Equal Treatment of Shareholders Following the Audiolux Case
Equal Treatment of Shareholders Following the Audiolux Case

Author(s): Paweł Mazur
Subject(s): Law on Economics, EU-Legislation, Commercial Law, Court case
Published by: ADJURIS – International Academic Publisher
Keywords: corporate law; equality; equal treatment of shareholders; EU law; fairness; fair treatment; good faith; principles of law;
Summary/Abstract: This paper analyses the development of equal treatment of shareholders in EU law and argues that the Audiolux case does not end the discussion weather equal treatment of shareholders is a general principle of corporate law. EU secondary law and national statutes regulate aspects of equal treatment of shareholders. However, it is not always required to treat shareholders in the same way. They may be treated unequally, if necessary, as long as such treatment is proportionate, and justified by legitimate corporate purposes. In addition, decisions formally applied to all shareholders may be inadmissible if they unfairly discriminate while preserving the appearance of equality. Corporate law thus emphasizes fair treatment over strict equality, a position also supported by economic reasoning.

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