„მეწარმეთა შესახებ" საქართველოს კანონში ცვლილების შეტანის თაობაზე"
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- დარგობრივი ეკონომიკისა და ეკონომიკური პოლიტიკის კომიტეტი წამყვანი კომიტეტი
📅 დამატებითი ინფორმაცია
ბიუროზე განხილვის თარიღი 2014-02-20
ბიუროს ნომერი 146
📜 ტექსტი
საკანონმდებლო წინადადება
Fiduciary duty
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llrobgCb6o6orn qr3gbob 6r6boqr3olr lsg6ottser6olrcr 6g666otr 0"C6
Ooqgbgq,o 6rqt$g3ggoq,3br brjOgbg # 42 ILM 788 (2003)r (,,rff! 3er0Jr6or
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http://www.echr.coe.int/library/DlGDOC/DG2IHRHAND/DG2-EN-HRHAND-04(2003).pdf
6
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7
otr. qrr6.r6ortso Barcelona Traction-b bsj03 ("Barcelona Traction, Light and Power Company, Limited,
|udgment, I.C.|. Repons 1970, p.3.) ,6o0gq,bg6 Ooooorgbgq'or .r{9sEo.:6ol.r ggq,gb:ors gg6r'rJ3q,o
brbrOs6orqx,rb grqrs$g33goqgOrtso,$grotexim and Others v. Crreece".
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t6o0q,g8o6 0ooxrorgOgq'os {6<'10:
60. lt follows that companies may claim in respect of interferences with their property. But
shareholders generally have no claim based on damage to a company. The "piercing of the
corporate veil" will only exceptionally be permitted, as when a company is unable to make a
claim through its organs or liquidators."
or166016o:
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,rq6o36gq,o 0o0r0r r0oqCb0q.tor W)r0or6ob ggqrgbrcnr 66oJgq,o b.rbl0t6orq,ol-r
AJqgJ$ffiCOoE CboeJb ,rA.grotexim and Others v. Greece".
ob. 6,:qQr$$C6oq,gbob Ogbq,o #66:
66. Concemed to reduce such risks and difficulties the Court mnsiders that the piercing of
the "corporate veil" or the disregarding of a company's legal personality will be justified
only in exceptional circumstances, in particular where it is clearly established that it is
impossible for the company to apply to the Convention institutions through the organs
set up under its articles of incorporation or - in the event of liquidation - through its
liquidators. The Supreme Courts of certain member States of the Council of Europe
have taken the same line. This principle has also been confrmed with regard to the
diplomatic protection of companies by the Intemational Court of Justice (Barcelona
Traction, Light and Power Company Limited, judgment of5 February 1970, Reports of
judgments, advisory opinions and orders 1970, pp. 39 and 41, paras. 56-58 and 66).
$g16o: http:iihudoc.echr.coe.int/sites/eng/pages/search.aspx?i:001-57951#
{"itemid":["001-
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Human Rights Council) 0o96,6er0gq,o6 Jo6CgrJo6 0t6olgbgb cgg6q.r6ogq,o ln6Bgq'ol.r
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7
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endorsed by OECD Ministers in 1999"), <6rn8gq,o6 Jo6qrs3o6 0.r6o$3bb qgX{6oglgogqro
It;6Bgq,olr $r6q.o6C6ob ggqrgbsErnl-toq,gb,>b.
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6IqQ;SU3COoE gbs brj0gcfu # 42 ILM 788 (2003)ttt (,,rtsE 3<n6Jr6or CMS-ob b.rjOg
r66C6$o6ob $oEsq0qgg6"), 6r'10q,olt 4{i- 6r$oq,ob cDrbrbflre:
,,g6obg6.rqrol-t rb6oor, oJEJACqg6crgC lng6cn.rtsrn6olrtn lrr0r6orrqro 16 ts9o6;gb 16rbro6
.:36d.rq,g.rb o0olr.r, 6rn0 3o0Jr6ogbob q_o$ggdbgbqrgbOr orr3rqr 3cn0Jr6o3bob6r6
erAoUJoSQCbq,re $s6rqr6o6ob br6Bgq,gbo 3rn0J.r6o5bob brlrs66gbq,erq9, o0
09066rtso6 Jo, ol3 106316cl qr0ggdbgbqpbo $,:60oq.op6gb 0obcr6ogr6gqr rE
.r6s0;3o6g6rnq,o6gbgq, qg$ggdfu\,gbb" (,,48. The Tribunal therefore finds no bar in
current intemational law to the concept of allowing claims by shareholders independently from
those of the corporation concemed, not even if those shareholders are minority or noncontrolling shareho lders. ").
$916r'r: http://italaw.com/sites/default/files/case-documents/ita0l83.pdf
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2011 $q,ob I 0s66b ob6rgq,olr ,,69$r6Egor,: tsgb,:bgb" 1999 $q,ob 3r6rn6tso
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6o0gq,og oboq,rglr qrg$ogsgogqr b.:5Bgqrgbb (Tel Aviv District Court's
Specialised Department to consider class action and derivative suits").
1.7
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Limited, ]udgment, I.C.]. Repons 1970, p. 3.) , 6rn05q,%96 Oocnoorgbgq,or
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ggoq,gboq.orb fu,: j63'bX Suominen v.
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INTERNATIONAL CENTRE FOR SETTLEMENT OF I}.I\IESTMENT DISPUTES (ICSID): CMS GAS
TRANSMISSION COMPANY V. THE RIPUBUC OF ARGENTINA[]uly 17, 20031 +Cite as 42ILM 788 (2003)+:
48. The Tribunal therefore finds no bar in current international law to the concept of allowing claims by
shareholders independently from those of the corporation concerned, not even if those shareholders are minority or
non-contolling strareholders.
8
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http://www.oecd.orsldaf/calcorporatesovernanceprinciples/31557724.pdf
OECD Principles
of Corporate Governance
Minoritv shareholders should be protected from abusive actions by. or in
the interest of. controlline shareholders acting either directlv or indirectlv.
and should have effective means of redress.
Many publicly traded companies have a large controlling shareholder.
While the presence of a controlling shareholder can reduce the agency
ln addition to disclosure, a key to protecting minority shareholders is a
clearly articulated duty of loyalty by board members to the company and
to all shareholders. lndeed, abuse of minority shareholders is most
pronounced in those countries where the legal and regulatory framework
is weak in this regard. A particular issue arises in some jurisdictions
where groups of companies are prevalent and where the duty of loyalty of
a board member might be ambiguous and even interpreted as to the group.
ln these cases, some countries are now moving to control negative effects
by specifying that a transaction in favour of another group company must
be offset by receiving a corresponding benefit from other companies of
the group.
Other common provisions to protect minority shareholders, which have
proven effective, include pre-emptive rights in relation to share issues,
qualified majorities for certain shareholder decisions and the possibility to
use cumulative voting in electing members of the board. Under certain
circumstances, some jurisdictions require or permit controlling
shareholders to buy-out the remaining shareholders at a share-price that is
established through an independent appraisal. This is particularly
important when controlling shareholders decide to de-list an enterprise.
Other means of improving minority shareholder rights include derivative
and class action law suits. With the common aim of improving market
credibility, the choice and ultimate design of different provisions to
protect minority shareholders necessarily depends on the overall
regulatory framework and the national legal system
iii
...
INTERNATIONAL CENTRE FOR SETTLEMENT OF II\N/ESTMENT DISPUTES (ICSID): CMS GAS
TRANSMISSION COMPAI.IY V. THE REPUBUC OF ARGENTINA13
/{-
[]uly 17, 20031 +Cite as 42 ILM 788 (2003)+:
48. The Tribunal therefore finds no bar in current international law to the concept of allowing claims by
shareholders independently from those of the corporation concerned, not even if those shareholders are minority or
non-controlling shareholders.
iv
52. International law may not, in some fields, provide specific rules in
pafticular cases. In the concrete situation, the company against which
allegedly unlawful acts were directed is expressly vested with a right,
whereas no such right is specifically provided for the shareholder in
respect of those acts. Thus the position of the company rests on a positive
rule of both municipal and international law. As to the shareholder, while
he has certain rights expressly provided for him by municipal law as
referred to in paragraph 42 above, appeal can, in the circumstances ofthe
present case, only be made to the silence of international law.
55. The Coun wiII now examine other grounds on which it is con-
ceivable that the submission by the Belgian Government of a claim on
behalf of shareholders in Barcelona Traction may be justified.
56. For the same reasons as before, the Court must here refer to
municipal law. Forms of incorporation and their legal personality havesometimes not been employed for the
sole purposes they were originally
intended to serve; sometimes the corporate entity has been unable to
protect the rights of those who entrusted their financial resources to iu
thus inevitably there have arisen dangers of abuse, as in the case of many
other institutions of law. Here, then, as elsewhere, the law, confronted
with economic realities, has had to provide protective measures and
remedies in the interests of those within the corporate entity as well as of
those outside who have dealings with it: the law has recognized that the
independent existence ofthe legal entity cannot be treated as an absolute.
It is in this context that the process of"lifting the corporate veil" or
"disregarding the legal entity" has been found justified and equitable in
certain cirsumstances or for certain purposes. The wealth of practice
already accumulated on the subject in municipal law indicates that the
veil is lifted, for instance, to prevent the misuse of the privileges of legal
personality, as in certain cases of fraud or malfeasance, to protect third
persons such as a creditor or purchaser, or to prevent the evasion oflegal
requirements or of obligations.
57. Hence the lifting of the veil is more frequently employed from
without, in the interest of those dealing with the corporate entity. However, it has also been operated from within, in the interest of-anlong
others-the shareholders, but only in exceptional circumstances.
58. In accordance with the principle expounded above, the process of
lifting the veil, being an exceptional one admitted by municipal law in
respect of an institution of its own making, is equally admissible to play
a similar role in international law. It follows that on the international
plane also there may in principle be special circumstances which justify
the lifting of the veil in the interest of shareholders.
http ://www.ici-cij.ore/docket/fi
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les/50/53 87.pdf
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დანართი
Fiduciary duty
- good faith, loyalty and due care
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Anicle 316
Recognising the importance of an effecdve s€t of rules and practices in the areas of company law and corporate
govemance, as well as in accountin6 and auditin6 for creating a fully-functioning market economy and for
fostering trade, tie Parties agree to cooperate:
(a) ou the protectio of rhs.rcholderr, cr€diton and other stakeholders in line with EIJ ruler irr thir 3p3;
(b) on the implementation of relevant international standards at national level and gradual approximation rvith
EU rules in the field ofaccounting and auditing and
(c) on funher development of corporate governance policy in line with international standards, as well as
with the EU rules aad recommendations in this area.
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60. lt follows that companies may claim in respect of interferences with their property. But
shareholders generally have no claim based on damage to a company. The "piercing of the
corporate veil" will only exceptionally be permitted, as when a company is unable to make a
claim through its organs or liquidators."
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66. Concerned to reduce such risks and difficulties the Court mrxiders that the piercing of
the "corporate veil' or the disregarding of a company's legal personality will be justified
only in exceptional circumstances, in particular where it is clearly established that it is
impossible for the company to apply to the Convention institutions through the organs
set up under its articles of incorporation or - in the event of liquidation - through its
liquidators. The Supreme Courts of certain member States of the Council of Europe
have taken the same line. This principle has also been confirmed with regard to the
diplomatic protection of companies by the Intemational Court of Justice (Barcelona
Traction, Light and Power Company Limiled, judgment of 5 February 1970, Reports of
judgments, advisory opinions and orders 1970, pp.39 and 41, paras. 56-58 and 66).
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iNTERNATIONAI CENTRE FOR SETTI.EMENT OF II.IVESTMENT DISPUTES (ICSID): CMS GAS
TRANSMISSION COMPA}.TY V. 'TIIE REPUBUC OT ARGENTINA'
[July 17, 20G] +Cite as 42ILM 788 (2003)+:
48, The Tribunal ther€fore finds no bar in current lnternational law to the concept of allolving
claims by shareholders independently from those of the corporation ooncerned, trot cven if those
shareholders f,re minority or non-controlling shareholders.
ii
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http://www.oecd.ors/daflcalcoroorateqovernanceprinciples/31557724.odf
oEcD Principl€s
of Corporate Governance
Minority shareholders should be orotected from abusive actions bv. or in
the interest of. controllins sha.eholders actins either directlv or indirestlv.
and should have effective means of redress.
Many publicly traded companies have a large controlling shareholder.
While the presence of a controlling shareholder can reduce the agency
ln addition to disclosure, a key to protecting minority shareholders is a
clearly articulated duty of loyalty by board members to the company and
to all shareholders. lndeed, abuse of minority shareholders is most
pronounced in those countries where the legal and regulatory framework
is weak in this regard. A particular issue arises in some iurisdictions
where groups of companies are prevalent and where the duty of loyalty of
a board member might be ambiguous and even interpreted as to the group.
ln these cases, some countries are now moving to control negative effects
by specifying that a transaction in favour of another group company must
be offset by receiving a corresponding benefit from other companies of
the group.
Other common provisions to protect minority shareholders, which have
proven effective, include pre-emptive rights in relation to share i5sues,
qualified majorilies for certain shareholder decisions and the possibility to
use cumulative voting in electinB members of the board. Under certain
circumstances, some jurisdictions require or permit controlling
shareholders to buy-out the remaininB shareholders at a share-price that is
established through an independent appraisal. This is particularly
important when controlling shareholders decide to de-list an enterprise.
Other means of Improvlns minoritv shareholder rishtr Include derivative
and class action law suits. with the common aim of improving market
l3
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credibility, the choice and ultimate derign of different provisions to
protect minority shareholders necessarily depends on the overall
regulatory framework and the national legal system
INTXRNATIONAL CENTRE FOR SETTLEI\,{EM OF II.'{VESTMENT DISPUTES (ICSID): CMS GAS
TMNSMISSION COMPA},IY V. THE REPUBLIC OF ARGENTINA'
[July 17, 206] +Cite as 42 ILM 788 (2003)+:
4E, Thc Tribunal thcreforc 6nds no bar in current intcrnational law to the conccpt of allowing claims by
shareholders independertlv ftom drose ofthc comoration concemed. not eren if thosc shareholders arc minoritv or
non-controllinq shareholders.
l'
52. Inte-ational law may not, in some fiekls, provide specific rules iu
particular cases. In the concrete situation, the company against which
allegedly unlawful acts were directed is expressly vested with a right,
whereas no such right is specifically provided for the shareholder in
respect ofthose acts. Thus the position ofthe company rests on a positive
rule ofboth municipal aod iaternational law. As to the shareholder, while
he has cenain rights expressly provided for him by municipal law as
referred to in paragraph ,12 above, appeal can, in the circumstances of the
present case, only be made to the silence of intemational law.
55. The Coun will now examine other grouuds on which it is con-
ceivable that the stbmission by the Belgian Covemment ofa claim on
behalf of shareholders in Barcelona Traction may be iustified.
56. For the same reasons as before, the Coun must here refer to
municipal law. Forms of incorporation and their legal personaliry havesometimes not been employed for the
sole purposes they were odgina.lly
intended to serve; sonetimes the corporate entity has been unable to
protect the righB ofdrose wbo entrusted their fi:rancial resou.rces to it;
thus inevitably there have ariseu dangen of abuse, as in the case of many
other institutions of law. Here, then, as elsewhere, rhe law, conftonted
with economic realities has had to provide protective measures and
remedies in the interests ofthose within the corporate endry as well as of
those ouuide who have dealings with it: the law has recognized rhat fie
independent existence oftle legal entity cannot be ueatd as ar absolure.
It is in this context rhat the process of'lifting the corponte veil' or
"disregarding the legal entity' has been found justified and equitable in
certai.n cirsunstarces or for cenain purposes. The wealth of practice
already accumulated on the subiect in municipal law indicates that the
veil is lifted, for instance, to prevenr the misuse ofthe privileges oflegal
personality, as in cenain cases of Faud or malfeasance, to protect thitd
persons such as a creditor or purchaser, or to prevent the evasion oflegal
requirements or of obligations.
57. Hence the lifting of the veil is more frequendy employed from
witlout. in rhe interest ofthoce dealing with the corporate entiw. However. it has also been oD€rated frotn within. iu the interest of-adonp
others-the shareholderr. but only in exceptional circunstapces.
58. ln accordance with the pri.nciple expounded above, the process of
lifting the veil, being an exceptioDal oDe admitted by muuicipal law in
respect of an institution of its own makilg, is equally admissible to play
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a similar role in intemational [aw. It followB that on the iptematioEd
plane also ttrere mey in principle be special circumsames which justifr
ttre liftiag of ttre veil in the iatercst of sharcholders.
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