Jump to ContentJump to Main Navigation
Corporate Governance in ContextCorporations, States, and Markets in Europe, Japan, and the US$
Users without a subscription are not able to see the full content.

Klaus J. Hopt, Eddy Wymeersch, Hideki Kanda, and Harald Baum

Print publication date: 2005

Print ISBN-13: 9780199290703

Published to Oxford Scholarship Online: March 2012

DOI: 10.1093/acprof:oso/9780199290703.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 27 January 2021

Enron and Corporate Law Reform in the UK and the European Community

Enron and Corporate Law Reform in the UK and the European Community

(p.163) Enron and Corporate Law Reform in the UK and the European Community
Corporate Governance in Context

Paul L. Davies

Oxford University Press

The collapse of Enron and of a number of other companies in the United States over the period between late 2001 and the middle of 2002 has had a striking impact on the process of corporate law reform. That these events should have had an impact in the United States itself, notably in the shape of the enactment of the Sarbanes–Oxley Act of 2002 and the reforms of the rules of the New York Stock Exchange and the NASDAQ, is not surprising, though the speed of the reaction and its location at the federal level rather than with the states, which have traditionally carried the main burden of corporate law legislation, are notable aspects of the US reforms. However, the reach of Enron in terms of its impetus to corporate law reform has extended beyond the borders of the United States, and this chapter explores the European impact, notably in the United Kingdom and at the level of the European Community. As far as core company law is concerned, the three main conflicts of interest identified as contributing to the scandals which occurred were those involving the executive directors/management of the company, its non-executive directors, and its auditors. The chapter looks at each in turn, beginning with the executive directors, whose relevant conflict of interest was perceived largely to be one arising out of the process by which their remuneration was set.

Keywords:   corporate governance, regulatory reform, directors's remuneration

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .