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BEST INTERESTS: MULTIFACETED BUT NOT UNBOUNDED

Published online by Cambridge University Press:  25 November 2016

Rosemary Teele Langford
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Abstract

The best interests rule – the central fiduciary duty of company directors in a number of common law jurisdictions – encapsulates loyalty between director and company. Its multifaceted nature means that it is employed to impose a number of requirements, as demonstrated in the multi-jurisdictional analysis in this article. Contemporary commentary and cases (such as Moulin Global Eyecare Holdings Ltd. v Mei (2014) 17 HKCFAR 466, recently analysed in this Journal) have, however, doubted the fiduciary classification of the rule. This article defends the rule's fiduciary classification. After examining key facets of the rule, it demonstrates that, although flexible, the rule cannot be stretched to protect stakeholder interests independently of corporate benefit.

Keywords

directors' dutiescompany lawfiduciary dutiesbest interestsgood faithcorporate social responsibilityloyalty
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Articles
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The Cambridge Law Journal , Volume 75 , Issue 3 , November 2016 , pp. 505 - 527
Copyright
Copyright © Cambridge Law Journal and Contributors 2016 

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References

1 See e.g. Madoff Securities International Ltd. (in liq.) v Raven [2013] EWHC 3147 (Comm.), at [188]; British Midland Tool Ltd. v Midland International Tooling Ltd. [2003] EWHC 466 (Ch.); [2003] 2 B.C.L.C. 523, at [81]; Item Software (UK) Ltd. v Fassihi [2004] EWCA Civ 1244; [2005] 2 B.C.L.C. 91, at [41].

2 See e.g. Birds, J., “The Reform of Directors' Duties” in de Lacy, J. (ed.), The Reform of United Kingdom Company Law (London 2003), 151Google Scholar. For analysis of the connection between loyalty and fiduciary duties, which is at times contested, see Gold, A.S. and Miller, P.B. (eds.), Philosophical Foundations of Fiduciary Law (Oxford 2014), chs 5–8CrossRefGoogle Scholar.

3 For detail, see Thomas, G., Thomas on Powers, 2nd ed. (London 2012), 582Google Scholar, at [10.174]; Keay, A., Directors' Duties, 2nd ed. (Bristol 2014), 117–18Google Scholar, at [6.2]; R.T. Langford, Directors' Duties: Principles and Application (Sydney 2014), 74–75, at [4.4].

4 Cheng Wai Tao v Poon Ka Man Jason [2016] HKFCA 23, at [72].

5 See Re Smith and Fawcett Ltd. [1942] Ch. 304, 306. Note, however, Item Software (UK) Ltd. [2004] EWCA Civ 1244; [2005] 2 B.C.L.C. 91 and associated cases, discussed below.

6 See e.g. Duncan v Independent Commission Against Corruption [2016] NSWCA 143, at [426]–[429]. As concerns s. 172, see e.g. Davies, P.L. and Worthington, S., Gower and Davies' Principles of Modern Company Law, 9th ed. (London 2012), 543, at [16–68], 545–46Google Scholar, at [16–72]–[16–73].

7 For detail, see R.T. Langford and I.M. Ramsay, ”Directors' Duty to Act in the Interests of the Company – Subjective or Objective?” [2015] J.B.L. 173; Lo, S.H.C. and Qu, C.Z., Law of Companies in Hong Kong, 2nd ed. (Hong Kong 2015), 282–83Google Scholar, at [8.043]–[8.044].

8 Hutton v West Cork Railway Co. (1883) L.R. 23 Ch. D 654, 671.

9 See Charterbridge Corp. Ltd. v Lloyds Bank Ltd. [1970] Ch. 62, 74.

10 See e.g. Hellard v Carvalho [2013] EWHC 2876 (Ch.); [2014] B.C.C. 337, at [91]–[92]; Madoff Securities [2013] EWHC 3147 (Comm.), at [194]; R.P. Austin and I.M. Ramsay, Ford, Austin and Ramsay's Principles of Corporations Law, LexisNexis (online), at [8.140]; Akai Holdings Ltd. v Thanakharn Kasikorn Thai Chamkat (Mahachon) [2008] HKEC 874, at [325]–[326]; Akai Holdings Ltd. (in liq.) v Kasikorn Bank PCL [2010] 3 HKC 153, at [64].

11 See Corporations Act 2001 (Cth.), s. 185.

12 See e.g. Bell Group Ltd. (in liq.) v Westpac Banking Corp. (No.9) [2008] WASC 239; (2008) 39 W.A.R. 1, at [4383]; Hodgson v Amcor Ltd. [2012] VSC 94; (2012) 264 F.L.R. 1, at [1338]–[1340].

13 See generally Corporations Act 2001 (Cth.), ss. 1317E, 1317G, 1317H, 1317J, 206C.

14 See also Lo and Qu, Law of Companies in Hong Kong, p. 269, at [8.006].

15 See e.g. M. Welsh, “Realising the Public Potential of Corporate Law: Twenty Years of Civil Penalty Enforcement in Australia” (2014) 42 F.L.Rev. 217; J. Harris, A. Hargovan and J. Austin, “Shareholder Primacy Revisited: Does the Public Interest Have Any Role in Statutory Duties?” (2008) 26 C&SLJ 355.

16 See e.g. Westpac Banking Corp. v Bell Group [2012] WASCA 157; (2012) 44 W.A.R. 1.

17 See Company Directors: Regulating Conflicts of Interests and Formulating a Statement of Duties (Law Commission Consultation Paper 261; Scottish Law Commission Paper No. 173 (September 1999)), at [4.40]–[4.41]; Keay, Directors' Duties, p. 60, at [44].

18 See Re West Coast Capital (LIOS) Ltd. [2008] CSOH 72, at [21]; Odyssey Entertainment Ltd. v Kamp [2012] EWHC 2316 (Ch.), at [207]; see also Madoff Securities [2013] EWHC 3147 (Comm.), at [189].

19 For a discussion, see Keay, Directors' Duties, pp. 76–78, at [4.54]–[4.57].

20 For discussion, see Langford, R.T., “General Law and Statutory Directors' Duties: ‘Unmixed Oil and Water’ or ‘Integrated Parts of the Whole Law?’” (2015) 131 L.Q.R. 635Google Scholar.

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23 See e.g. Hogg v Cramphorn Ltd. [1967] Ch. 254, 267–69; Whitehouse v Carlton Hotel Pty. Ltd. (1987) 162 C.L.R. 285, 292–93; Tsang Wai Lun Wayland v Chu King Fai [2009] 5 HKLRD 105, 118–20 at [62]–[69].

24 Eclairs Group Limited v JKX Oil & Gas plc. [2015] UKSC 71.

25 See Shepherds Investments Ltd. v Walters [2006] EWHC 836 (Ch.); [2007] 2 B.C.L.C. 202, at [132]; British Midland Tool Ltd. [2003] EWHC 466 (Ch.); [2003] 2 B.C.L.C. 523, at [89]–[90], [92]; Southern Real Estate Pty. Ltd. v Dellow [2003] SASC 318; (2003) 87 S.A.S.R. 318, at [29]; Motor Trades Association of Australia Superannuation Fund Pty. Ltd. v Rickus (No.3) [2008] FCA 1986; (2008) 69 A.C.S.R. 264, at [71]–[72]; Groeneveld Australia Pty. Ltd. v Nolten (No.3) [2010] VSC 533; (2010) 80 A.C.S.R 562, at [57]–[61].

26 GHLM Trading Ltd. v Maroo [2012] EWHC 61 (Ch.), at [192]–[193]; see also Odyssey Entertainment Ltd. [2012] EWHC 2316 (Ch.), at [273]; IT Human Resources plc. v Land [2014] EWHC 3812 (Ch.), at [121].

27 See e.g. P&V Industries Pty. Ltd. v Porto [2006] VSC 131; (2006) 14 V.R. 1, at [24]–[25].

28 Corkery, J.F., Directors' Powers & Duties (Melbourne 1987), 61Google Scholar (citations omitted).

29 See Austin and Ramsay, Ford, Austin and Ramsay's Principles of Corporations Law, at [8.300]; Langford, Directors' Duties, pp. 133–35, at [8.2.3]; Dignam, A. and Lowry, J., Company Law, 8th ed. (Oxford 2014), 356CrossRefGoogle Scholar, at [14.42].

30 See generally Austin and Ramsay, Ford, Austin and Ramsay's Principles of Corporations Law, at [8.101]; Dignam and Lowry, Company Law, pp. 356–59, at [14.42]–[14.44]. Note that this is a separate duty in the UK – see Companies Act 2006 (UK), s. 173.

31 See e.g. Permanent Building Society (in liq.) v Wheeler (1994) 11 W.A.R. 187, 237–38; Bristol & West Building Society v Mothew [1998] Ch. 1, 16. For discussion, see Langford, R.T., “Book Review Essay – Philosophical Foundations of Fiduciary Law” (2016) 10 J.Eq. 51Google Scholar.

32 See e.g. Savoy Corporation Ltd. v Development Underwriting Ltd. [1963] N.S.W.R. 138; Paul A. Davies (Australia) Pty. Ltd. v Davies (1982) 1 A.C.L.C. 66; Southern Real Estate Pty. Ltd. [2003] SASC 318; (2003) 87 S.A.S.R. 1; JJ Harrison (Properties) Ltd. v Harrison [2001] 1 B.C.L.C. 158; CMS Dolphin Ltd. v Simonet [2001] 2 B.C.L.C. 704.

33 Shepherds Investments Ltd. [2006] EWHC 836 (Ch.); [2007] 2 B.C.L.C. 202, at [106].

34 Sir D. Menzies, “Company Directors” (1959) 33 A.L.J. 156.

35 Parker Re Purcom No. 34 Pty. Ltd. (in liq.) [2010] FCA 263; (2010) 77 A.C.S.R. 525, at [72].

36 See e.g. Chew v The Queen (1991) 5 A.C.S.R. 473; Duncan [2016] NSWCA 143, at [424]–[426].

37 See e.g. Bell Group Ltd. (in liq.) [2008] WASC 239; (2008) 39 W.A.R. 1, at [4520].

38 See e.g. Forge v Australian Securities and Investments Commission [2004] NSWCA 448; (2004) 213 A.L.R. 574, at [238]; Madoff Securities International Ltd. v Raven [2013] EWHC 3102 (Comm.), at [123]; Armitage v Nurse [1997] Ch 241.

39 See e.g. Redmond, P., Corporations and Financial Markets Law, 6th ed. (Sydney 2013), 614–16Google Scholar, at [8.25]; Gower, L.C.B., The Principles of Modern Company Law, 2nd ed. (London 1957), 511–12Google Scholar; Keay, Directors' Duties, p. 283, at [9.47].

40 See e.g. Fitzsimmons v The Queen (1997) 23 A.C.S.R. 355, 363–64.

41 Duncan [2016] NSWCA 143, at [442], [622]–[641].

42 For discussion, see Duncan [2016] NSWCA 143, at [431]–[442], [624]–[634]; Lo and Qu, Law of Companies in Hong Kong, p. 277, at [8.029].

43 See e.g. Adler v Australian Securities and Investments Commission [2003] NSWCA 131; (2003) 179 F.L.R. 1, at [539]; Permanent Building Society (in liq.) v McGee (1993) 11 A.C.S.R. 260, 290; Bell Group Ltd. (in liq.) [2008] WASC 239; (2008) 39 W.A.R. 1, at [4526].

44 See Keay, Directors' Duties, p. 167, at [6.155].

45 See e.g. Maronis Holdings Ltd. v Nippon Credit Australia Pty. Ltd. [2001] NSWSC 448; (2001) 38 A.C.S.R. 404, at [301], [373]; Akai Holdings Ltd. [2008] HKEC 874, at [329], [342]; Akai Holdings Ltd. (in liq.) [2010] 3 HKC 153, at [64], [72], [179], [197].

46 See Thomas, Thomas on Powers, p. 584, at [10.178].

47 See e.g. Walker v Wimborne (1976) 137 C.L.R. 1; Equiticorp Finance Ltd. (in liq.) v Bank of New Zealand (1993) 32 N.S.W.L.R. 50; Extrasure Travel Insurances Ltd. v Scattergood [2003] 1 B.C.L.C. 598.

48 See Walker (1976) 137 C.L.R. 1, 7; see also Bell Group Ltd. (in liq.) [2008] WASC 239; (2008) 39 W.A.R. 1, at [6064], [6088]–[6089]; Geneva Finance Ltd. v Resource & Industry Ltd. [2002] WASC 121; (2002) 169 F.L.R. 152, at [28]; Colin Gwyer & Associates Ltd. v London Wharf (Limehouse) Ltd. [2002] EWHC 2748 (Ch.); [2003] 2 B.C.L.C. 153, at [74]; Hellard [2013] EWHC 2876 (Ch.); [2014] B.C.C. 337, at [91]–[92].

49 See Moulin Global Eyecare Holdings Ltd. v Mei (2014) 17 HKCFAR 467, at [57]–[58].

50 Ibid. See also Tradepower (Holdings) Ltd. v Tradepower (HongKong) Ltd. (2009) 12 HKCFAR 417, at [135]–[137].

51 See e.g. Keay, A., “Directors' Duties and Creditors' Interests” (2014) 130 L.Q.R. 443Google Scholar; Davies and Worthington, Gower and Davies, pp. 519–23, at [16–35]–[16–35].

52 See e.g. Hellard [2013] EWHC 2876 (Ch); [2014] B.C.C. 337, at [92]; Re Pantone 485 Ltd.; Miller v Bain [2002] 1 B.C.L.C. 225, at [68]–[69].

53 See Westpac Banking Corp. [2012] WASCA 157; (2012) 44 W.A.R. 1, at [920], [993], [1011], [1969], [2031]; Hargovan, A. and Harris, J., “For Whom the Bell Tolls: Directors' Duties to Creditors after Bell ” (2013) 35 Syd.L.R. 433Google Scholar; Maslen-Stannage, R., “Directors' Duties to Creditors: Walker v Wimborne Revisited” (2013) 31 C&SLJ 71Google Scholar.

54 See e.g. Spies v The Queen [2000] HCA 43; (2000) 201 C.L.R. 603, at [95]. Note, however, Companies Ordinance (Cap. 622), ss. 728–729; Companies Ordinance (Cap. 32), s. 350B; s. 276.

55 See Hon. Hayne, K.M., “Directors' Duties and a Company's Creditors” (2014) 38 M.U.L.R. 795Google Scholar.

56 See e.g. Breen v Williams (1996) 186 C.L.R. 71, 113; Pilmer v Duke Group Ltd. (in liq.) [2001] HCA 31; (2001) 207 C.L.R. 165, at [74]; Friend v Brooker [2009] HCA 21; (2009) 239 C.L.R. 129, at [84]–[86]; Howard v Federal Commissioner of Taxation (2014) 253 C.L.R. 83, at [56]; M. Conaglen, Fiduciary Loyalty – Protecting the Due Performance of Non-Fiduciary Duties (Portland 2010), 201–03; Conaglen, M., “Fiduciaries”, in McGhee, J. (ed.), Snell's Equity, 33rd ed. (London 2015), 144–46Google Scholar, at [7-008]; Attorney General v Blake [1998] Ch. 439, 455.

57 See e.g. Conaglen, Fiduciary Loyalty, pp. 39, 270; G. Dempsey and A. Greinke, “Proscriptive Fiduciary Duties in Australia” (2004) 25 Aust. Bar Rev. 1; P&V Industries Pty. Ltd. [2006] VSC 131; (2006) 14 V.R. 1, at [23]; cf. Nolan, R. and Conaglen, M., “Good Faith: What Does It Mean for Fiduciaries and What Does It Tell Us about Them?” in Bant, E. and Harding, M. (eds.), Exploring Private Law (Cambridge 2010), 320Google Scholar.

58 Barnes v Addy (1874) L.R. 9 Ch. App. 244.

59 See e.g. Bell Group Ltd. (in liq.) [2008] WASC 239; (2008) 39 W.A.R. 1, at [6034]; Westpac Banking Corp. [2012] WASCA 157; (2012) 44 W.A.R. 1, at [2916]; Maguire v Makaronis (1997) 188 C.L.R. 449, 466; Giradet v Crease & Co. (1987) 11 B.C.L.R. (2d) 361, 362.

60 See e.g. M. Harding, “Disgorgement of Profit and Fiduciary Loyalty” in S. Degeling and J. Varuhas (eds.), Equitable Compensation and Disgorgement of Profits (Oxford, forthcoming).

61 See generally Gold and Miller, Philosophical Foundations, chs 5–8.

62 Bristol & West Building Society [1998] 1 Ch. 1; see further Conaglen, “Fiduciaries”, p. 145, at [7-008].

63 Bristol & West Building Society [1998] 1 Ch 1, 16.

64 Ibid., at p. 18.

65 Ibid., at p. 19.

66 See Conaglen, “Fiduciaries”, p. 171, at [7-039].

67 See note 1 above; Companies Act 2006 (UK), s. 178.

68 See e.g. Re Coalport China Company [1895] 2 Ch. 404, 410; Re Smith & Fawcett Ltd. [1942] Ch. 304, 308; Ngurli Ltd. v McCann (1953) 90 C.L.R. 425, 439–40; Gower, The Principles of Modern Company Law, p. 474.

69 Moulin Global Eyecare Holdings Ltd. v Mei (2014) 17 HKCFAR 466, at [35].

70 Ibid., at para. [36].

71 See e.g. Grand Field Group Holdings Ltd. v Chu King Fai [2014] HKEC 1025, at [166]; Passport Special Opportunities Master Fund L.P. v Esun Holdings Ltd. [2011] 4 HKC 62, at [50]; Artan Investments Ltd. v Bank of East Asia Ltd. [2015] HKEC 1055, at [23].

72 T.K.C. Ng, “Directors' Duty Not to Prefer One Creditor to Another” [2015] C.L.J. 20.

73 See e.g. Conaglen, “Fiduciaries”, p. 144, at [7-008]; Conaglen, Fiduciary Loyalty, p. 1; Bristol & West Building Society [1998] Ch. 1, 18; Breen (1996) 186 C.L.R. 71, 93, 108.

74 Madoff Securities [2013] EWHC 3147 (Comm.), at [188].

75 See e.g. Westpac Banking Corp. [2012] WASCA 157; (2012) 44 W.A.R. 1, 346, at [1962] (Drummond A.J.A.).

76 Heydon, J.D., Leeming, M.J. and Turner, P.G., Meagher, Gummow & Lehane's Equity Doctrines & Remedies, 5th ed. (Chatswood 2015), 211–15Google Scholar, at [5.385]; see also Virgo, G., The Principles of Equity & Trusts (Oxford 2012)CrossRefGoogle Scholar, 487, at [15.3.3].

77 See Thomas, Thomas on Powers, p. 573, at [10.159] (citations omitted).

78 See further Langford, Directors' Duties, pp. 46–49, at [3.3.1.5], pp. 50–52, at [3.3.2.2]; Finn, P.D., “The Fiduciary Principle” in Youdan, T.G. (ed.), Equity, Fiduciaries and Trusts (Ontario 1989)Google Scholar, 1, 28; P.B. Miller, “The Fiduciary Relationship” in Gold and Miller, Philosophical Foundations.

79 See e.g. L. Smith, “Can We Be Obliged to Be Selfless?”, in Gold and Miller, Philosophical Foundations; Miller, “The Fiduciary Relationship”; Harpum, C., “Fiduciary Obligations and Fiduciary Powers: Where Are We Going?” in Birks, P. (ed.), Privacy and Loyalty (Oxford 1997), 145, 160Google Scholar.

80 Grimaldi v Chameleon Mining N.L. (No.2) [2012] FCAFC 6; (2012) 200 F.C.R. 296, at [174].

81 Ibid.

82 See Smith, “Can We Be Obliged to Be Selfless?”.

83 See Smith, L., “Fiduciary Relationships: Ensuring the Loyal Exercise of Judgment on behalf of Another’” (2014) 130 L.Q.R. 608Google Scholar.

84 See Netglory Pty. Ltd. v Caratti [2013] WASC 364, at [349].

85 See Thomas, Thomas on Powers, pp. 572–73, at [10.158].

86 Hospital Products Ltd. v United States Surgical Corporation (1984) 156 C.L.R. 41, 97, emphasis added.

87 See Corporations and Markets Advisory Committee, The Social Responsibility of Corporations (December 2006); Parliamentary Joint Committee on Corporations and Financial Services, Corporate Responsibility: Managing Risk and Creating Value (Commonwealth of Australia, June 2006); Governance Institute of Australia, Shareholder Primacy: Is There a Need for Change? (2014).

88 See further Ho, “Director's Duty”; Barker, S. et al. , “Climate Change and the Fiduciary Duties of Pension Fund Trustees – Lessons from the Australian Law” (2016) 6 Journal of Sustainable Finance & Investment 211CrossRefGoogle Scholar.

89 See Hutton (1883) 23 Ch. D 654, 673, involving gratuitous benefits to employees.

90 See e.g. CalPERS, Towards Sustainable Investment and Operations (2014), 4–5; Australian Council of Superannuation Investors, “ACSI Turns up the Heat on ‘Zero Women Boards'” (Media Release, 10 July 2015); Australasian Centre for Corporate Responsibility v Commonwealth Bank of Australia [2016] FCAFC 80.

91 See e.g. Sjåfjell, B., “The Future of Company Law and Sustainability” in Sjåfjell, B. and Richardson, B. J. (eds.), Company Law and Sustainability (Cambridge 2015)CrossRefGoogle Scholar; L.Q. Johnson, “Relating Fiduciary Duties to Corporate Personhood and Corporate Purpose” in D.G. Smith and A. Gold (eds.), Research Handbook on Fiduciary Law (forthcoming 2016); see also Miller, P.B. and Gold, A.S., “Fiduciary Governance” (2015) 57 Wm.& Mary L.Rev. 513Google Scholar.

92 See Forge [2004] NSWCA 448; (2004) 213 A.L.R. 574, at [381]; Angas Law Services Pty. Ltd. (in liq.) v Carabellas [2005] HCA 23; (2005) 226 C.L.R. 507, at [32].

93 See Corporations Act 2001 (Cth), s. 1324; Companies Ordinance (Cap. 622), ss. 728–729.

94 Australian Institute of Company Directors, The Honest and Reasonable Director Defence (2014).

95 See Ho, “Director's Duty”, p. 17; S.C.C.L.R., Report of the S.C.C.L.R. on the Recommendations of a Consultancy Report of the Review of the Hong Kong Companies Ordinance (2000), 92–93; Corporations and Markets Advisory Committee, The Social Responsibility of Corporations (December 2006); cf. Greenfield, “The Third Way” (2015) 7 Seattle U.L.Rev. 749.

96 See Australian Securities and Investments Commission v Mariner Corp. [2015] FCA 589; (2015) 106 A.C.S.R. 343; Herzberg, A. and Anderson, H., “Stepping Stones – From Corporate Fault to Directors' Civil Liability” (2012) 40 F.L.Rev. 181Google Scholar.

97 See e.g. Wan, W.Y., “The Illegality Defence in Corporate Law Claims Against Directors and Officers” (2016) 46 H.K.L.J. 1Google Scholar.

98 A. Keay, The Corporate Objective (Cheltenham 2011).

99 Ibid., at pp. 295–96, 301.

100 See e.g. Companies Act 2006 (UK), ss. 414A–C; Corporations Act 2001 (Cth.), ss. 1013D(1)(l), 299(1)(f), 299A; A.S.X. Corporate Governance Council, Corporate Governance Principles and Recommendations, 3rd ed. (2014), principles 3 and 7.4; see also H.K.Ex., Main Board Listing Rules (2015), Appendix 27. For a discussion of potential liability, see Baxt, R., “The Importance of a Culture of Compliance” (2013) 41 A.B.L.R. 106Google Scholar; du Plessis, J. and Rühmkorf, A., “New Trends Regarding Sustainability and Integrated Reporting for Companies – What Protection do Directors Have?” (2015) 36 Co.Law. 51Google Scholar; Davies and Worthington, Gower and Davies, pp. 781–83, at [21–28]–[21–29].

101 See du Plessis, J.J., “Disclosure of Non-Financial Information: A Powerful Corporate Governance Tool” (2016) 34 C&SLJ 69Google Scholar; see also B. Choudhury, “Social Disclosure” (2016) Berkeley Business Law Journal (forthcoming); du Plessis, J.J., “Shareholder Primacy and Other Stakeholder Interests” (2016) 34 C&SLJ 238Google Scholar.

102 See Hong Kong Exchanges and Clearing Limited, “Exchange to Strengthen ESG Guide in Its Listing Rules” (News Release, 21 December 2015).

103 See Department for Business, Innovation and Skills (UK), Community Interest Companies: Information and Guidance Notes (November 2015); BLab, Developing Model Legislation for Australian B Corps, available at <http://bcorporation.com.au/benefitcorp_au>.