ABSTRACT
Any right without a corresponding remedy will be of little real value, except perhaps as an instrument to allow the ‘right-holders’ to exert moral pressure. Nor would it be meaningful to speak of company directors as having a ‘duty’ towards stakeholders who could not take action to defend their own position, though the board may have moral responsibilities towards such persons. For reasons discussed in Chapters 2 and 4, it has been asserted that board members should have regard to the interests of a range of participants in, and contributors to, the life of a public company. The legal consequence of this essentially political judgment is that there should be some possibility of action by those key stakeholders when directors fail to follow the correct procedure in reaching their decisions. This chapter will consider the legal form such stakeholder intervention might appropriately take.
