The Current Challenges for EU Company and Financial Law and Regulation

Autenne Alexia (), Yuri Biondi, Cavalier Georges, Cotiga-Raccah Andra, Doralt Peter, Haslam Colin, Horak Hana, Malberti Corrado, Philippe Denis, Sergakis Konstantinos and Schmidt Jessica
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Autenne Alexia: Business and Financial Law SIG, Green Paper, European Law Institute (ELI), Vienna, Austria
Cavalier Georges: University of Lyon, Lyon, France
Cotiga-Raccah Andra: Catholic University of Lille, Lille, France
Doralt Peter: WU ‒ Wirtschaftsuniversität Wien, Wien, Austria
Haslam Colin: Queen Mary University of London, London, UK
Horak Hana: Faculty of Economics, University of Zagreb, Zagreb, Croatia
Malberti Corrado: Trento University, Trento, Italy
Philippe Denis: Catholic University of Louvain, Louvain, Belgium
Sergakis Konstantinos: University of Glasgow School of Law, Glasgow, UK
Schmidt Jessica: Bayreuth University, Bayreuth, Germany

Accounting, Economics, and Law: A Convivium, 2018, vol. 8, issue 3, 12

Abstract: European company and financial law and regulation have been evolving over time along with business and financial practices. The resulting ‘social licence’ established by company and financial law and regulation aimed to balance the granted privileges of limited liability and share transferability with the corporate social contribution to economic development and employment. Recent transformations driven by shareholder value and financialisation have been challenging this balance of interests between stakeholders (including employees and shareholders) and society. The EU institutional framework may respond to these challenges by reaffirming the centrality of the enterprise as a going concern. On this basis, corporate accountability and responsibility may be enforced to make ongoing corporate affairs accountable and responsible for their contribution to economy and society. Ongoing corporate capacity to cope with social and environmental responsibilities may be assured along with the fair and sustainable remuneration of stakeholders, including shareholding investors, and a fair tax contribution. The EU institutional design and policy mix may be organised to respond to this comprehensive set of corporate dimensions. Here the most relevant fields to be reconsidered include: enterprise groups and corporate social responsibility; financial reporting and transparency; financial investment and asset management.

Date: 2018
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DOI: 10.1515/ael-2017-0064

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Accounting, Economics, and Law: A Convivium is currently edited by Reuven S. Avi-Yonah, Yuri Biondi and Shyam Sunder

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