FIDUCIARY GAME RULES AND THE GOVERNANCE NATURE IN THE COMPANY

The author considers features of relationships between the fiduciary (management, board of director) and shareholders (beneficiaries). The nature of fiduciary relations is connected with «a critical resource» (assets) of the beneficiary. In the company economic interests of various participants (sh...

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Autor principal:	S. I. Lutsenko
Formato:	article
Lenguaje:	RU
Publicado:	Real Economics Publishing House 2019
Materias:	fiduciary relationships critical resource theory beneficiary shareholder fiduciary management discretion loyalty resources Risk in industry. Risk management HD61
Acceso en línea:	https://doaj.org/article/fac1d80cf673467fbd2f4b551218d402
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id	oai:doaj.org-article:fac1d80cf673467fbd2f4b551218d402
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spelling	oai:doaj.org-article:fac1d80cf673467fbd2f4b551218d4022021-11-19T10:42:00ZFIDUCIARY GAME RULES AND THE GOVERNANCE NATURE IN THE COMPANY2618-947X2618-998410.17747/2618-947X-2019-2-144-155https://doaj.org/article/fac1d80cf673467fbd2f4b551218d4022019-07-01T00:00:00Zhttps://www.jsdrm.ru/jour/article/view/837https://doaj.org/toc/2618-947Xhttps://doaj.org/toc/2618-9984The author considers features of relationships between the fiduciary (management, board of director) and shareholders (beneficiaries). The nature of fiduciary relations is connected with «a critical resource» (assets) of the beneficiary. In the company economic interests of various participants (shareholders, management) face. Delegation discretion the shareholder to the management will allow to build together with the shareholder effective economic strategy of the company, under condition of execution of fiduciary duties. The management possesses administrative immunity within the limits of application of the business judgment rule. Actions of the management at transaction fulfilment should have real character, possess economic sense, a rationality and to promote achievement of economic benefit in the form of increase to shareholder value. The special attention is given to the fiduciary nature of interaction. Imposing of fiduciary duties on the management allows the beneficiary to protect the company from destruction of shareholder value. The shareholder should specify such game rules that the management was unable break them or, at least, cost of their infringement would be above reception of personal benefit. Fiduciary principles allow to soften the conflict between management and the shareholder. Besides, the fiduciary mechanism possesses a preventive element, keeping the company from destruction. The given obligation of loyalty protects resources of the shareholder from wrongful acts from the management. Fiduciary principles allow to balance economic interests between a management and shareholders.S. I. LutsenkoReal Economics Publishing House articlefiduciary relationshipscritical resource theorybeneficiaryshareholderfiduciarymanagementdiscretionloyaltyresourcesRisk in industry. Risk managementHD61RU Strategičeskie Rešeniâ i Risk-Menedžment, Vol 10, Iss 2, Pp 144-155 (2019)
institution	DOAJ
collection	DOAJ
language	RU
topic	fiduciary relationships critical resource theory beneficiary shareholder fiduciary management discretion loyalty resources Risk in industry. Risk management HD61
spellingShingle	fiduciary relationships critical resource theory beneficiary shareholder fiduciary management discretion loyalty resources Risk in industry. Risk management HD61 S. I. Lutsenko FIDUCIARY GAME RULES AND THE GOVERNANCE NATURE IN THE COMPANY
description	The author considers features of relationships between the fiduciary (management, board of director) and shareholders (beneficiaries). The nature of fiduciary relations is connected with «a critical resource» (assets) of the beneficiary. In the company economic interests of various participants (shareholders, management) face. Delegation discretion the shareholder to the management will allow to build together with the shareholder effective economic strategy of the company, under condition of execution of fiduciary duties. The management possesses administrative immunity within the limits of application of the business judgment rule. Actions of the management at transaction fulfilment should have real character, possess economic sense, a rationality and to promote achievement of economic benefit in the form of increase to shareholder value. The special attention is given to the fiduciary nature of interaction. Imposing of fiduciary duties on the management allows the beneficiary to protect the company from destruction of shareholder value. The shareholder should specify such game rules that the management was unable break them or, at least, cost of their infringement would be above reception of personal benefit. Fiduciary principles allow to soften the conflict between management and the shareholder. Besides, the fiduciary mechanism possesses a preventive element, keeping the company from destruction. The given obligation of loyalty protects resources of the shareholder from wrongful acts from the management. Fiduciary principles allow to balance economic interests between a management and shareholders.
format	article
author	S. I. Lutsenko
author_facet	S. I. Lutsenko
author_sort	S. I. Lutsenko
title	FIDUCIARY GAME RULES AND THE GOVERNANCE NATURE IN THE COMPANY
title_short	FIDUCIARY GAME RULES AND THE GOVERNANCE NATURE IN THE COMPANY
title_full	FIDUCIARY GAME RULES AND THE GOVERNANCE NATURE IN THE COMPANY
title_fullStr	FIDUCIARY GAME RULES AND THE GOVERNANCE NATURE IN THE COMPANY
title_full_unstemmed	FIDUCIARY GAME RULES AND THE GOVERNANCE NATURE IN THE COMPANY
title_sort	fiduciary game rules and the governance nature in the company
publisher	Real Economics Publishing House
publishDate	2019
url	https://doaj.org/article/fac1d80cf673467fbd2f4b551218d402
work_keys_str_mv	AT silutsenko fiduciarygamerulesandthegovernancenatureinthecompany
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FIDUCIARY GAME RULES AND THE GOVERNANCE NATURE IN THE COMPANY

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