Abstract
European Company Law – as the Policy at Federal level – is in steady Transformation. While in the first 25-30 years of its development it followed a classical Internal Market facilitation approach, the transformation sketched out in this presentation came in two phases over the last two or three decades. Indeed, some 30 years ago, a transformation started, the last 20 years were dominated, first, by an approach strongly increasing participation und true multiple “voice” in companies – meant to empower and heat up discussion, which therefore can be seen as a red-box concept. This is an approach where more structural information and empowerment took place, and relations within the company were more in the focus of the legislature as well. The advent of new economic sociology can just as much be sensed, as the EU becoming more of a political Union or the concept of a competition of legislatures becoming a potential reality, with Centros. As a common denominator, the ‘wisdom of the crowds’ would seem to be more in the focus. A second phase of these last 20 years, mainly in the last decade, was then dominated by a fixing of certain long-term goals from outside, fostering a goal of sustainability. Again, important general trends of theoretical thought can be sensed, and the phase can be seen as a green-box approach. A framework constitution of values would seem to be the aim. The presentation brings together: EU company law as a federal task and development, three phases (the first one only as background), with important developments in history of thought and political developments as their theoretical and political underpinning. This classification is understood as a continuum, harmonisation steps dominant in older periods not totally losing their importance, but being superseded by more recent ones, in part also complementing each other. The latter is particularly true, when increased participation and empowerment are seen as fostering as well socially desirable behaviour of companies. In this particular respect, there is, however, also a sharp break in believes in shareholders’ ‘wisdom’.
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