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The New Corporate Vehicle Societas Europaea (SE): consequences for European corporate governance

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  • Caspar Rose

Abstract

This article presents an analysis of the newly created European company Societas Europaea (SE) focusing on the consequences for European corporate governance. The SE offers the possibility to organise the management of a SE as a one‐tier, or alternatively a two‐tier, system. It is argued that this flexibility will not result in a single board system prevailing in equilibrium, but instead this choice will be made depending on each firm’s business environment. Thus, the SE gives the management the option to incorporate in another member state. As argued, this will, eventually, lay the ground for a European market for incorporations. Important issues such as investor protection and dual‐class voting shares are also analysed. The most controversial topic in the creation process of the SE was the role of the employees. The article completes with a discussion of the employees’ role in relation to the opponent doctrines of shareholder vs stakeholder value.

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  • Caspar Rose, 2007. "The New Corporate Vehicle Societas Europaea (SE): consequences for European corporate governance," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(2), pages 112-121, March.
    • Handle: RePEc:bla:corgov:v:15:y:2007:i:2:p:112-121
    DOI: 10.1111/j.1467-8683.2007.00548.x
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    Cited by:

    1. Lars Hornuf & Abdulkadir Mohamed & Armin Schwienbacher, 2019. "The Economic Impact of Forming a European Company," Journal of Common Market Studies, Wiley Blackwell, vol. 57(4), pages 659-674, July.
    2. Gelter, Martin & Siems, Mathias, 2024. "Elective corporate governance: Does board choice matter?," International Review of Law and Economics, Elsevier, vol. 78(C).

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