Implied (Implicit) Limitations on Corporate Governance

Abstract

The author examines the compliance of the legal nature of the company with the principle of social justice. The shareholder has priority in corporate governance by virtue of the economic and legal status. The interests of a participant (shareholder) are derived from the interests of a commercial organization. The goals of the company must take into account the interests of other stakeholders in modern conditions. The author proposes a tool of “implied limitations” which allows to include an element of social justice in managerial discretion.