'New Governance' in European Corporate Law Regulation as Transnational Legal Pluralism

The present transformation of European corporate governance regulation mirrors the challenges that have been facing the EU's continuously evolving polity, marked by tensions between centralised integration programmes, on the one hand, and Member State's embedded capitalisms, path-dependenc...

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Published inEuropean law journal : review of European law in context Vol. 15; no. 2; pp. 246 - 276
Main Author Zumbansen, Peer
Format Journal Article
LanguageEnglish
Published Oxford, UK Blackwell Publishing Ltd 01.03.2009
Subjects
Capitalism
Corporate governance
Corporation law
Corporations
European Union
International Law
Interpretation and construction
Law
Law and legislation
Legal Pluralism
Legal polycentricity
Regulation
Studies
Transnationalism
EUROPE
Europe
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Summary:The present transformation of European corporate governance regulation mirrors the challenges that have been facing the EU's continuously evolving polity, marked by tensions between centralised integration programmes, on the one hand, and Member State's embedded capitalisms, path-dependencies and rent-seeking, on the other. As longstanding concerns with remaining obstacles to more mobility for workers, services, business entities and capital in recent years are aligned with post-Lisbon commitments to creating the world's leading competitive market, European corporate governance regulation (ECGR) has become exposed to and implicated in a set of highly dynamic regulatory experiments. In this context, 'New Governance' offers itself as both a tentative label and immodest proposal for a more responsive and innovative approach to European law making. The following article assesses the recently emerging regulatory forms in ECGR as illustrations of far-reaching transformations in market governance. The arguable parallels between the EU's regulatory transformation in response to growing legitimacy concerns and the recurring question about whose interests a business corporation is intended to serve, provide the framework for an exploration of current regulatory trajectories in European corporate law that can most adequately be understood as a telling example of transnational legal pluralism.
Bibliography:istex:DA0F5769B69B3945BD250A9DDB8320FC5F680EFC
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Informit, Melbourne (Vic)
European Law Journal, Vol. 15, No. 2, Apr 2009, 246-276
Thanks to Simon Archer, Farzana Nawaz, Fenner Kennedy‐Stewart and Phillip Bevans for their helpful comments. Paul Hancock, Stephen Wolpert, Zohar Levy and Hermie Abraham at Osgoode Hall provided excellent research assistance. Financial support from the Social Sciences and Humanities Research Council of Canada (SSHRC, Grant # 410‐2005‐2421) is gratefully acknowledged. Errors remain mine.
Founder/Director of the Critical Research Laboratory (Program on Comparative Research in Law and Political Economy) at Osgoode and Regular Visiting Professor at the Collaborative Research Centre ‘Transformations of the State’ in Bremen
http://www.sfb597.uni‐bremen.de/
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ISSN:1351-5993
1468-0386
1468-0386
DOI:10.1111/j.1468-0386.2008.00460.x