Business Organizations Law Commons^™

Promoting Esg Investing By Trustees: Risk Management And Structuring Solutions, Vincent Ooi, Alvin W. L. See

Research Collection Yong Pung How School Of Law

The world is falling behind on its commitments to tackle some of the most pressing problems of this century: climate change, inequality, and other obstacles to building a sustainable future. In 2015, all Member States of the United Nations adopted the 2030 Agenda for Sustainable Development which set out 17 Sustainable Development Goals (‘UNSDG’) and 169 targets spanning the spectrum of environmental, social and economic dimensions of development. At the mid-point to 2030, the UN Secretary-General reported that of the roughly 140 targets for which data is available, about 12 per cent are on track; more than half are moderately …

Climate-Related Shareholder Activism As Corporate Democracy: A Call To Reform “Acting In Concert” Rules, Dan W. Puchniak, Umakanth Varottil

Research Collection Yong Pung How School Of Law

Climate change is an issue of global importance, which may turn out to be the issue of this century. Companies are at the core of both the problems and solutions for climate change. Given this reality, it is astounding that in virtually all jurisdictions in the world ‘acting in concert rules,’ which were designed decades ago to facilitate an efficient market for corporate control, effectively prevent shareholders who hold a majority of shares from democratically replacing boards of dirty companies. Our Article exposes this overlooked reality by undertaking the first in-depth comparative analysis of acting in concert rules with a …

Franchising Law In The United States Between Theory And Practice: Heads Up For Foreign Investors, Radwa Elsaman

Touro Law Review

As a dynamic vehicle for fostering investment opportunities, both domestically and internationally, franchising spans a diverse array of industrial sectors, encompassing both goods and services. The United States plays a highly influential role in global franchise industry promotion, with a vast majority of International Franchise Association members representing American companies. Present data underscores that franchising has extended its reach to virtually every sector of the American economy. Notably, the United States stands among just four common law nations that have established dedicated franchise legislation, operating at both state and federal levels. This framework includes provisions for pre-sale disclosure, registration of …

Corporate Purpose Beyond Borders: A Key To Saving Our Planet Or Colonialism Repackaged?, Roza Nurgozhayeva, Dan W. Puchniak

Research Collection Yong Pung How School Of Law

The “corporate purpose” debate, while extremely important, has largely been built on an understanding of corporate law and governance that is local – jurisdiction bound – while the issue of climate change is global; pollution does not respect jurisdictional borders. Despite this, in practice, states, multinational corporations, and transnational organizations are increasingly using formal and informal mechanisms to shape sustainable corporate governance beyond jurisdictional borders – a colossal development that has been hiding in plain sight.This article develops a taxonomy for identifying and analyzing the forces driving corporate purpose beyond borders: state-based, firm-based, and organization-based “global corporate law and governance”. …

Reexamining Enron's Regulatory Consequences, Steven L. Schwarcz

Faculty Scholarship

The downfall of Enron Corporation often epitomizes corporate fraud. One of the world’s fastest growing and most inventive companies, Enron had engaged in a range of complex structured hedging transactions designed to achieve accounting rather than operating results. Its principal motivation, though, was to avoid the risk of incurring financial-statement losses that could impair its credit rating and thereby destroy its primary business of derivatives-based energy trading.

Enron’s management has been criticized for engaging in these structured hedging transactions, and some of its managers were sent to jail. This symposium article concerning “Business and Financial Crimes” attempts to set forth …

Specialist Directors, Yaron Nili, Roy Shapira

Faculty Scholarship

What determines the effectiveness of corporate boards? Corporate legal scholars usually approach this question by focusing on directors’ incentives, such as counting how many directors are independent or whether the roles of the CEO and Chair are separated. Yet on the ground, the focus has been shifting to directors’ skill sets and experience. Investors, regulators, and courts are now pressuring companies to appoint directors with specific types of expertise. In response, more and more companies are adding what we term “specialist directors”: a DEI director, a climate director, a cyber director, and so on. These changes in board composition could …

Key Developments At The World Bank Inspection Panel (2013-2024), Dilek Barlas

Perspectives

Through the lens of important cases, this essay reflects on major developments that occurred at the Panel during the tenure of the author as the Executive Secretary of the World Bank Inspection Panel and shows how the Panel has evolved to improve accessibility, has influenced overall development policies, and has become a catalyst for institutional change. The essay observes that the Panel’s success has largely been due to its structural and operational independence, reporting as it does directly to the Bank’s Board of Executive Directors. However, there are challenges facing the Panel on certain issues, including most importantly its independence, …

Ending 30 Years Of Imf Exceptionalism: A Call For An Accountability Mechanism At The International Monetary Fund, Luiz Vieria

Perspectives

This year marks the 30^th anniversary of the World Bank’s Inspection Panel (WBIP or Panel), created as the result of grass-roots and international pressure on the Bank to address the well-documented negative impacts on marginalised communities of the Bank-financed Narmada dam and similar projects.

The establishment of the world’s first independent accountability mechanism (IAM) at the World Bank led to the creation of similar mechanisms at nearly all international financial institutions (IFIs), with the IMF an important exception. The establishment of the WBIP and other IAMs was a step-change in accountability, as previously IFIs were only accountable to shareholders …

Thirty Years Of Accountability In International Development: Insights From The General Counsel Of The World Bank Group, Christopher H. Stephens

Perspectives

The creation of the World Bank’s Inspection Panel in 1993 was a groundbreaking moment in international development. The first accountability mechanism of its kind, it established a precedent for accountability in development that has been followed by multiple development banks and international financial institutions over the last decades. Today, the credibility of international financial institutions rests significantly on the mechanisms that they put in place to check their own behavior and the avenues they offer for affected communities and individuals to raise questions of harm related to the projects financed by these institutions. This essay is a reflection on the …

Legal Risk And Accountability In Development Finance: Lessons From Jam V. International Finance Corporation, Michelle Harrison, Shannon Marcoux

Perspectives

In a landmark decision in 2019, the U.S. Supreme Court ruled in Jam v. International Finance Corporation that international organizations like the International Finance Corporation (IFC), the private lending arm of the World Bank Group, can be sued in U.S. courts, ending the “absolute immunity” from suit that they had long claimed. The Jam lawsuit arose out of IFC’s gross mishandling of the Tata Mundra coal-fired power plant project in Gujarat, India, which has destroyed the livelihoods, environment, and way of life of local communities living in its shadow. The lawsuit, and especially the clash between IFC’s sweeping assertions of …

World Bank's Roadmap And The Inspection Panel's Human Rights Responsibilities, Juan Pablo Bohoslavsky, C.P. Chandrasekhar

Perspectives

The World Bank has been under pressure to devise a process for “evolving” its mission, operations, and resources, acknowledging that decades of engagement with low- and middle-income countries has resulted, paradoxically and contrary to its official mission, in a “crisis of development.” The Bank bluntly notes in the opening to its paper “Evolving the World Bank Group’s Mission, Operations, and Resources: A Roadmap,” issued in December 2022, “after decades of progress, growth and poverty reduction have stalled.” Indeed, this “crisis of development” threatens to unleash political instability around the world.

Are The Mdbs Accountable? Reflecting On The Independent Accountability Mechanisms Of The Multilateral Development Banks, Susan Park

Perspectives

The International Accountability Mechanisms of the Multilateral Development Banks provide important insights into how to hold intergovernmental organizations to account for their environmental and social impacts. This perspective identifies how the IAMs hold the Banks to account according to the six standard questions of accountability: who is accountable, to whom, for what are they accountable, and what are the standards, processes, and sanctions employed to demonstrate that the MDBs are accountable. This highlights what the IAMs can and cannot hold the MDBs to account for, and how this might shape further international grievance mechanisms for people seeking to defend their …

The River Of Accountability Mechanisms: Then And Now, Suresh Nanwani

Perspectives

In 1993, the river of international accountability mechanisms (IAMs) commenced from its source – the World Bank Inspection Panel (The Panel). In its journey the river was fed by the tributaries of similar accountability mechanisms from other development institutions, including four regional development banks – the Inter-American Development Bank in 1994, the Asian Development Bank in 1995, the European Bank for Reconstruction and Development in 2003, and the African Development Bank in 2006. It also welcomed other entities – bilateral institutions like Japan Bank for International Cooperation (2003) and Proparco (2018), United Nations Development Program (2014) and other organizations like …

Imf Human Rights Accountability: A Pragmatic Way To Break The Deadlock, Aldo Caliari

Perspectives

In the three decades since the 1993 establishment of the World Bank Inspection Panel, almost all development finance institutions (DFIs) have established analogous panels, ombudsperson offices or other independent accountability mechanisms (IAMs) to allow people who believe they have been harmed by the DFI’s activities to directly trigger processes of fact-finding, dispute resolution, and, if applicable, redress. The primary exception has been the International Monetary Fund.

Unacceptable Means: The Inspection Panel Actions On World Bank Forcible Resettlement, Lori Udall

Perspectives

This essay reviews the World Bank’s Inspection Panel’s work on cases involving involuntary resettlement. Since its Inception, the Panel has received 89 requests involving resettlement (over half of all cases) and has investigated 32. It traces Panel cases, lessons learned, and advisory reports on resettlement and livelihood restoration. Despite the growing evidence through the years of resettlement failures, the World Bank continues to violate its own safeguard policies and repeat the same omissions and mistakes in projects. The essay concludes with recommendations for empowering the Inspection Panel and for the Bank to move towards bottom-up community development that better addresses …

Exiting The Disaster, Evading The Responsibility? Wadi Al-Qamar -- The Moon Valley, Suzan Nada

Perspectives

This essay explores a case that delivered no results for the complainants, where harm was not prevented, and where stakeholders who filed the complaint were not compensated. Investigated by the Compliance Advisor Ombudsman (CAO) of the International Finance Corporation (IFC), the Wadi al-Qamar case illustrates some of the limitations of accountability mechanisms in limiting the harms caused directly or indirectly by projects in which the International Financial Institutions (IFIs) invest.

The Uniform Commercial Code Survey: Introduction, Jennifer S. Martin, Colin P. Marks, Wayne R. Barnes

Faculty Articles

survey that follows highlights the most important developments of 2023 dealing with domestic and international sales of goods, personal property leases, payments, letters of credit, documents of title, investment securities, and secured transactions. Along with the usual descriptions of interesting judicial decisions highlighted in the survey, there has also been legislative progress in several areas. The 2022 Amendments to the Uniform Commercial Code ("U.C.C.") (the "2022 Amendments") have been adopted in twenty-four states plus the District of Colombia and introduced in five states

The Small Business Killer: How Fincen Enforcement Of The Cta Could Destroy The Last Bastion Of The American Dream, Samantha M. Alecozay

Faculty Articles

The Corporate Transparency Act (CTA), passed into law in 2021 and made effective January 1, 2024, mandates the creation of a nationwide database that collects owner information of certain legal entities to help combat money laundering and other illicit financial activities. The CTA requires that the legal entity owners provide necessary information directly to the federal government, rather than relying on state and/or federal government officials to collect the information on their behalf. Further, failure to comply may result in the legal entity and owners incurring significant civil penalties of up to $591 per day of violation and even criminal …

Exploring The Patentability Of Computer Software In Thailand: A Comparative Study With The Us, Eu, Japanese, And Korean Patent Laws, Panida Pornpattra

Chulalongkorn University Theses and Dissertations (Chula ETD)

The patentability of software or computer programs is an ongoing issue within legal and technical communities worldwide, especially with the rise of artificial intelligence and machine learning technologies. Software or computer programs in Thailand are protected as literary works under the Copyright Act B.E. 2537 (1994), where they are defined as ‘instructions, sets of instructions, or any other components used in conjunction with a computer to make the computer work or to generate a result no matter what the computer language is.' In contrast, the Thai Patent Act B.E. 2522 (1979) does not adopt this definition. Instead, it explicitly excludes …

Disciplining The Responses To Cross-Border Subsidies: The Case Study Of Eu And Us Trade Remedy Investigations Against Products From Indonesia And Thailand, Jia Zhen Cen

Chulalongkorn University Theses and Dissertations (Chula ETD)

The geopolitical confrontation between the United States and China extends across various levels and domains, with trade being one of the most prominent arenas. Subsidies, a longstanding source of contention in international trade, have become an even more contentious issue following China’s launch of the Belt and Road Initiative (BRI) in 2013. Traditionally, subsidies are provided by a government to its domestic producers, and WTO subsidy rules allow its Members to take countervailing measures against subsidies of their direct trading partners when those subsidies cause injury to the Member's domestic industries. However, the rise in cross-border subsidies – where governments …

Non-Human Stakeholders: Testing The Boundaries Of Stakeholder Theory, Justin Blount, Michael Conklin

Oklahoma Law Review

No abstract provided.

The Importance Of Protecting Depositors In The Banking Industry In Myanmar, Hnin Shwe Sin Htet

Chulalongkorn University Theses and Dissertations (Chula ETD)

Economic shocks have been precipitated by financial instability, which has impeded economic advancement and adversely affected numerous emerging nations. The financial sector is considered indispensable to the growth of an economy due to the repercussions of financial instability. As a result, numerous nations have enhanced their regulatory and supervisory frameworks to ensure that banks operate in a stable economic environment and maintain the stability of the financial system. Furthermore, in order to bolster the prudential oversight and supervision that central banks provide, as well as their role as lenders of last resort, numerous countries have implemented deposit insurance schemes. In …

Section 94 Of The Land Code B.E. 2497: Legal Issues Concerning Illegal Acquisition, Disposal, And Retention Of Land By Foreigners, Methawee Suephithakmongkhon

Chulalongkorn University Theses and Dissertations (Chula ETD)

In practice, many foreigners have managed to acquire land in Thailand through nominee structures or proxy companies, despite legal prohibitions. Even when such unlawful acquisitions are discovered, Section 94 of Thailand’s Land Code B.E. 2497 does not penalize the conduct but instead allows foreigners to dispose of the land and retain both their initial investment and any resulting profit. This Independent Research Paper investigates Section 94 of Thailand’s Land Code B.E. 2497, a provision that permits foreigners who have unlawfully acquired land to dispose of it and retain the proceeds. Despite the formal prohibition on foreign land ownership, Section 94 …

Whistleblower Protection In The Private Sector: A Comparative Study Of Laws In Thailand, The Us, And The Uk, Lena Sukprasongphol

Chulalongkorn University Theses and Dissertations (Chula ETD)

Whistleblower protection plays a vital role in promoting transparency, deterring misconduct, and strengthening regulatory and corporate accountability. Despite its importance, Thailand’s current legal framework for protecting private-sector whistleblowers remains fragmented and underdeveloped. In the absence of a dedicated statute, legal protections are primarily dispersed across general labour and securities laws, leaving significant legal and practical gaps that undermine effective protection. This study adopts a doctrinal legal methodology to examine the scope and effectiveness of existing Thai legal provisions, identifying key areas of ambiguity and weakness in both legislation and enforcement. To inform and strengthen the analysis, a comparative legal approach …

Analysis On Investor Protection In Myanmar Under The Myanmar Investment Law 2016, Ei Ei Htwe

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper explores the legal protections offered to foreign investors under the Myanmar Investment Law 2016 (MIL 2016), focusing on how these protections are structured, how they are applied in practice, and how they compare with international and regional standards. The law contains key provisions aimed at creating a stable and transparent investment environment. In particular, Section 47 ensures national treatment for foreign investors, meaning they should be treated no less favorably than local investors in similar situations. Section 48 commits to fair and equitable treatment (FET) and transparency, which are essential for ensuring that government decisions affecting investors are …

Legal Loopholes And Uncertainties Of Nominee Structures Under Foreign Business Law Of Thailand: Comparative Analysis With Austrian Investment Law, Harald Hinterer

Chulalongkorn University Theses and Dissertations (Chula ETD)

Laws and regulations concerning foreign direct investments in Thailand are at an all-time high. One of the most relevant legal bases for foreign direct investment is the Foreign Business Act B.E. 2542 (1999) (the “FBA”), which imposes restrictions on certain business activities. This research paper critically examines the effectiveness of the FBA in regulating foreign direct investment, with particular attention to nominee structures that may be used to circumvent statutory ownership restrictions. While the FBA aims to strike a balance between attracting foreign investment and protecting national interests, by focusing solely on capital shareholding, it contains loopholes which permit a …

Legal Reform Of Delivery Of Goods Without The Original Bill Of Lading In China: Study Of The Rotterdam Rules, Shuting Wu

Chulalongkorn University Theses and Dissertations (Chula ETD)

The delivery-against-document principle is a fundamental principle in the international maritime transport trade order and also an obligation that the carrier should fulfil when delivering the goods. In recent years, the issue between transaction security and transaction convenience have emerged with the entry into force of regional agreements such as RCEP. In practice, carriers often deliver goods without original bills of lading for the sake of cost and efficiency, leading to a series of legal disputes. Countries around the world have not formed a unified legal system for this either, and a chaotic situation has emerged in legislation. This research …

The Problem Of Copyright Infringement In Text And Data Mining (Tdm) Under The Copyright Act B.E. 2537: A Comparative Study Between Thailand, The United States, The United Kingdom, Japan And China, Pornpepat Suwannachairob

Chulalongkorn University Theses and Dissertations (Chula ETD)

This article examines the problem of copyright infringement in the context of Text and Data Mining (TDM) under Thailand’s Copyright Act B.E. 2537 (1994), comparing it with the legal frameworks of the United States, the United Kingdom, Japan, and China. TDM, a key process in extracting insights from large datasets, often requires reproducing copyrighted materials, raising copyright infringement concerns. While countries like Japan and the U.S. have adopted flexible or specific exceptions facilitating TDM, Thailand’s current legal structure, particularly Section 32 and its interpretation by the Supreme Court, offers limited scope for such activities. This restrictiveness hinders innovation and places …

Legal Ambiguities Of Anonymous Shareholder Under A Nominee Shareholding Agreement In China, Meng Lin

Chulalongkorn University Theses and Dissertations (Chula ETD)

The nominee shareholding agreement, as a flexible investment arrangement, caters to the specific needs of the Chinese commercial environment, such as safeguarding privacy, circumventing investment restrictions, and facilitating the intergenerational transfer of family businesses. While such agreements have played a positive role in broadening investment channels and promoting the development of a market-oriented economy, their inherent secrecy and lack of regulatory clarity have also introduced instability and legal uncertainty into the market. Despite the widespread use of nominee shareholding agreements in China, there is still no comprehensive and explicit legal framework to define their nature or to regulate their use. …

Legal Issues Of Consumer Rights Protection In China’S Cross-Border E-Commerce Under The Rcep Framework, Peilin Zhang

Chulalongkorn University Theses and Dissertations (Chula ETD)

This research examines legal shortcomings in China’s cross-border e-commerce consumer protection regime under the RCEP framework. It identifies key issues including fragmented jurisdiction, inadequate Online Dispute Resolution (ODR) mechanisms, insufficient personal information safeguards, and weak regulatory coordination. Although China’s E-Commerce Law and related statutes have established a foundation, they fall short in addressing cross-border complexities. Drawing on RCEP’s consumer protection provisions, the study proposes targeted reforms: improving jurisdictional clarity through party autonomy and denationalization principles; clarifying the legal status of ODR and unifying procedural standards; strengthening personal information protection through tiered consent and clear withdrawal mechanisms; and enhancing inter-agency coordination …