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3 results

  • 10 - Intermediate Results

  • from Part IV - Deficiencies of Formal Approaches to Group Transparency in EU Law
  • Linn Anker-Sørensen
  • Book:
    Corporate Groups and Shadow Business Practices
    Published online:
    04 May 2022
    Print publication:
    28 April 2022, pp 257-262

  • Summary

    This chapter contains intermediary results from the analysis on legal deficiencies identified in the accounting, corporate, and securities law. It focuses on the misguiding norm of adding new topics to disclosure agendas without careful consideration of the value the addition of information may bring. This leads to increased compliance costs, “boilerplate compliance,” and information overload. In addition, more information may give the impression of enhanced group transparency such as the amended disclosure regime for major holdings in listed companies, where the reality is that innovative business models still fly under the regulatory radar.

Corporate Groups and Shadow Business Practices
  • Linn Anker-Sørensen
  • Published online:
    04 May 2022
    Print publication:
    28 April 2022
  • The uniqueness of this book is its conceptualization of a corporate group as a system of interaction, comprised of nodes, links and internal governance tools. This framework can be used to understand what constitutes a group, based on affiliation-linkages. By increasing our perception of group-structuring we can assess the extent to which existing laws address all variables. If the law does not consider certain variables to be used for identifying groups, a case of shadow business may be identified. Group-transparency is a recurring topic on the regulatory agenda. In this book, three legal domains are analysed questioning whether specific amendments have led to increased group-transparency: the control-definition for consolidated accounts, shareholder-transparency in company law, and major holding disclosure in listed companies. This book identifies deficiencies of the law in obtaining its regulatory objective of group-transparency, and proposes an interpretative solution based on Systems Thinking.

  • 15 - Bringing It All Together

  • from Part VI - Results
  • Linn Anker-Sørensen
  • Book:
    Corporate Groups and Shadow Business Practices
    Published online:
    04 May 2022
    Print publication:
    28 April 2022, pp 287-290

  • Summary

    This chapter points to the importance of addressing shadow business practices through a functional perception of de facto control. The book has shown that shadow business practices are a potential outcome whenever a formal definition of control is applied. I conclude by arguing that the European Union should strive to use its power as a norm creator to establish a harmonized concept of de facto control based on a Systems Thinking approach.