| Abstract [eng] |
The proper balance between the interests of minority and majority shareholders is the condition precedent not only for the smooth functioning of every company, but also for the existence of developed, dynamic and robust securities‘ markets and attractive environment for investments. The author of this master thesis takes the view that there is a causal link between the economic growth and the protection of investors that is provided for by the respective legal system. It is one of the main reasons why the author chose to carry out the analysis of protection of listed companies‘ minority shareholders‘ interests, while identifying and evaluating the state of the art, the problematics of assuring rights of the minority shareholders as well as analyzing potential solutions to solving such problems. The main focus in the first and second part of the thesis is directed towards analysis of main factors driving the company acquisition and takeover activity, as well as towards identifying the main risks with which the minority shareholders are faced during the concerned processes. Moreover, the existence of need for specific protection of minority shareholder interests is also being investigated. The third part of the thesis contains analysis of existing legal regulations directed towards protection of minority shareholders‘ rights while identifying the main provisions of such legislation and the problematics of their enforcement. The author then provides its own assessment as regards the justification and efficiency of such provisions. The main focus in the fourth parth of the thesis is paid to the analysis of rights and obligations of the companies‘ management bodies during the takeover or acquisition processes. Moreover, taking into consideration the best practices of other jurisdictions, different approaches and disparities in the respective regulations and the causes behind such differences, the author provides his assessment with respect to the question as to which model concerning the competences of management bodies would be most suitable solely from the perspective of protection of minority shareholders‘ interests in the Republic of Lithuania. |
