 A.3d 1034, (2021) Supreme Court of Delaware.
Voigt v. Metcalf, et al., No. CV 2018-0828-JTL, 2020 WL 614999 (2020) Court of Chancery of Delaware.
D) Acts
Companies Act 2006 (UNITED KINGDOM).
Delaware General Corporation Law (Retrieved 21 December 2018) (USA).
NASDAQ, Inc., Manual: Marketplace Rules. (2023) (USA).
Sarbanes-Oxley Act. (2002) (USA).
The American Law Institute (ALI) (2013) (USA).
The New York Stock Exchange Listed Company Manual. (2016) (USA)
UK Corporate Governance Act (2018) (UNITED KINGDOM).
Model Business Corporation Act (2023) (USA).
E) Websites
http://nysemanual.nyse.com
http://wallstreet.cch.com
http://www.nyse.com
https://law.upenn.libguides.com
https://publications.parliament.uk
https://tactics.convertize.com
https://fortune.com
https://www.americanbar.org
http://nazarat.shora-rc.ir
https://www.lawinsider.com/dictionary
https://www.britannica.com
https://gov-conf.imi.ir
