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Reviewing Directors' Business Judgements: Views from the Field

Keay, A, Loughrey, J, McNulty, T, Okanigbuan, FA and Stewart, A (2020) Reviewing Directors' Business Judgements: Views from the Field. Journal of Law and Society, 47 (4). pp. 639-665. ISSN 0263-323X

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Abstract

Directors take decisions that can have significant impacts on others, as illustrated by the global financial crisis and the collapse of Thomas Cook Group plc. Yet many academics argue that courts should not review or impose liability on directors for poor business judgements. These arguments often rely on untested empirical assumptions about directors’ behaviour and attitudes. Through semi‐structured interviews and focus groups, we explored the responses of directors, legal practitioners, company secretaries, and board headhunters to the prospect of judicial review of directors’ business judgements. Our findings challenge orthodox thinking: many directors supported some form of review and the impact of review may not be as great as the literature predicts, nor necessarily detrimental. The debate about whether courts should review directors’ business judgements should therefore move away from reliance on negative empirical assumptions about the impact of review, to clearly articulating, and engaging with, normative positions that underpin opposition to, and support for, review.

Item Type: Article
Additional Information: This is the peer reviewed version of the following article: KEAY, A., LOUGHREY, J., McNULTY, T., OKANIGBUAN, F. and STEWART, A. (2020), Reviewing Directors’ Business Judgements: Views from the Field. J. Law Soc., 47: 639-665 which has been published in final form at https://doi.org/10.1111/jols.12257. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions.
Uncontrolled Keywords: 1602 Criminology, 1608 Sociology, 1801 Law
Subjects: H Social Sciences > HF Commerce > HF5001 Business
K Law > KD England and Wales
Divisions: Law
Publisher: Wiley
Related URLs:
Date Deposited: 17 Feb 2021 16:53
Last Modified: 17 Feb 2021 16:53
DOI or Identification number: 10.1111/jols.12257
URI: https://researchonline.ljmu.ac.uk/id/eprint/14307

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