초록 열기/닫기 버튼
A shareholders’ derivative suit permits one or more shareholders to bring a suit against wrongdoers on behalf of the corporation. This forces the wrongdoers to compensate the corporation for the injury caused by them. This kind of action usually concerns directors, officers, and majority shareholders failing to exercise their fiduciary duties to the corporation. The shareholders’ derivative suit is distinct even in common law system. Most corporate lawsuits are filed by the corporation itself rather than its shareholders. Usually, the board of directors decide whether a corporation will pursue a claim through litigation. This presents problems when the possible lawsuit is against the directors or officers. A board of directors may act as a whole in reviewing shareholders’ demand, or it can choose to organize a special litigation committee to investigate the facts underlying a demand and draft a report and recommendation regarding the suit. The shareholders’ derivative suit was devised in order to permit shareholders to seek compensation in cases where the board of directors decides not to pursue the possible claim. For over a hundred years, the shareholders’ derivative suit and the special litigation committee in U.S. corporate law have played a significant role in keeping a check on and maintaining a balance between the power of major and minor shareholders. However, they face some problems with regard to the features of modern U.S. corporations. The U.S. shareholders’ derivative suit has three main shortcomings. First, it is illogical for a corporation to have the preferential right to enforce a claim. Second, the concept of direct and indirect harm is misunderstood. Third, it is illogical that the shareholders’ derivative suit is always complex when brought by shareholders. The special litigation committee system also has three issues. First, it has a problem of self-audit. Second, it has problems with regard to public policy. Third, it does not reflect the reality of today’s U.S. corporations. The shareholders’ derivative suit is meant to protect the interests of shareholders. However, it does not fully measure up in this respect. Today, the power of a shareholder in the United States is increasingly diminishing. In this situation, it is desirable for U.S. courts not to enforce the legal entity concept of a corporation and to gradually transfer the power of bringing a suit to shareholders.
키워드열기/닫기 버튼
shareholders’ derivative suit, derivative suit, special litigation committee, U.S. corporate law, fiduciary duty, common law, board of directors, major shareholders,direct harm,indirect harm
