Accountability of Corporate Management: Analysing the Fiduciary Duty in Corporate Law
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Scholars have called for the federal government to enact legislation to restore directors' duties as owed to the corporation, considering only the interests of shareholders. This is known as the shareholder primacy model. This thesis counters such criticism and argues for the emergence of an interdisciplinary model, in which shareholder primacy is relegated in favour of team production theory. This thesis dispels the theory that the business judgment rule can protect directors who do not consider the interests of multiple stakeholders, which has been argued to be a shield to protect shareholder primacy in Canada. Shareholder primacy is no longer a feasible corporate governance model in the 21st century. The interest of the corporation must include not only shareholder wealth maximization, but also other interests involving the corporation’s expanded liabilities under human rights laws, environmental laws, labour standards laws, and insolvency laws, thus benefiting multiple stakeholders of the corporation.
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Copyright © 2016 the author(s). Theses may be used for non-commercial research, educational, or related academic purposes only. Such uses include personal study, research, scholarship, and teaching. Theses may only be shared by linking to Carleton University Institutional Repository and no part may be used without proper attribution to the author. No part may be used for commercial purposes directly or indirectly via a for-profit platform; no adaptation or derivative works are permitted without consent from the copyright owner.
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