THE MONSTER THEORY: SETTING THE BOUNDARIES OF CORPORATE FINANCIAL MALPRACTICE
No Thumbnail Available
Date
2015-04-08
Authors
Abugu, J. E.
Journal Title
Journal ISSN
Volume Title
Publisher
University of Lagos Press and Bookshop Ltd
Abstract
This lecture is about companies and company securities. It addresses the challenges of investing in companies. It depicts to the audience, the monster in the corporate form of doing business. The monster, it asserts, is in the very nature of the corporate form, which is exacerbated by our legislators and law reformers who fail to give attention to detail and in not attending to the causes of corporate failures. Other aspects of the monster were attributed to the puppeteers who run corporate organizations – directors and managers and, of course, our human nature to constitute ourselves ‘monsters’ to everything around us in the quest for dominion and maximization of profits.
The lecture conceives the modern corporation and its directors/managers as monsters created by the law that must be gagged, tamed and made amenable to the wealth-creating objectives of investors of capital. The central theme of this lecture is how directors and managers of companies have constituted themselves monsters for investors of capital. It shows how the law has grappled with these monsters, the shortcomings of the extant legal regime and suggestions to hold these monsters more responsible to investors and society.
Description
Inaugural Lecture 2015
Keywords
Corporate Law, Company Securities, Financial Crime, corporate malpractice
Citation
Inaugural Lecture 2015