Language:
English
Pages:
Online-Ressource (33 S.)
,
graph. Darst.
Series Statement:
OECD working papers on international investment 2014/02
Series Statement:
OECD working papers on international investment
Keywords:
consistency of arbitral decisions
;
stockholder remedies
;
international economic law
;
creditors
;
separate legal personality
;
arbitrators
;
board of directors
;
international investment agreements
;
investor-state dispute settlement
;
shareholder claims
;
transferability of shares
;
entity shielding
;
creditors’ rights
;
treaty shopping
;
bilateral investment treaties
;
loan covenant
;
reflective loss
;
level playing field
;
shareholders
;
shareholder rights
;
corporate law
;
judicial economy
;
limited liability
;
stockholders
;
investment treaties
;
company law
;
consistency
;
international arbitration
;
access to justice
;
derivative injury
;
foreign investment
;
derivative loss
;
competitive neutrality
;
agency costs
;
settlement
;
international investment
;
business corporations
;
domestic impact of investment law
;
derivative action
;
comparative law
;
shareholder remedies
;
international investment law
;
reflective injury
;
investment arbitration
;
Finance and Investment
;
Arbeitspapier
;
Graue Literatur
Abstract:
Corporate law in advanced domestic legal systems on the one hand, and typical treaties for the protection of foreign investment on the other hand, treat claims for damages by company shareholders differently. Advanced domestic systems generally bar shareholders from claiming for reflective loss – loss that arises from injury to "their" company (such as a decline in the value of shares). The claim for the loss belongs to the injured company and not to its shareholders. In contrast, shareholder claims for reflective loss have been widely permitted under typical investment treaties over the last 10 years. Ongoing OECD-hosted inter-governmental dialogue on investment law is considering whether there are policy reasons justifying the different approaches to shareholder claims for reflective loss. This paper examines shareholder claims for reflective loss under investment treaties in light of comparative analysis of advanced systems of corporate law. The paper considers the impact of allowing shareholder claims for reflective loss on key characteristics of the business corporation. The paper also explores possible responses by different categories of investors to the availability of shareholder claims for reflective loss under investment treaties.
Note:
Systemvoraussetzungen: Acrobat Reader.
DOI:
10.1787/5jz0xvgngmr3-en
