corporate governance and institutional ......technology, bahawalpur but later on graduated in arts...

CORPORATE GOVERNANCE AND INSTITUTIONAL INVESTMENT


Rules, Regulations and Best Practices to Monitor Corporate Affairs and Balance the

Interests of Managers and Shareholders

DR. MALIK M. HAFEEZ

Universal-Publishers

Boca Raton

Corporate Governance and Institutional Investment: Rules, Regulations and Best Practices to Monitor Corporate Affairs and Balance the Interests of Managers and Shareholders

Copyright © Malik M. Hafeez

All rights reserved. No part of this book may be reproduced or transmitted in any form or by

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from the publisher.

Universal-Publishers Boca Raton, Florida • USA

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Cover design by Stefania Benini

Publisher’s Cataloging-in-Publication Data Hafeez, Malik M. Corporate governance and institutional investment : rules, regulations and best practices to monitor corporate affairs and balance the interests of managers and shareholders / Malik M. Hafeez. pages cm Includes bibliographical references. ISBN: (pbk.) . Corporate governance. . Stockholders—Legal status, laws, etc. . Trusts and trustees. . Corporation law. I. Title. HD .H —dc

I dedicate this book to martyrs of Army Public School & College, Peshawar, Civilian and Armed Forces of Pakistan, who sacrificed their lives for nation in war against terrorism, and their bereaved families to bear the irreparable loss.

ABOUT THE AUTHOR Dr. Malik M. Hafeez is an advocate and corporate consultant. He has been born at a village named Basti Arain, Mouza Goth Mehro, Tehsil & District Bahawalpur (Pakistan), in the house of a small farmer namely (late) Malik Zahoor Ahamd who died in when Mr. Malik was the student of LLB. He admitted in the primary school of the village and matriculated in from Technical High School Bahawalpur. He secured the three years Diploma of Associate Engineer (civil) from Government College of Technology, Bahawalpur but later on graduated in arts from the Islamia University of Bahawalpur and earned the LLB degree from the same university. After LLB, he started legal practice with Justice (R) Mian Allah Nawaz at Lahore office and meanwhile joined as a visiting faculty of the college of law. After LLM from university of the Punjab, enrolled as doctoral student in the university of Aberdeen, UK and completed his PhD in law within three years. Dr. Malik offered a contract to join the Islamia University of Bahawalpur as a legal consultant and faculty member of the university, however, he also established his law firm in Pakistan having offices in Bahawalpur, Multan, Lahore and Islamabad but recently established a branch office at Muscat. He is a visiting faculty member and guest speaker of many universities of Pakistan and abroad. Mr. Malik is also an author of many articles published in national and international law journals. He lives with his wife, Lala Rukh and his children Taimoor Malik (son) and daughter, Raheen Malik.

PREFACE Writing this book has been on my mind since when I started the doctoral studies in university of Aberdeen, UK. In when I started legal profession my interest increased in corporate and civil laws, therefore, I started research in the corporate law and arbitration whereas also started teaching as a visiting faculty in the law colleges. The legal profession and teaching experience convinced me of the importance of this subject to our welfare and cemented my interest in this topic.

I started legal profession and law practice with Justice (R) Mian Allah Nawaz who guided me a lot about research and formulation of legal prepositions however, I cannot forget Professor John Paterson and Prof. Roderick Paisley who supervised me by facilitating a thoughtful discussion with other pioneer in the field of corporate law and corporate governance. I was struck by how important the efficacy of corporate governance system, laws, and practices is to the vibrancy of existing brand of capitalism. Therefore, I would be pleased to express my appreciation to a number of people for their help, advice and encouragement in the course of completing this study. First and foremost, I would like to address my special thanks to Dr. John Paterson whose wisdom, experience and constructive comments have been instrumental throughout the investigation and writing of my research of PhD studies. My greatest debt is to my teachers; Justice (R) Mian Allah Nawaz, Prof. Roderick Paisley and Dr. John Paterson whose training, guidance and critical scrutiny of my work and exacting standards of scholarship have helped me to avoid many errors in argument and style. I also became aware how little time was devoted to this important subject in the law profession and the need for this book.

One of the challenges faced by the scholars of corporate governance and by companies that intend to provide enabling frameworks for good corporate governance is the complexity of the relationships that exist between companies on one side and their shareholders, stakeholders and monitors on the other side. This complexity seems to be one of the main reasons why corporate scandals still occur, despite the existence of an extensive academic literature on corporate governance and the sustained efforts by the corporate community around the world. The recent ‘credit crunch’ witnesses that corporate governance at company and industry level, as well as regulatory framework on corporate governance more widely, is neither deficient nor able to deal with the complex nature of these relationships and the potential conflicts of interests therein. The large corporations and their institutional investors over the last few years have not only failed to monitor the managements, but also the interests of their customers, the taxpayer and society at large. The fact that companies failures have to a large degree been


concentrated in Anglo-Saxon countries also suggests that corporate govern-ance refers to a complementary set of legal, economic and social institutions to protect the interests of corporate owners by securing long-term corporate stability. A corporate governance system is comprised of a wide range of practices and institutions, from accounting standards and laws concerning financial disclosure, through executive compensation, to the size and compo-sition of corporate board all envisaging monitoring responsibility on the part of the investors to protect them from expropriation by managers. Managers’ power and prestige in running a large and powerful corporation give them superior access to inside information and thus a privileged position as com-pared to the numerous and dispersed shareholders.

The principal concern of this book is corporate governance and the role of institutional shareholders in the governance of their listed investee compa-nies in different countries. The proportion of the listed equity market owned by major shareholders grew enormously between the early s and . Whereas in the early s, individual investors had % of the securities traded on the London Stock Exchange, now the ownership structure of pub-lic listed companies has significantly changed so that institutional investors have become the dominant players on the British financial market with .% share-ownership of listed companies. This significant growth of institutional ownership has coincided with the emergence of self-regulatory corporate governance practices.

The British model has played a pioneering role for the development of a self-regulatory approach to corporate governance framework from the Code of Best Practices to the Combined Code and the UK Corporate Governance Code and the Stewardship Code . The self-regulatory approach on the basis of the ‘comply or explain’ principle adopted by the British model has now been in operation for the last two decades. The opera-tional flexibility of the ‘comply or explain’ approach not only encourages the companies to adopt the general spirit of the code rather than the letter but also takes into account the monitoring responsibility of the institutional in-vestors. This latter feature is based on the assumption that institutions have an economically-rational self-interest to monitor and actively engage with their investee companies to evaluate the veracity of their disclosure state-ments and thus to protect their investments. The crucial question of this book, however, is why institutional investors are not behaving as the model expects them to and thus why they have in fact been acting as ‘absentee own-ers’. Their perfunctory monitoring behaviour by adopting a ‘box-ticking’ approach on the basis of a ‘comply or perform’ analysis appears to have con-tributed significantly to the financial crisis. In this regard, it begins by noting that institutional investors are not homogeneous; some are companies while others are trusts; they face different problems of collective action, short-termism, conflicts of interest and managerial manipulation.

PREFACE

As aspiring authors quickly learn and seasoned writers already know, writing a book is a mammoth undertaking but this book is an extended work of my doctoral studies completed in in university of Aberdeen, UK. The major portion of doctoral treatise has been included in this book. Fortunate-ly, I had a lot of encouragement along the way from my teachers, family and friends to publish my research treatise with additional work so I take this opportunity to thank them all for letting me spend the time writing this book and for their words of encouragement. I am grateful to all of them and hope the final result meets their high expectations. It goes without saying that I alone am responsible for any remaining errors or misstatements.

Dr. Malik Muhammad Hafeez LLB. LLM. Ph.D. in Law

June

LIST OF ABBREVIATIONS

ACD Authorised Corporate Director AGM Annual General Meeting ALM Asset Liability Modelling AMI Assets Management Industry AOM Asset Only Modelling BCCI Bank of Credit and Commercial International BP British Petroleum Ltd. CA Companies Act CDDA Companies Director Disqualification Act CEO Chief Executive Office CESR Committee of European Securities Regulators CFO Chief Financial Officer CIC Community Interest Company CIO Charitable Incorporated Organisation CIPS Charitable Industrial and Provident Society CIS Collective Investment Schemes CLR Company Law Review COB Conduct of Business CSRC China Securities Regulatory Commission DB Defined Benefits DC Defined Contribution DTR Disclosure and Transparency Rule ERISA Employment Retirement Income Security Act EUCD European Union Council Directive FMA Financial Market Authority FRC Financial Reporting Council FSA Financial Services Authority FSMA Financial Services and Markets Act GAAP General Accepted Accounting Principles GCGC German Corporate Governance Code GDP Gross Domestic Product HLG High Level Group IAS International Accounting Standards ICVC Investment Companies with Variable Capital IIR Institutional Investment Regulator IMI Investment Management Industry INEDS Independent Non-executive Directors IPO Initial Public Offering ISC Institutional Shareholders Committee ISD Investment Services Directive


LSE London Stock Exchange MD Managing Director MiFID Markets in Financial Instruments Directive NAO National Audit Office NER New Economic Regulation NYSE New York Stock Exchange OECD Organisation for Economic Co-operation and

Development OEICs Open-ended Investment Companies OSCAR Office of the Scottish Charity Regulator OTC Over the Counter PCAOB Public Company Accounting Oversight Board PDG President Directeur Generale RBS Royal Bank of Scotland SAI Statement of Additional Information SEC Security Exchange Commission SIB Security and Investment Board SINED Senior Independent Non-executive Director SOE State Owned Enterprises SOX Act Sarbanes-Oxley Act TPR The Pension Regulator UCITs Undertakings for Collective Investment in

Transferable Securities UNEP United Nation Environment Programme UT Unit Trust

TABLE OF CONTENTS About the Author .................................................................................................. Preface ....................................................................................................................... List of Abbreviations ............................................................................................. Table of Statutes ..................................................................................................... European Commission Directives ...................................................................... Table of Cases ..................................................................................................... Introduction ................................................................................................................ CHAPTER : CORPORATE GOVERNANCE .. Introduction ........................................................................................................ .. What is Corporate Governance? ...................................................................... . Growth of a Company and its Governance in UK ...................................... .. Committees’ Reports on Corporate Governance and

Code of Best Practices ..................................................................................... .. The Role of Institutional Investors ............................................................... .. Pakistan Institute of Corporate Governance (PICG) ................................. .. Conclusion ......................................................................................................... CHAPTER : THEORETICAL ASPECTS OF CORPORATE GOVERNANCE .. Introduction ...................................................................................................... .. Theoretical Perspective of a Firm and its Governance ..............................

... Theory of Transaction Cost Economics ...................................................... ... Bounded Rationality and Opportunism ....................................................... ... The Firm as a ‘Nexus of Contract’ ........................................................ ... The Agency Theory .............................................................................. ... The Agency Problems .......................................................................... ... The Stewardship Theory ....................................................................... ... Stakeholder Theory of the Firm ...................................................................

.. Conclusion ......................................................................................................... CHAPTER : DIFFERENT MODELS OF CORPORATE GOVERNANCE .. Introduction ...................................................................................................... .. The United Kingdom Corporate Governance Model ................................ .. The US corporate governance model ............................................................ .. The German-Model of Corporate Governances ......................................... .. The Italian Model of Corporate Governance .............................................. .. The French Model of Corporate Governance ............................................. .. The Japanese Model of Corporate Governance .......................................... .. The Chinese Model of Corporate Governance ...........................................


.. Conclusion ......................................................................................................... CHAPTER : CORPORATE GOVERNANCE IN PAKISTAN .. Introduction ......................................................................................................

... Corporate Governance ......................................................................... .. Corporate Governance in Emerging Markets .............................................. .. Corporate Governance Reforms in Pakistan ...............................................

... The Codes of Corporate Governance in Pakistan ....................................... ... Code of Corporate Governance, ......................................................... ... An Overview of Existing Corporate Legal Framework...............................

.. Problems of Governance in Family-Owned Corporations ....................... .. Families Domination and Share-ownership Structure in Pakistan ........... .. Theoretical Perspective of Agency Issues .................................................... .. Monitoring Problems of Corporate Governance in

Emerging Economies ...................................................................................... ... An Example of China ........................................................................... ... Indian Corporate Ownership as an Example ..............................................

.. Possibility of Responsible Corporate Monitoring ....................................... .. Conclusion ......................................................................................................... CHAPTER : FEATURE OF CODES ON CORPORATE GOVERNANCE .. Introduction ...................................................................................................... .. An Overview of the Code on Corporate Governance ...............................

... Functions and Responsibilities of the Board of Directors .......................... ... Non-executive Directors ....................................................................... ... Company Leadership and their Role ............................................................ ... An Alternative Monitoring Mechanism of a Company .............................

.. The Audit Committee and Financial Reporting ........................................ ... The Composition of the Audit Committee ............................................... ... Difference between Internal and External Audits .....................................

.. Internal Control and Risk Management ...................................................... ... Responsibilities of the Board and Management ........................................ ... A Comparative Analysis of the Internal Control Framework ................... ... The Internal Control Requirement in Corporate Governance ..................

.. Nomination and Remuneration Committees ............................................. ... The Impact of the Nomination Committee .............................................. ... Excessive Remuneration and the Board’s Responsibility .......................... ... Remuneration Policy in Corporate Governance ........................................

.. Institutional Investors .................................................................................... ... Structure of Share-ownership of Institutional Investors ...........................

.. The Stewardship Code and Responsibility of Institutional Investors .... ... Objectives and Focus of the Stewardship Code ........................................

.. The Self-regulatory Approach through Institutional Investors Monitoring .....................................................................................

PREFACE

... Listing Requirement of the Code on Corporate Governance ................... ... Monitoring of Corporate Governance ....................................................... ... Adoption of the ‘Box-ticking’ Approach ................................................... ... Perfunctory Monitoring Behaviour of Institutional Investors ..................

.. Conclusion ....................................................................................................... CHAPTER : CLASSIFICATION OF INSTITUTIONAL SHAREHOLDERS .. Introduction .................................................................................................... .. Theoretical Aspect of Institutional Monitoring ......................................... .. The Classification of Institutional Investors ..............................................

... Insurance Companies ......................................................................... ... Pension Funds ................................................................................... ... Collective Investment Schemes (CIS) ........................................................ ... Investment Trusts or Investment Trust Companies ................................. ... Banks ................................................................................................ ... Charities ............................................................................................ ... Structural Relationship among Institutional Investors ..............................

.. Asset Management Industry and its Role in Corporate Governance .... ... Theory of Portfolio and Diversification .................................................... ... Role of Professional Fund Managers in Portfolio Management ...............

.. Regulatory Framework of Investment Management Industry ................ ... Duty of Institutional Investment Managers ............................................... ... Duty of Investment Managers in Regulatory Framework ......................... ... Duty of Investment Managers in a Contractual Relationship ................... ... Fiduciary Duties ................................................................................. ... Duty of an Investment Manager as Custodian ..........................................

.. Expectations of Codes on Corporate Governance ................................... ... Duty in Law of Trusts and Company Law ................................................

.. Institutional Investors in Pakistan ............................................................... ... Share-ownership Structure ..................................................................

.. Conclusion ....................................................................................................... CHAPTER : COMPLY OR EXPLAIN APPROACH OF THE CORPORATE

GOVERNANCE .. Introduction .................................................................................................... .. An Analysis of the ‘Comply or Explain’ Approach ..................................

... What is the ‘Comply or Explain’ Principle? ............................................... ... Is Compliance of the Code Satisfactory? ................................................... ... Departure from the Code’s Provisions ...................................................... ... Possibility of Operational Monitoring of the Code ...................................

.. Perfunctory Monitoring Behavior on ‘comply or explain’ principle ...... ... Collective Action and Problems of Free-Riding and Exit ......................... ... Conflicts of Interest............................................................................ ... Agent Apathy and Managerial Manipulation Agenda ................................


... Short-termism and Underweighting as causes of Passivity ........................ .. An Effect of Stewardship Code in Monitoring Mechanism ....................

... An Exiting Attitude of Institutional Investors ........................................... .. . Potential Operational Concerns Regarding the Stewardship Code ..........

.. Corporate Governance Practices in Pakistan ............................................. .. Conclusion ....................................................................................................... CHAPTER : CONTRIBUTION OF COMPANY LAW AND LAW OF TRUSTS

IN CORPORATE GOVERNANCE .. Introduction .................................................................................................... .. Enforcement of Fiduciary Duties provided in Trust and Company Law ......................................................................................... .. Requirement of Company Law and Law of Trust .................................... .. Duty of Institutional Investors as Shareholders of Company .................

... An Abstract Test of Fiduciary Accountability ........................................... ... Institutional Investors’ Duties from an ‘Ownership and Control’ Perspective .................................................................. ... Duty to Maximise the Share-value of Beneficiaries ................................... ... Corporate Control with Majority Share-ownership ................................... ... Institutional Investors as Corporate Monitors .......................................... ... Institutional Investors’ Duties in Perspective of the Shadow Director .....

.. Institutional Investors’ monitoring obligations ......................................... ... Enforcement of Fiduciary Duties .............................................................. ... Insertion of Proposed Provisions in the Code and Model Articles of Association ...................................................................... ... Remedy of Constructive Trusts against Institutional Investors ................ ... The Code on Corporate Governance as a Schedule of the Companies Act .......................................................................................... ... Regulatory Framework for Institutional Investors in the Companies Act

.. Corporate Legal Framework in Pakistan .................................................... ... Legal Framework ............................................................................... ... Regulatory Framework ....................................................................... ... Corporate Governance Code ............................................................ ... Remedies under Existing Legal Framework .............................................. ... Derivative Actions .............................................................................. ... Duties of Loyalty and Care ..................................................................

.. Conclusion ....................................................................................................... BIBLIOGRAPHY .....................................................................................................

The Companies Act S. ......................................S. .................................... S. .................................... S. .................................... S. .................................... S. .................................... S. .......................and S. .................................. S. ............,, S. ................................ S. ................... and S. ................................. S. ................................. S. ................................. S. ................................... S. ................................... S. ................................. S. ................................. S. ................................. S. ................................. S. ................................. S. ..................... and S. ................................. S. ................................. S. ................................. S. .................................S. ................................. S. ................... and S. ........, , and S. ..............., and S. ..............., and S. ................, and The Companies Act S................................... The Companies Ordinance S.……………………. S.……………………. S.……………………. S.……………………. S.……………………. S.……………………. S.…………………….

S.……………………. S.……………………. S.……………………. S.……………………. S.……………………. S.…………………….... The Financial Services and Markets Act Part VI................... and S. ....................................... S. ......................... and S. ..................................... S. ................................... S. ................................... S. ................................... S. ................................... S. ................................... S. .................................S. ................................. S. ................... and S. ................................. S. ................................. S. ................................. S. ................................. The Financial Services and Markets Act (Collective Investment Schemes) Order , SI / Art. .............................. The Welfare Reform and Pension Act .......... The Pension Act S. ..................................... S. ...................................S. ................ , & S. ................................... S. ................................... The Charities Act S. ..................................... S. ................................... S. ...................................

TABLE OF STATUTES


Charities and Trustee Investment (Scotland) Act S........................................ S. ............., and S. .................................. The Trustee Investment Act S. ()(a).............................. Trusts (Scotland) Act S. ....................................... The Trustee Act S. ..., & S. ...................... and S. .................... and S. ..................... S. .................................. The Prevention of Fraud (Investment) Act S. ................................... The Supply of Goods and Services Act S. ................................. S. ................................. S. ................................. Insolvency Act S. ................................ Company Directors Disqualification Act S. .................................... S. .................................... S. .................................. Schedule , Art. ........... The German Stock Corporation Law Act (“Aktiengesetz”) [] S. ................................ The FSMA (Regulated Ac-tivities) Order Art. ............................. Art. ................ and Art. ............................. Art. ............................. Art. ............................. Art. .............................

Art. ............................. FSA Hand Book, Listing Rules D. T. R. .......................... L. R. ...., ,,,,, , The Criminal Justice Act Part V................................ OTHER COUNTRIES The Sarbanes-Oxley (SOX) Act , S. .... ........................... S. ................................ S. ................................ S. ................................ S. .................... and S. .................... and S. ................................ S. ...........................S. ........................... S. .................. and S. ................... and S. ................................ S. ................................ S. ................................ S. ................................ S. .................., & S. .............................. S. .............................. Employment Recruitment Income Security Act S. ...........................

EUROPEAN COMMISSION DIRECTIVES

Council Directive //EC of August OJ L , .. ................................................................................ , , and

Council Directive //EC of May amended by Directive //EC, COM// final OJ L , .. ...................... and

Council Directive //EC of April , OJ L , .., , and

Council Directive //EC of June OJ L , .. ................

Council Directive //EC of June OJ L , .. ................

Council Directive //EEC of December OJ L ,.. .... and

Council Directive //EEC (OJ L , ..) .....................................

Council Directive //EEC of May , OJ L , .. ...............

Council Directive //EC of September , OJ L ,.. .............

Council Directive //EC of September , OJ L , .. ......

The Open-Ended Investment Companies (Investment Companies with Vari-able Capital) Regulations , SI / ...................................................

The Open-Ended Investment Companies Regulations , SI / ..........................................................................................................

TABLE OF CASES

Aberdeen Asset Management Plc v the Commissioners for Her Majesty’s Revenue and Customs, [] UKFTT (TC) ....................................................................................... Aberdeen Town Council v Aberdeen University et Al. (-) L.R. App. Cas. ............................................................................ Allen v Gold Reefs of West Africa, Limited,[] Ch. (CA) ....................... Allen V. Hyatt () TLR (PC) .............................................................. Arklow Investments Ltd v Maclean, [] WLR (PC) ................................ Association of British Travel Agents v The Director General of Fair Trading, [] E.C.C. (Competition Commission Appeal Tribunal) ..................... Bartlett v Barclay’s Bank Trust co. Ltd, [] Ch. ................. Black v Brown, S.L.T. (Sh. Ct.) ................................................................ Boulting v Association of Cinematograph, Television and Allied Technicians, [] QB (CA) ................................................................................................... Bristol & West Building Society v Mothew, [] WLR ; [] Ch(CA) ............................................................................................. , Caparo Industries plc v Dickman, [] All ER (HL) ................................ Caron Bclanger Ernst & Young Inc. V. Wise, (Wise Stores Inc.), [] S.C.R. ................................................................................................. Chartebridge Corporation Ltd v Lloyds Bank Ltd, [] All ER (Ch) ...................................................................................... Cherry’s Trustees v Patrick, S.L.T. ......................................................... Harvard College v Amory, () Mass. ( Pick.) ...................................... CMS Dolphin Ltd V Simonet [] BCC (Ch) ............................................ Coleman V. Myers [] N.Z.L.R. ............................................................. Cowan and Others v Scargill and Others,[] Ch. ; [] All ER (Ch)...................................................................... , , Dale v I.R.C., [] AC (HL) ......................................................................... Davie v Edinburgh Corporation S.L.T. ....................................................... Dorchester Finance v Stebbing [] BCLC (Ch) ........................................... Equitable Life Assurance Society v Hyman, [] AC (HL) ....................... Eves v Eves, [] W.L.R. (CA)............................................................... Ex parte Dale, () Ch D ........................................................................ Fine’s Flowers Ltd v General Accident Assurance Co of Canada, [] DLR d) ........................................................................................ Foss v Harbottle, () Hare ....................................................................... Gaiman v National Association for Mental Health, [] All ER (Ch)....................................................................................... George Bray v John Rawlinson Ford, [] A. C. (HL) .................................... Gething v Kilner, [] W.L.R. (Ch) ...........................................................


Glasgow Corporation v Muir, [] All ER (HL) ......................................... GreenhalghvArderneCinemas,LD.andOthers, []Ch. (CA) .......................... Harries v Church commissioners for England, [] W.L.R. (Ch) .... , Hedley Byrn& Co Ltd v Heller & Partners Ltd, [] AC ........................... Heilbut, Symons & Co v Buckleton, [] AC (HL) ....................................... Henderson v Merritt Syndicates Ltd, [] AC ............................................ Heron International Ltd. V Lord Grade [] B.C.L.C. (CA) ..................... Hickman v Kent [] Ch (Ch) ..................................................................... Homburg Houtimport BV v Agrosin Private Ltd, (the Starsin), [] AC (HL) ............................................................................................ Hong Kong Fir Shipping Co v Kawasaki Kisen Kaisha,[] QB . ................. Hospital Products v United States Surgical Corporation, () C.L.R. .............................................................................................. Howard Smith Ltd v AmpolPetrolum Ltd [] AC (PC) ............................. Huisman v Soepboer, S.L.T. ..................................................................... Hussey v Palmer, [] W.L.R. (CA) ....................................................... Imperial Group Pension Trust Ltd Vs Imperial Tobacco Ltd [] All ER (Ch)....................................................................................... Industrial Development Consultant Ltd. V. Cooley [] All E.R. .............................................................................................. Inglis v Inglis, S.C. ........................................................................................ Investor Compensation Scheme v West Bromwich Building Society [] WLR (HL) ......................................................................................... IRC v Pemsel [] AC .................................................................................. KelloggBrown&RootHoldings(UK)LtdvRevenueandCustomsCommissioners, []Bus.L.R. (CA) ........................................................................................ Kelly v Cooper, [] AC (PC) ......................................................................... Land Rover Group Ltd v UPF (UK) Ltd, [] BCLC (QB) ...................................................................................... Liverpool City Council v Irwin, [] AC (HL) .............................................. Mannai Investment Co Ltd v Eagle Star Life Assurance Co Ltd, [] AC (HL) ............................................................................................... Martin v City of Edinburgh District Council, [] S.L.T. .................... , Morrison-Low v Paterson (No.), S.L.T. ................................................... Mutual Life Insurance Company of New York v Rank Organisation Ltd. [] BCLC ...................................................................................................... Nestle v National Westminster Bank Plc,[] WLR (CA) ....................... Paramount Communication Incorporations Inc v Time Inc, () A d ............................................................................................. Parker v McKenna,(-) L.R. Ch. App. ............................................... Pickwell v Camden London Borough Council, [] Q.B. (QB) ..................... Re Astec (BSR) plc. [] B.C.C. (Ch) ............................................. and Re Blue Arrow plc, () B.C.C. (Ch) ........................................................

TABLE OF CASES

Re Hydrodan (Corby) Ltd [] B.C.C. (Ch) ................................................ Re Macro (Ipswich) Ltd & Anor, [] B.C.C. (Ch) .................................... Re Smith and Fawcett Ltd [] Ch (CA) ....................................................... Re Whiteley, () Ch D (Ch) ................................................................... Regal (Hastings) Ltd. v Gulliver and Others [] A.C. (HL) .................... Renwick v Lucking and Another, [] W.L.R. (Ch) ................................. Salomon v. Salomon & Co Limited [] A.C. (HL) ................................ Secretary of State for Trade and Industry v Deverell& Anor [] B.C.C. (CA) ....................................................................................... Selangor United Rubber Estates Ltd v Cradock, [] W.L.R. (Ch) .................................................................................... Seymour v Ockwell& Co, [] PNLR (QB) .................................................. Smith v Liquidator of James Birrell, S.L.T. ............................................... Smith Vs. Anderson () Ch. D. (Ch) ................................................... Soar v Ashwell [] Q.B. (CA) ......................................................... Southern Cross Commodities Property Ltd v Martin, S.L.T. ........................ Speight v Gaunt, App Cas () (HL) at .................................................... Stafford v Conti Commodity Services Ltd, [] All ER QB Div ............... Sykes Vs. Beadon () Ch. D. (Ch) .............................................. , The Duke of Portland v Lady Topham, HL Cas () at ....................... The Institute of Independent Insurance Brokers v The Director General of Fair Trading, [] E.C.C. (AT) ............................................................................................ WestdeutscheLandesbankGirozentrale v Islington London Borough Council, [] AC (HL) ............................................................................................... White v Jones, [] A. C. (HL) .................................................................

corporate governance and institutional ......technology, bahawalpur but later on graduated in arts...

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