By Klaus J. Hopt, Gunther Teubner
Read Online or Download Corporate Governance and Directors' Liabilities: Legal, Economic and Sociological Analyses on Corporate Social Responsibility PDF
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Additional info for Corporate Governance and Directors' Liabilities: Legal, Economic and Sociological Analyses on Corporate Social Responsibility
In Italy, the era of political constitutionalism was overtaken for the unions in the 1960's by the practice of collective bargaining which became "AngloSaxon" in its vigour; but the "European" element remained, that element in workers' representation through a union which adds a social function to its role in the enterprise: "Workers' representation in the plant must operate within the context of a class vision which is global, something which is possible only if it partakes in the creation of wider areas of consensus" (Giugni and Cafagna, 1976: 68).
N o doubt the arguments with which the Supreme Court rejected the proposition that the Securities Exchange Act's fraud provisions impose a fiduciary duty of "fairness" on all corporate controllers towards minorities might be criticised as inadequately reflecting overall public interest (Santa Fe Inds. Inc. v. Green, 430 U. S. 462 (1977)) — though the reality, according to a minority of commentators, is consistent with "optimal legal arrangements" (Winter, 1978: 7), a race perhaps only to the bottom line.
European trade unions differ inter se greatly. Indeed, it is true that on such issues as "worker directors" there exists a "fundamental identity of view between Marxist doctrine" (as held by the French C. G. ) "and American trade unions" (Kahn-Freund, 1976: 27). But they have all — even the German unions — differed from labour unions in America — and do still, despite the current developments in industrial policy of the AFL-CIO — in bearing within them a challenge to that legitimacy and a demand for qualitatively new dimensions of responsibility.