Title

Constraining fat cats in corporate cathedrals: neo-liberalism, corporate law and unreasonable remuneration of directors

Document Type

Article

Publication details

Orr, JL 2002, 'Constraining fat cats in corporate cathedrals: neo-liberalism, corporate law and unreasonable remuneration of directors', Southern Cross University Law Review, vol. 6, pp. 204-248.

Published version available from:

http://www.austlii.edu.au/au/journals/SCULawRw/2002/

Peer Reviewed

Peer-Reviewed

Abstract

Concerns expressed as to why some executives of large public companies become rich to such an extraordinary extent, ultimately at the expense of shareholders - directors' remuneration should be constrained to a level that is reasonable given all the circumstances - neo-liberalism is the normative focus of corporate law but the ideology of neo-liberalism fails to address the abuse of the remuneration process - how the norms of corporate law are predominantly informed and constructed in accordance with neo-liberal ideology - a shift in corporate law's normative focus on the fiduciary requirement of good faith and equitable doctrines is suggested as a means of restraining unreasonable remuneration of some company directors.