Skip to content
Register Sign in Wishlist
Look Inside A Case for Shareholders' Fiduciary Duties in Common Law Asia

A Case for Shareholders' Fiduciary Duties in Common Law Asia


Part of International Corporate Law and Financial Market Regulation

  • Author: Ernest Lim, National University of Singapore
  • Date Published: August 2019
  • availability: In stock
  • format: Hardback
  • isbn: 9781108426589

£ 110.00

Add to cart Add to wishlist

Looking for an inspection copy?

This title is not currently available on inspection

Product filter button
About the Authors
  • This book reconceptualises the role of the general meeting and shareholders in the listed companies in four leading common law jurisdictions in Asia (Singapore, Hong Kong, India and Malaysia) as one that should include fiduciary duties. It demonstrates why, when, by whom and how fiduciary duties should be imposed and how they could be enforced. In so doing, it refutes the long-standing common law rule that shareholders can generally vote as they please. The book advances the debate on a central notion of corporate law, namely, the interests of the company. It addresses the deficiencies in the law regulating conflicts of interest involving controlling shareholders and institutional shareholders and provides solutions to the problem of activist and passive minority institutional investors. This book challenges us to rethink the meaning and implementation of the long-term success of the company and shows how corporate governance should and could be made.

    • Explores the role of the general meeting and shareholders in four common law jurisdictions in Asia, thus enabling readers to evaluate and reconsider the functions of shareholders
    • Provides an in-depth analysis of the problems related to controlling shareholders and institutional investors in concentrated ownership jurisdictions
    • Includes a contextual examination of four leading Asian jurisdictions combined with an analysis of case law, statutes, codes and listing rules
    Read more

    Reviews & endorsements

    'Professor Lim's book is an impressive contribution to an important corporate governance debate regarding the role of shareholders. By combining excellent doctrinal, empirical and policy-focused research, he argues for a reconceptualisation of the role of shareholders in listed companies, including the imposition of fiduciary duties on these shareholders. The book primarily focuses on listed companies in Hong Kong, Singapore, India and Malaysia but is undoubtedly of broad international significance. Many will benefit from reading this insightful and thought-provoking book.' Ian Ramsay, Harold Ford Professor of Commercial Law and Redmond Barry Distinguished Professor, University of Melbourne

    'This book makes a trenchant and compelling case for imposing legal responsibility on corporate shareholders in the four Asian common law jurisdictions, drawing assuredly on jurisprudence, doctrine, best practice and actual practice. With insight, skill and erudition, the author makes the strongest case yet for root-and-branch revision of the Anglo-Saxon approach to the rights and duties of corporate participants. This is essential reading for anyone seriously interested in corporate governance, whether in common law Asia or anywhere in the world.' William W. Bratton, Nicholas F. Gallicchio Professor of Law, and Co-Director, Institute for Law and Economics, University of Pennsylvania

    'Controlling shareholders are the norm for most of the world's companies. There are a wide range of mechanisms by which such controllers can influence corporate activities to their own benefit and to the detriment of minority shareholders. In this important book, Ernest Lim presents cogent arguments for a reassessment of the position in Asian company laws under which controllers are generally not subject to fiduciary duties. The author also makes a case for institutional shareholders to be subject to fiduciary duties because of conflicts of interest between them and the company. This book will challenge readers to rethink the function of corporate governance.' John Armour, Hogan Lovells Professor of Law and Finance, University of Oxford and Fellow of the British Academy and European Corporate Governance Institute

    'A central thesis of this impressive work is that a company's members in general meeting, as well as its board of directors, are agents of the company, and as such are subject to fiduciary obligations. This book will be valuable to those who research and advise on not only company law, corporate governance and Asian jurisdictions, but also equity and common law more generally.' Robert Walker, Lord Walker of Gestingthorpe, former Justice of the United Kingdom Supreme Court and Non-Permanent Judge, Hong Kong Court of Final Appeal

    'This book makes a major contribution to contemporary debate about the role of shareholders (both institutional and controlling shareholders) and to comparative corporate governance generally. It reconceptualises shareholders and advances the 'provocative thesis' that, in common law Asia, shareholders should be subject to fiduciary duties. The book will be of interest to corporate law scholars and practitioners, and to anyone seeking to understand the growing legal and economic significance of East Asia.' Jennifer Hill, University of Sydney

    See more reviews

    Customer reviews

    Not yet reviewed

    Be the first to review

    Review was not posted due to profanity


    , create a review

    (If you're not , sign out)

    Please enter the right captcha value
    Please enter a star rating.
    Your review must be a minimum of 12 words.

    How do you rate this item?


    Product details

    • Date Published: August 2019
    • format: Hardback
    • isbn: 9781108426589
    • length: 652 pages
    • dimensions: 235 x 156 x 38 mm
    • weight: 1.05kg
    • contains: 5 b/w illus. 8 tables
    • availability: In stock
  • Table of Contents

    Part I. Introduction and Overview:
    1. Introduction
    2. Common law jurisdictions in Asia: an overview
    Part II. Role of General Meeting and Shareholders:
    3. Powers, shareholders and justifications for duties
    4. Objections
    Part III. The Mechanics of Imposing Duties:
    5. 'What', 'whom', 'when', 'who' and 'how'
    Part IV. Enforcement:
    6. Enforcement
    Part V. Conclusion:
    7. Concluding remarks.

  • Author

    Ernest Lim, National University of Singapore
    Ernest Lim is an Associate Professor at the Faculty of Law, National University of Singapore (NUS). His main research interest is comparative corporate law and governance. He is also interested in private law and its relationship with public law, and legal aspects of artificial intelligence. He has held visiting appointments at Columbia University, Max Planck, University of Oxford and Tel Aviv University. A graduate of the University of Oxford, Harvard Law School and NUS, he practised corporate law in New York and Hong Kong prior to entering academia. He is the author of Sustainability and Corporate Mechanisms in Asia (Cambridge, forthcoming).

Sign In

Please sign in to access your account


Not already registered? Create an account now. ×

Sorry, this resource is locked

Please register or sign in to request access. If you are having problems accessing these resources please email

Register Sign in
Please note that this file is password protected. You will be asked to input your password on the next screen.

» Proceed

You are now leaving the Cambridge University Press website. Your eBook purchase and download will be completed by our partner Please see the permission section of the catalogue page for details of the print & copy limits on our eBooks.

Continue ×

Continue ×

Continue ×

Find content that relates to you

Join us online

This site uses cookies to improve your experience. Read more Close

Are you sure you want to delete your account?

This cannot be undone.


Thank you for your feedback which will help us improve our service.

If you requested a response, we will make sure to get back to you shortly.

Please fill in the required fields in your feedback submission.