Bonum requirements of the beneficiary in the corporate rights protection system in Ukraine: Implementing best practices

Anatoliy Kostruba (), Roman Maydanyk and Volodymyr Luts

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Abstract: In the process of interaction of corporate governing bodies with other entities of corporate legal relations to ensure its organizational and economic activity, situations are possible when the parties to such interaction pursue multi-vector or mutually exclusive goals, which is caused by the polar pursuit of corporate interests. The purpose of the paper is to identify the peculiarities of bonum requirements of the beneficiary in the system of corporate rights protection in Ukraine and to study foreign experience in this aspect. The concept of bonus requirements of the beneficiary was considered as a means of protecting corporate rights and a way of resolving a corporate conflict; derivative (indirect) action was investigated as a way of resolving corporate conflict in other countries; the theoretical and statutory consolidation of the basis of civil liability of the corporation governing body is determined; the responsibility of the governing body of the corporation for the damage caused and the principle of protection of the weaker party are outlined; the concept and legal nature of the derivative action as a way of protecting the rights for damages caused by the governing body of the corporation on the basis of the dictionary definitions of the term are provided. It was concluded that the principle of protection of a weaker party in the corporate law of Ukraine is a general idea of providing legal protection of a party of legal relations, which is limited by the appropriate possibility due to self-regulated and purposeful legal actions (creation of a legal subject-legal entity) as a form of compensation of identical level of legal possibilities of participants of civil law relations.

Keywords: civil legislation; business activity; conflict; bonum requirement; beneficiary; derivative action; Corporations (search for similar items in EconPapers)
Date: 2020-07-27
New Economics Papers: this item is included in nep-cis and nep-law
Note: View the original document on HAL open archive server: https://hal.science/hal-02910169
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Citations: View citations in EconPapers (3)

Published in The Asian International Journal of Life Sciences, 2020, 22 (1), pp.1 - 19

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