Shareholders and Stakeholders: The Unrealised Promise of Company Law Reform in Post-War Britain

Author: Joanne F. Sonin
Publisher: Hart Publishing
ISBN: 9781509966844

Published In: March 2025
Format: Paperback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only
Hardback Edition ISBN: 9781509966806

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Description
Contents

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This book explores the evolution of the shareholder in post-war Britain within the context of changing legal, political, economic, and social conditions. It examines how the post-war transformation of the shareholder body influenced relationships amongst stakeholders, impacting corporate behaviour and the legal and political efforts to govern industry and financial markets.

The book addresses a number of themes, including: 1) how the movements for democratisation influenced the treatment of shareholder interests and calls for stakeholder representation; 2) how the rhetoric of change created a narrative that deflected from the lack of systemic legal reforms and protected the status quo; 3) how, in the post-war consensus environment, political positions on equity ownership de-radicalised, which proved unsustainable with increasing polarisation and industrial unrest; and 4) how the institutionalisation of the post-war shareholder body had profound effects on industry, the financial markets, and the economy.

With these themes as a foundation, the evolutionary arc of the post-war shareholder is examined, focusing on developments that influenced the treatment and perception of shareholder and stakeholder interests, including nationalisations, shareholder democracy, corporate purpose, and industrial democracy.

The book further considers how these post-war changes contribute to the post-1979 legal treatment of shareholder and stakeholder interests, including subsequent changes to the Companies Act and the development of corporate governance codes. Parallels to the contemporary trends of stakeholder capitalism, corporate purpose, and ESG are drawn.

The historical analysis of the post-war shareholder provides a framework for considering current questions on shareholder primacy and the demands for systemic legal reforms. These missed opportunities for meaningful changes to the treatment of shareholder interests in UK company law serve as useful precedents for evaluating subsequent periods.

1. Introduction

2. Nationalisations and the Post-war Shareholder

3. The Post-war Shareholder Body and Shareholder Democracy

4. Corporate Purpose and the Shareholder

5. Industrial Democracy and the Worker Shareholder

6. Industrial Democracy and the Worker Director

7. The Bullock Committee: A Paper-Tiger Attack on the System

8. Post-1979: Shareholders, Governance, and the Companies Act

9. Contemporary Corollaries and Conclusion