This book is the first comprehensive study of the statutory derivative action in Australia, using the Australian model as a reference point and comparing it with the United Kingdom, Canada, Singapore, New Zealand, Hong Kong and USA counterparts. The book includes an empirical study covering over a 20-year period from the date the statutory framework came into operation, coupled with extensive case law analysis and comparisons with other jurisdictions. It informs the world about the uniqueness of Australia’s statutory derivative action, and what other countries can learn from it as shareholder protection and promotion of good corporate governance. While some countries have statutory derivative action, there are still countries that do not have the statutory framework that are considering introducing it into their corporate law. This book is also useful for countries that already have their local variants of the statutory derivative action that are considering revising their existing provisions. This book provides insights and suggestions for lawmakers, judges, litigation practitioners and corporate law and litigation researchers worldwide in reforming their existing model.
By:
Lang Thai
Imprint: Routledge
Country of Publication: United Kingdom
Dimensions:
Height: 234mm,
Width: 156mm,
Weight: 620g
ISBN: 9781032553115
ISBN 10: 1032553111
Series: Routledge Research in Corporate Law
Pages: 314
Publication Date: 22 September 2023
Audience:
College/higher education
,
Primary
Format: Hardback
Publisher's Status: Active
1. Introduction 2. The Need for Statutory Derivative Action and Its Current Problems 3. An Empirical Study of The Statutory Derivative Action in Australia 4. Rethinking The ""Good Faith"" Requirement in Statutory Derivative Action 5. The ""Best Interests of The Company"" Requirement in Statutory Derivative Action – Is There a Need for Amendment? 6. Uncertainty in the Recovery of Costs 7. Inspection Of Company Books and Other Factors Affecting the Use of SDA 8. Summary and Conclusion. Bibliography. Appendix A: Corporations Act 2001 (C’th) (Australia), ss.236 – 236 Appendix B: Companies Act 1993 (New Zealand), ss.165-168 Appendix C: Companies Act 1993 (Chapter 50, 2006 Edition) (Singapore), ss.216A – 216B Appendix D: Business Corporations Act RSC 1985 Chapter C-44 (Canada), ss.238 – 240 Appendix E: Business Corporations Act SBC 2002, Ch 57 (British Columbia), ss.232–233 Appendix F: Companies Act 2006 (United Kingdom), ss.260 – 264
Dr Lang Thai is an established corporate law academic with over 20 years of university research and teaching experience in Australia and the UK. She has published widely in corporate law, including shareholders remedies, derivative actions, class actions and other forms of corporate litigation. She published her first comparative article on statutory derivative action in 2002 in a well-respected journal and has since been following the developments in this area of law.
Reviews for Corporate Governance and Statutory Derivative Actions: Comparative Approach to Shareholder Litigation
Lang Thai has written an essential book on shareholder derivative suits. While the study focuses on the statutory derivative action in Australia, the findings also apply to other common law jurisdictions and provide lessons for other countries. The author presents empirical evidence that the requirements for plaintiffs to show that they are acting in good faith and that the suit is in the best interest of the company are significant hurdles for the enforcement of corporate law and proposes reform. Policymakers around the world would be well advised to pay attention to this book. Martin Gelter, Fordham University
