LAW 533 Lecture Notes - Lecture 2: Fiduciary, Oppression Remedy, Leveraged Buyout

• School: Ryerson University
• Department: Law and Business
• Course: LAW 533
• Professor: Kernaghan Webb

Document Summary

Thesis: there has been an evolution of the legal and market treatment of corporations that shifted from corporate de-responsibilization to re responsibilization. Focault: the process whereby societal actors are encouraged or compelled to acknowledge and assume a proactive or reflexive moral capacity to govern their own risks. Corporations were given a more autonomous role (2-3) Although early corporations were seen as for profit, they were designed as vehicles to carry certain public purposes. Main societal actors who brought these legal transformations were business interests who championed particular laws or amendments or were involved in litigation (2-3) The effect of the de-responsibilization movement was to enhance the ability of corporations to act as economic vehicles to maximize private wealth creation. Public interest or moral objectives are not part of the dna of de- responsibilized corporations. The state is responsible for ensuring corporations address societal externalities (2-4)