Corporate Governance in Europa als Mehrebenensystem – Vielfalt und Verflechtung der Gesetzgeber, Standardsetzer und Verhaltenskodizes (Corporate Governance in Europe as a Multi-Level System – Plurality and Interaction of Legislators, Standard Setters and Codes of Conduct)

Zeitschrift für Unternehmens- und Gesellschaftsrecht (ZGR), Vol. 41, No. 2-3, pp. 160-196, April 2012

Max Planck Private Law Research Paper No. 12/8

38 Pages Posted: 6 Jun 2012 Last revised: 2 Sep 2012

See all articles by Holger Fleischer

Holger Fleischer

Max Planck Institute for Comparative and International Private Law

Date Written: March 20, 2012

Abstract

This article explores the interplay between different rule makers and modes of governance in European Corporate Governance. As an analytical framework it borrows the concept of “Multi-Level Governance” from European political science literature. Focus is placed firstly on matters of legal competence: The discussion covers questions regarding the EU competence for various corporate governance rules, the role of the subsidiarity principle and the significance of soft law in European company law including the potential application of the “open method of coordination”. It then goes on to look at Codes of Conduct for publicly listed companies, the corporate governance industry (compensation consultants, proxy advisors, corporate lawyers) and institutional investors. Finally, it shows how non-state actors have become de facto standard setters for the global circulation of specific corporate governance patterns.

This publication is with permission of the rights owner freely accessible due to an Alliance licence and a national licence (funded by the DFG, German Research Foundation) respectively.

Note: Downloadable document is in German.

Keywords: European Corporate Governance, legal competences in European Company Law, soft law and open method of coordination in European Company Law, codes of conduct, corporate governance industry, transnational Corporate Governance

Suggested Citation

Fleischer, Holger, Corporate Governance in Europa als Mehrebenensystem – Vielfalt und Verflechtung der Gesetzgeber, Standardsetzer und Verhaltenskodizes (Corporate Governance in Europe as a Multi-Level System – Plurality and Interaction of Legislators, Standard Setters and Codes of Conduct) (March 20, 2012). Zeitschrift für Unternehmens- und Gesellschaftsrecht (ZGR), Vol. 41, No. 2-3, pp. 160-196, April 2012, Max Planck Private Law Research Paper No. 12/8, Available at SSRN: https://ssrn.com/abstract=2026817

Holger Fleischer (Contact Author)

Max Planck Institute for Comparative and International Private Law ( email )

Mittelweg 187
Hamburg, 20148
Germany

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