Law Quarterly

Law Quarterly

APPROACH OF IRAN'S LEGAL SYSTEM TO KEY INDICATORS OF CORPORATE GOVERNANCE OF JOINT STOCK COMPANIES

Document Type : Research Paper

Authors
Bahram Taghipour 1
Hossein Abedini 2
1 Assistant Professor of Law and Political Science, Kharazmi University, Tehran, Iran
2 PhD in Jurisprudence and Private Law, Kharazmi University, Tehran, Iran
10.22059/jlq.2019.262061.1007072
Abstract
Corporate Governance may vary from one country to another, given the approach that different legal systems have for managing corporate companies. The "English-American" and "European" models are among the most important approaches to the Corporate Governance System. There are serious differences between them due to the kind of "Key Indicators of the Corporate Governance System"; such as the proportions in ownership and control, and the amount of Costs of Agency, disclosure rate and the amount of attention paid to the rights of minority shareholders. The approach of each legal system to these indicators leads to a different corporate governance system for them. In Iran's law, there is no special statutory law regarding the "corporate governance system" and different regulations relevant to Joint Stock Companies, such as the "Legislative Bill of 1968". The regulations and guidelines for the "Corporate Governance System" illustrate the weak approach of the Iranian legal system to all of these key indicators. Hence, it is necessary to take legislative measures based on the native-based approach, based on these characteristics, especially in terms of ownership separation from control, reduction of representation costs, and strong protection of the rights of minority shareholders.
Keywords
Corporate governance
Key indicators
Ownership and control
Cost of Agency
Joint stock companies
Iran's law

  1. الف)فارسی

     

    1. حساس‌یگانه، یحیی (1385). «حاکمیت شرکتی در ایران»، ماهنامۀ حسابرس، ش32.
    2. حساس‌یگانه، یحیی؛ نادی‌قمی، ولی (1385). «نقش شفافیت در اثربخشی حاکمیت شرکتی»، ماهنامۀ حسابدار، ش79.
    3. سیداحمدی‌سجادی، سید علی (1388). «نظریۀ نمایندگی در نظام راهبری شرکتی»، فصلنامۀ حقوق، دانشکدۀ حقوق و علوم سیاسی دانشگاه تهران، دورۀ 39، ش 4.
    4. طهماسبی، علی (1394الف). «تأملاتی در خصوص دعوای مشتق از دیدگاه حقوق دادرسی»، دوفصلنامۀ دانش حقوق مدنی، سال چهارم، ش2.
    5. عرفانی، محمود (1388). حقوق تجارت، ج 2، تهران: جهاد دانشگاهی.
    6. ----------- (1394ب). «چالش نمایندگی سهامداران خواهان دعوای مشتق در حقوق ایران: با نگاهی به حقوق انگلیس»، پژوهش‌های حقوق تطبیقی، دورۀ 19، ش 3.

    قوانین و مقررات

    1. آیین‌نامۀ نظام راهبری شرکتی بورس اوراق بهادار1386.
    2. دستورالعمل راهبری شرکتی برای شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران 1389.
    3. قانون بازار اوراق بهادار مصوب1384.

    10.لایحۀ قانونی1347.

     

    ب) خارجی

     

    1. Aglietta, M.; Rebérioux, A. (2005). Corporate Governance Adrift: A Critique of Shareholder Value, Cheltenham, Edward Elgar.
    2. Aquila, F. J. (Editor) (2017). The Shareholder Rights and Activism Review, London: Gideon Roberton.
    3. Baker, H. K.; Anderson, R. (Editors) (2010). Corporate Governance: A Synthesis of Theory, Research and Practice, New York: John Wiley & Sons, Inc.
    4. Berle, A. A. ; Means, G. C.  (1932). The Modern Corporation and Private Property, Piscataway, New York: Transaction Publishers.
    5. Berndt, M. (2000). “Global Differences in Corporate Governance System Theory and Implications for Reforms”, Discussion Paper, No. 303, Harvard Law School.
    6. Block, D.; Gerstner, A.M. (2016). "One-Tier vs. Two-Tier Board Structure: A Comparison between the United States and Germany", Comparative Corporate Governance and Financial Regulation; Penn Law: Legal Scholarship Repository.

     

    1. Calkoen, W. J. L. (Editor) (2017). Corporate Governance Review, New York: The Law Reviews.
    2. Clarke, T. (2007). International Corporate Governance; A Comparative Approach, New York: Routledge.
    3. Chen, W. (2017). A Comparative Study of Funding Shareholder Litigation, Singapore, Springer Publisher.

    20. Chhillar, P.; Lellapalli, R.V. (2015). “Divergence or Convergence: Paradoxes in Corporate Governance?”, Corporate Governance International Journal of Business in Society, Vol.15(5).

    1. Coffee, J. C. (2001). “The Rise of Dispersed Ownership: The Roles of Law and the State in the Separation of Ownership and Control”, The Yale Law Journal, Vol.111.

     

    1. Franks, J.; Mayer, C. (2000). Ownership and Control of German Corporations, London Business School.
      1. Hillary A. S. (2004). “Delaware’s Good Faith”, Cornell Law Review, Vol.89.

     

    1. Maassen, G. F. (2002). An International Comparison of Corporate Governance Models; A Study on the Formal Independence and Convergence of One-Tier and Two-Tier Corporate Boards of Directors in the United States of America, the United Kingdom and the Netherlands, Amsterdam.
    2. Mallin, C. (2013). Corporate Governance, London, Oxford University Press.
      1. Marnet, O. (2008). Behaviour and Rationality in Corporate Governance, New York: Routledge.
      2. Mavrommati, K. (2008). A Contribution to the Study of Corporate Governance in the Context of the Greek Legal Order, University of Warwick, School of Law.
      3. Monks, R. A. G.; Nell M. (2003). Corporate Governance, Malden, Blackwell Publishing.
      4. Maher, M.; Andersson, T. (1999). “Corporate Governance: Effects on Firm Performance and Economic Growth, Organization for Economic Co-Operation and Development (OECD)”.
      5. Panda, B. ; N. M. Leepsa (2017). "Agency theory: Review of Theory and Evidence on Problems and Perspectives", Indian Journal of Corporate Governance, Vol.10(1).

     

    1. Naciri, A. (Editor) (2008). Corporate Governance around the World, New York: Routledge.
    2. Rezaee, Z. (2007). Corporate Governance Post-Sarbanes Oxley, New York: John Wiley & Sons. Inc.
    3. Ringe, W.G. (2016). “German versus Nordic Board Models: Form, Function and Convergence”, Nordic Journal of Business, Vol.65.
    4. Slipton N.; Thompson, J. K. (2000). Corporate Governance Patterns in OECD Economies: Is Convergence Under Way?, Paris: Discussion Paper.
    5. Salvioni, D.M.; Gennari, F.; Bosetti, L. (2016). “Sustainability and Convergence: The Future of Corporate Governance Systems”.
    6. Vitols, S. (2005). “Changes in Germany’s Bank-Based Financial System: Implications for Corporate Governance”; An International Review, Vol.13.
    7. Zetzsche, D. (2004). “Explicit and Implicit System of Corporate Control; A Convergence Theory of Shareholder Rights”, University of Dusseldorf, Faculty of law.
Law Quarterly
Volume 49, Issue 3
Autumn 2019
Pages 409-424