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A more efficient derivative action system in China: challenges and opportunities through corporate governance theory
journal contribution
posted on 2023-06-08, 14:18 authored by Jingchen ZhaoThe derivative action is an exception to the rule in Foss v Harbottle thatwas introduced with high expectations during a Chinese company law (CCL hereinafter) reform that came into effect in 2006. It is vital to combat the abuse of derivative action in China, a country with an emerging corporate governance model, a weak legal system and inefficient enforcement measures. This article examines several deficiencies in derivative actions, with the purpose of arguing for a more effective and positive derivative action rule for the benefit of shareholders and their companies, and also for the development of CCL and the reconstruction of the Chinese corporate governance system. Corporate governance theories will be discussed as theoretical supports for a more efficient and enforceable derivative action system in China.
History
Publication status
- Published
File Version
- Published version
Journal
Northern Ireland Legal QuarterlyISSN
0029-3105Publisher
Northern Ireland Legal QuarterlyIssue
2Volume
64Page range
233-253Department affiliated with
- Law Publications
Full text available
- No
Peer reviewed?
- Yes
Legacy Posted Date
2013-02-05First Open Access (FOA) Date
2013-07-08First Compliant Deposit (FCD) Date
2013-07-08Usage metrics
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