Suchergebnisse

The remuneration of directors of listed companies generated a lively debate and even controversy as to their amount or to the principles guiding their determination. This debate is often intensified by vivid media coverage aimed at instigating the public opinion and encouraging the legislator to take up the question. The latter then seeks to regulate the practices in question either by imposing mandatory measures at times, or by encouraging self-regulation at others. This study aims to assess the relevance and effectiveness of all of these rules under the hard law and soft law. Such an examination of the substantive law shows a real inability to provide an answer to the problem of the social acceptability of these remunerations through legal tool. It also reviews the evolution of French legislation during the last twenty years, based on the need for transparency and the development of procedures for determining and awarding the remuneration of directors. Judges do not appear to have effective leverage and means of struggle in the Corporate Laws against the excesses of the remuneration. So many hopes have been based on the principles derived from the soft law and in particular, Corporate Governance, yet those hopes were however deceived in many ways. Finally, the question that remains particularly urgent and haunting is whether the law, be it hard or soft, can be a useful and effective tool for regulating the level of remuneration of directors and executives of listed companies ; Les rémunérations des dirigeants des sociétés cotées suscitent un vif débat tant sur leur montant que sur les principes guidant leur détermination. Ce débat est souvent intensifié par une forte médiatisation prompte à indigner l'opinion publique et à inciter le législateur à se saisir de la question. Celui-ci cherche alors à encadrer les pratiques litigieuses tantôt en imposant des mesures impératives, tantôt en favorisant l'autorégulation. La présente étude a pour ambition d'apprécier la pertinence et l'efficacité de l'ensemble de ces ...

The remuneration of directors of listed companies generated a lively debate and even controversy as to their amount or to the principles guiding their determination. This debate is often intensified by vivid media coverage aimed at instigating the public opinion and encouraging the legislator to take up the question. The latter then seeks to regulate the practices in question either by imposing mandatory measures at times, or by encouraging self-regulation at others. This study aims to assess the relevance and effectiveness of all of these rules under the hard law and soft law. Such an examination of the substantive law shows a real inability to provide an answer to the problem of the social acceptability of these remunerations through legal tool. It also reviews the evolution of French legislation during the last twenty years, based on the need for transparency and the development of procedures for determining and awarding the remuneration of directors. Judges do not appear to have effective leverage and means of struggle in the Corporate Laws against the excesses of the remuneration. So many hopes have been based on the principles derived from the soft law and in particular, Corporate Governance, yet those hopes were however deceived in many ways. Finally, the question that remains particularly urgent and haunting is whether the law, be it hard or soft, can be a useful and effective tool for regulating the level of remuneration of directors and executives of listed companies ; Les rémunérations des dirigeants des sociétés cotées suscitent un vif débat tant sur leur montant que sur les principes guidant leur détermination. Ce débat est souvent intensifié par une forte médiatisation prompte à indigner l'opinion publique et à inciter le législateur à se saisir de la question. Celui-ci cherche alors à encadrer les pratiques litigieuses tantôt en imposant des mesures impératives, tantôt en favorisant l'autorégulation. La présente étude a pour ambition d'apprécier la pertinence et l'efficacité de l'ensemble de ces règles relevant du droit dur et du droit souple. Un tel examen du droit positif montre une réelle incapacité à apporter une réponse au problème de l'acceptabilité sociale des rémunérations par le biais de l'outil juridique. En témoigne l'évolution de la législation française depuis ces vingt dernières années, basée sur l'impératif de transparence et l'évolution des procédures de détermination et d'attribution des rémunérations des dirigeants. Les juges ne semblent pas davantage disposer de leviers efficaces de lutte contre l'excès des rémunérations en droit des sociétés. Maints espoirs ont donc été fondés sur les principes provenant du droit souple et en particulier de la gouvernance d'entreprise, espoirs cependant également déçus à bien des égards. Finalement, demeure particulièrement prégnante la question de savoir si le droit, qu'il soit dur ou souple, peut constituer cet outil utile et efficace de régulation du niveau de rémunérations des dirigeants de sociétés cotées