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Article

Access_open Exit, Voice and Loyalty from the Perspective of Hedge Funds Activism in Corporate Governance

Tijdschrift Erasmus Law Review, Aflevering 4 2016
Trefwoorden Uncertainty, entrepreneurship, agency costs, loyalty shares, institutional investors
Auteurs Alessio M. Pacces
SamenvattingAuteursinformatie

    This article discusses hedge funds activism based on Hirschman’s classic. It is argued that hedge funds do not create the loyalty concerns underlying the usual short-termism critique of their activism, because the arbiters of such activism are typically indexed funds, which cannot choose short-term exit. Nevertheless, the voice activated by hedge funds can be excessive for a particular company. Furthermore, this article claims that the short-termism debate cannot shed light on the desirability of hedge funds activism. Neither theory nor empirical evidence can tell whether hedge funds activism leads to short-termism or long-termism. The real issue with activism is a conflict of entrepreneurship, namely a conflict between the opposing views of the activists and the incumbent management regarding in how long an individual company should be profitable. Leaving the choice between these views to institutional investors is not efficient for every company at every point in time. Consequently, this article argues that regulation should enable individual companies to choose whether to curb hedge funds activism depending on what is efficient for them. The recent European experience reveals that loyalty shares enable such choice, even in the midstream, operating as dual-class shares in disguise. However, loyalty shares can often be introduced without institutional investors’ consent. This outcome could be improved by allowing dual-class recapitalisations, instead of loyalty shares, but only with a majority of minority vote. This solution would screen for the companies for which temporarily curbing activism is efficient, and induce these companies to negotiate sunset clauses with institutional investors.


Alessio M. Pacces
Professor of Law & Finance, Erasmus School of Law, and Research Associate, European Corporate Governance Institute.
Artikel

Access_open ‘Should the People Decide?’ Referendums in a Post-Sovereign Age, the Scottish and Catalonian Cases

Tijdschrift Netherlands Journal of Legal Philosophy, Aflevering 2 2016
Trefwoorden sub-state nationalism, referendums, sovereignty, deliberative democracy, Scottish referendum
Auteurs Stephen Tierney
SamenvattingAuteursinformatie

    This article uses the rise of referendum democracy to highlight the tenacity of modern nationalism in Western Europe. The proliferation of direct democracy around the world raises important questions about the health of representative democracy. The paper offers a theoretical re-evaluation of the role of the referendum, using the 2014 referendum on Scottish independence to challenge some of the traditional democratic criticisms of popular democracy. The final part of the paper addresses the specific application of referendums in the context of sub-state nationalism, addressing what might be called `the demos question'. This question was addressed by the Supreme Court in Canada in the Quebec Secession Reference but has also been brought to the fore by the Scottish reference and the unresolved issue of self-determination in Catalonia.


Stephen Tierney
Stephen Tierney is Professor of Constitutional Theory at the University of Edinburgh and Director of the Edinburgh Centre for Constitutional Law.
Boekbespreking

Positieve veiligheid en het verlangen naar gemeenschap

Naar een criminologie van vredesopbouw

Tijdschrift Tijdschrift over Cultuur & Criminaliteit, Aflevering 3 2016
Trefwoorden positive criminology, peace-making criminology, security, community
Auteurs Dr. Bas van Stokkom
SamenvattingAuteursinformatie

    Positive criminology criticizes punitive measures, repression, crime control and the ‘politics of fear’, and re-values positive concepts as trust, solidarity, well-being and ‘ontological security’. In this book-review it is argued that many of these positive terms are beyond the scope of criminology and that peace and peace-making are more appropriate terms that can be used within a criminological context. Peacemaking criminology provides a basis for constructive approaches to conflicts and disorder; it may also outline the contours of the peace-making function of the law and the peacekeeping tasks of judges and police officers.


Dr. Bas van Stokkom
Dr. Bas van Stokkom is verbonden aan de vaksectie Strafrecht & Criminologie van de Faculteit der Rechtsgeleerdheid, Radboud Universiteit Nijmegen.
Discussie

Access_open Positieve criminologie

Tijdschrift Tijdschrift over Cultuur & Criminaliteit, Aflevering 3 2016
Trefwoorden securitas, rule of law, Polizeiwissenschaft, politeia, democracy
Auteurs prof. dr. Bob Hoogenboom
SamenvattingAuteursinformatie

    Positive security is a very promising development in criminology. The ‘movement’ reconnects the current debate on crime with the origins of ancient Greek thinking on the positive nature of politeia, policy and policing. Securitas - providing safety and security for the common good - has a long and rich tradition. Good governance is about many things, but foremost about providing security in society. Polizeiwissenschaft in 18th and 19th century Prussia made a distinction between Wohlfahrt- and Sicherheitspolizei.
    The latter is outright dangerous because security becomes equated with negative connotations: the other, the enemies of the state, the drug war and more recently the war in terror. In times like these the positive qualities of securitas become inflated. Human rights, privacy and the rule of law are no longer viewed in positive terms. Therefore I advocate the positive security movement. But the author is worried about two things. Firstly, the current Zeitgeist which is charged with xenophobia and war like languages. And, secondly the fact that the ‘movement’ is limited to a few rebels with a cause. The mainstream of criminology is not really interested in reconnecting with the philosophical positive roots of securitas. Mainstream criminology fosters the status quo and is financially too depended on the state to actually follow the new heroes of positivity. The only way out is to develop a following but this requires academics to actually take a stand.


prof. dr. Bob Hoogenboom
Prof. dr. Bob Hoogenboom is hoogleraar fraude en regulering aan de Nyenrode Business Universiteit.
Artikel

Over de vraag naar de kwaliteit van de bemiddelaar

Tijdschrift Tijdschrift voor Herstelrecht, Aflevering 3 2016
Trefwoorden Bemiddelaar, kwaliteit, Rechtskarakter herstelrecht, Strafrechtspleging
Auteurs Leo Van Garsse
SamenvattingAuteursinformatie

    Some believe that the credibility of restorative justice can be increased if more attention is given to the quality of the mediator, as well as methods to select people with the right profile or by training. At first glance this seems a legitimate aim: mediation services should offer quality. Reflecting on practical experience and research into mediation between offenders and victims in Flanders, the author problematizes these assumptions. The quest for tangible quality to ensure ‘credibility’ refers to a neo-liberal approach aimed at reducing risks and promoting the client’s satisfaction. In this article the author confronts the apolitical approach of client satisfaction with alternative ideas about (restorative) justice. Ideally, the mediator is critical of established (legal) authorities and professional expertise. Mediation is political in nature, even if the mediator relies on neutrality. The mediator must be aware of his – inevitable – political stance and should be ready to be interrogated on this matter.


Leo Van Garsse
Leo Van Garsse is oud-herstelbemiddelaar en momenteel werkzaam bij het vicariaat Mechelen – Vlaams Brabant als stafmedewerker voor territoriale pastoraal.

Lode Walgrave
Lode Walgrave is emeritus hoogleraar criminologie aan de Katholieke Universiteit Leuven.
ECJ Court Watch

EFTA Court 16 December 2015, case E-5/15 (M’bye), working time

Matja Kumba T M’bye and Others – v – Stiftelsen Fossumkollektivet, Norwegian case*

Tijdschrift European Employment Law Cases, Aflevering 2 2016
Trefwoorden Working time
Samenvatting

    An 84-hour working week imposed on resident therapists at a care home may in certain circumstances be compatible with Directive 2003/88.

Artikel

Roesmiddelen en regulering: oude wijn in nieuwe regels?

Inleiding

Tijdschrift Tijdschrift over Cultuur & Criminaliteit, Aflevering 2 2016
Trefwoorden pleasurable substances, regulation, cannabis, war on drugs
Auteurs Prof. dr. Tom Decorte en Dr. Damián Zaitch
SamenvattingAuteursinformatie

    In contrast with the critical, innovative ideas developed between the 1960s and the 1980s regarding the way we deal with illegal drugs in our societies, the current dominant approaches frame the issue of drugs as a matter of crime, public order, and control. Pleasurable substances have always existed and always will, and so the efforts to cope with them. However, we witness today remarkable developments at local, national and international levels in the fields of drug policies (on cannabis for example), drug trafficking (new routes, new actors) and drug use (new substances, new drug cultures), all of which deserve our attention and push us to think beyond the repressive paradigm. This contribution, which also serves as an introduction for this special issue of ToCC on drugs, aims to present an overview of the main developments taking place, and challenges ahead, within the three above-mentioned fields. There are new markets and trends in the use of legal and illegal pleasurable substances, particularly regarding synthetic drugs (amphetamines, methamphetamines and new psychoactive substances or NPS), tobacco and alcohol. Illegal drugs are supplied from changing countries and through new routes, while retailing increasingly takes place through the so-called cryptomarkets (online). Effective policies are rendered impossible by the fundamental repression paradox: the more intensive and effective the repression, the larger the profits of drug traffickers and the balloon effects (displacement). Despite the harms and negative effects of repressive policies have extensively been documented, a societal debate towards the regulation of illegal drugs is hindered by the use of false dichotomies or presuppositions, by the use of ethical or moral appeals, or by lack of political will. Also the debate in the media is static, superficial and full of clichés. Scientific research on drugs also follows specific agendas and it is focussed on particular aspects of the problem. Changes to end the ‘war on drugs’, certainly regarding cannabis, are however underway in many places at local and national level (Uruguay, Canada, US, Spain, etc.), this despite UN bureaucracies and international conventions that fiercely resist those changes.


Prof. dr. Tom Decorte
Prof. dr. Tom Decorte is antropoloog en hoogleraar criminologie aan de Universiteit Gent, en directeur van het Instituut voor Sociaal Drugsonderzoek (ISD). Hij publiceert geregeld over drugsbeleid, cannabisteelt en drugsgebruik.

Dr. Damián Zaitch
Dr. Damián Zaitch is universitair docent bij het Willem Pompe Instituut voor Strafrechtswetenschappen, Universiteit Utrecht. Hij onderzoekt en publiceert over drugshandel, drugsbeleid en georganiseerde misdaad in Nederland en Latijns-Amerika, en over diverse vormen van transnationale misdaad, globale criminele markten en organisatiecriminaliteit.

    Op 29 september 2015 werd te Antwerpen een studiedag georganiseerd getiteld, ‘Gezinstransities vanuit het perspectief van de kinderen’. Aangezien tegenwoordig steeds meer kinderen opgroeien in een nieuw samengesteld gezin, rijst de vraag hoe kinderen deze nieuwe gezinssamenstelling ervaren en welke functies de verschillende betrokken professionals daarbij vervullen. Tijdens de studiedag stond deze vraag centraal en werd het ontstaan van een dergelijk nieuw samengesteld gezin na echtscheiding vanuit verschillende invalshoeken onderzocht. Daarbij werden de ervaringen met het ouderschapsplan in Nederland eveneens toegelicht, en dit vanuit juridisch en sociologisch standpunt. Vervolgens werden een aantal workshops georganiseerd waar onder meer de pedagogische ouderschapsbelofte met de opvoedingspiramide aan bod kwam, het juridische ouderschapsplan, het plusouderschapsplan, alsook de rol van magistraten in de familie- en jeugdrechtbanken. Tot slot vond een debat plaats tussen verschillende panelleden, zijnde prof. Frederik Swennen, mevrouw Nancy Bleys, raadgever Justitie bij het Vlaams Ministerie van Welzijn, de federaal minister van Justitie, Koen Geens en een jongerenvertegenwoordiger, Thomas van Grinsven.
    On September 29th 2015 a conference was held in Antwerp. The title of the conference was ‘Family transitions from the perspective of the children’. Because nowadays an increasing number of children grow up in newly recomposed families, questions arise concerning the influence of these newly recomposed families on the wellbeing of children who live in these families. Moreover, questions arise about the part which different professionals play within this context. The family recomposition and its impact were studied from different perspectives. Since the Netherlands has introduced an ‘ouderschapsplan’ (‘parenting plan’) some time ago, several findings on such plans were presented from a legal and a sociological perspective. Thereafter, workshops were organised which concerned de ouderschapsbelofte (‘the parental promise’), het juridische ouderschapsplan (‘the legal parenting plan’), het plusouderschapsplan (the ‘plus parenting plan’) and the role played by magistrates confronted with conflicts in the family court. Finally, a debate was held between prof. Frederik Swennen, the Flemish Minister of Welfare, Nancy Bleys, the federal Minister of Justice Koen Geens and Thomas Van Grinsven as a representative of the youth.


Ulrike Cerulus
Ulrike Cerulus is a researcher at the law faculty of Hasselt University (Belgium), where she is preparing a PhD thesis with respect to parental rights and responsibilities within recomposed families.

Charlotte Mol
Charlotte Mol is a student assistant at the Utrecht Centre for European Research into Family Law (the Netherlands).
Artikel

IS en zijn voorgangers: gewelddadig radicalisme in historisch perspectief

Tijdschrift Justitiële verkenningen, Aflevering 2 2016
Trefwoorden Islamic State, apocalypse, narrative, political violence, terrorism
Auteurs Prof. dr. B.G.J. de Graaff
SamenvattingAuteursinformatie

    Islamic State uses an age old apocalyptic narrative to attract followers and legitimatize its existence. The author shows which narrative elements were used during earlier stages of violence-inciting apocalyptic manifestations in Christianity and Western ideology and how they can be retraced in the communications and enactments of Islamic State. The use of such a narrative explains why the movement has been so much more powerful in attracting followers than al-Qaeda.


Prof. dr. B.G.J. de Graaff
Prof. dr. Bob de Graaff is hoogleraar inlichtingen- en veiligheidsstudies aan de Nederlandse Defensieacademie te Breda en de Universiteit Utrecht. Van 2007 tot 2009 was hij hoogleraar terrorisme en contraterrorisme aan de Campus Den Haag van de Universiteit Leiden, waar hij het Centrum voor Terrorisme en Contraterrorisme (CTC) oprichtte.
Artikel

Religie en de geestelijke infrastructuur van staat en samenleving

Een wijsgerige analyse aan de hand van Jürgen Habermas en G.W.F. Hegel

Tijdschrift Tijdschrift voor Religie, Recht en Beleid, Aflevering 1 2016
Trefwoorden Religie, Samenleving, Staat, Habermas, Hegel, Publiekrecht
Auteurs Mr. Dr. Bart Labuschagne
SamenvattingAuteursinformatie

    How can the debate on the place of religion in society in relation to the state, that has reached a deadlock in unbridgeable opposites, be drawn afloat again? In this contribution a lance will be broken for a philosophical approach to this issue. In view of an analysis of the main religious- and legal-philosophical work of two philosophical giants, the 19th Century German Idealist G.W.F. Hegel, and the contemporary Discourse theorist Jürgen Habermas, a double perspective will be cast on the central question of this debate. It will show surprising deep structures and sorely needed prospects.


Mr. Dr. Bart Labuschagne
Mr. dr. B.C. Labuschagne is universitair docent Rechtsfilosofie aan de Faculteit der Rechtsgeleerdheid van de Universiteit Leiden.

Ronald Tinnevelt
Ronald Tinnevelt is hoofddocent rechtsfilosofie aan de Radboud Universiteit Nijmegen.
Artikel

Actief en geëngageerd

Tijdschrift Advocatenblad, Aflevering 4 2016
Auteurs Robert Sanders

Robert Sanders

    This contribution provides an introduction to the main theme’s that are discussed in micro-, meso- and macroeconomics relating to family law. The occasion was a closed international expert seminar organized by RETHINKIN. (www.rethinkin.eu), a Scientific Research Network financed by the Research Foundation Flanders. The seminar concerned the compensation of household production between partners on the one hand, and intergenerational care for the elderly on the other. A report on the legal aspects is also available on this forum. This contribution first situates the economics of family in general, before discussing the main functions of practicing the economics of family law: (a) avoiding legislative mistakes, (b) using incentives to encourage altruistic behaviour, (c) using disincentives to discourage opportunistic behaviour and finally, (d) applying family economics as a benchmark for protective measures. It is concluded that employing the economics of family law encounters some difficulties, but that the possibilities it offers for legal development outweigh the difficulties.
    Deze bijdrage biedt een inleiding op de voornaamste thema’s die aan bod komen in de micro-, meso- en macro-familierechtseconomie. Aanleiding was een besloten internationaal expertenseminar dat werd georganiseerd door RETHINKIN. (www.rethinkin.eu), een wetenschappelijke onderzoeksgemeenschap gefinancierd door het Fonds voor Wetenschappelijk Onderzoek - Vlaanderen. Dat seminar betrof de compensatie van huishoudelijke productie tussen partners enerzijds en intergenerationele zorg voor ouderen anderzijds. Een verslag van het juridische gedeelte is ook op dit forum beschikbaar. Deze bijdrage situeert eerst de familie-economie in het algemeen, vooraleer in te gaan op de belangrijkste functies van de beoefening van defamilierechtseconomie: (a) het voorkomen van verkeerde wetgevende keuzen, (b) het aanmoedigen in de wetgeving van altruïstisch gedrag, (c) het ontmoedigen in de wetgeving van opportunistisch gedrag en ten slotte (d) de onzichtbare hand als opmaat voor een minimale wetgevende bescherming. De conclusie luidt dat de beoefening van de familierechtseconomie op sommige moeilijkheden stuit, maar dat de mogelijkheden ervan voor een goede rechtsontwikkeling meer gewicht in de schaal leggen.


Prof. dr. Frederik Swennen
Frederik Swennen is a senior lecturer at the University of Antwerp and an attorney at the Brussels Bar.

J. Kien
J. Kien was tot december 2015 avocat au Barreau de Paris en advocaat te Rotterdam. Voorheen was hij juridisch directeur bij Alstom Transport Azië en Grote Projecten bij EDF. Hij treedt geregeld op als arbiter in internationale geschillen.
Artikel

Het consultatievoorstel voor een herziene Code en langetermijnwaardecreatie: alleen ‘jam tomorrow’ of ook ‘jam today’?

Tijdschrift Maandblad voor Ondernemingsrecht, Aflevering 3 2016
Trefwoorden Corporate Governance Code, consultatie, langetermijnwaardecreatie
Auteurs Mr. F.G.K. Overkleeft en Mr. J.H.L. Beckers
SamenvattingAuteursinformatie

    Op 11 februari 2016 publiceerde de Monitoring Commissie Corporate Governance een consultatiedocument met voorstellen tot herziening van de Nederlandse Corporate Governance Code. De Commissie heeft met haar consultatievoorstel beoogd om het onderwerp van langetermijnwaardecreatie nadrukkelijk op de agenda te zetten. Dat is gelukt, maar er is nog wel voer voor discussie.


Mr. F.G.K. Overkleeft
Mr. F.G.K. Overkleeft is advocaat bij NautaDutilh te Amsterdam.

Mr. J.H.L. Beckers
Mr. J.H.L. Beckers is professional support lawyer bij NautaDutilh te Amsterdam.
Artikel

Begrip, rust, recht en regie: naar een verklaringsmodel voor de werking van herstelbemiddeling

Tijdschrift Tijdschrift voor Herstelrecht, Aflevering 1 2016
Trefwoorden Verklaringsmodel, Effecten, Recidivevermindering, procedure, attributie
Auteurs Bas Vogelvang en Gert Jan Slump
SamenvattingAuteursinformatie

    Based on a literature research and program evaluation of the practice of Victim in Focus (Slachtoffer in Beeld) in 2013, two issues are addressed: What are the possible effects of victim offender mediation? Which active mechanisms will cause or contribute to these effects? The authors describe the current context and developments in The Netherlands concerning restorative justice and then describe the effects and possible active mechanisms such as satisfaction, diminishing fear, anger and shame, information and consent, procedural justice, reduction of recidivism, compliance. In a synthesis of active mechanisms they present four domains or mediating factors: from incomprehension to comprehension (cognitive restoration); from unease to ease (emotional restoration); from injustice to justice (moral restoration); from powerless to powerful feelings (restoration of control). The victim offender mediation as a ritual has an impact or is supposed to have an impact on these four domains for both victims and offenders. Within the four domains four activities or interactions within victim offender mediation are presented: creating understanding through inter-subjectivity; expression of fear, trauma and shame; doing justice by excuses/apologies and restorative actions; regaining self control. Further research is needed to validate the model and to get more insight in essential or primary and secondary aspects in the explanation of the impacts of victim offender mediation.


Bas Vogelvang
Bas Vogelvang is lector Reclassering en Veiligheid van de Avans Hogeschool in Den Bosch.

Gert Jan Slump
Gert Jan Slump is criminoloog, sociaal-maatschappelijk ondernemer en consultant, adviseur en trainer. In 2010 was hij medeoprichter van de Stichting Restorative Justice Nederland en sindsdien ontwikkelt hij samen met organisaties en professionals binnen het netwerk rond herstelrecht en herstelgericht werken in Nederland allerlei projecten op dit terrein. Hij is een veelgevraagd spreker op dit terrein. Gert Jan is ook actief op het terrein van professionaliseringsvraagstukken, onder meer binnen de jeugdzorg.
Diversen

Tilting at windmills

In pursuit of gang truths in a British city

Tijdschrift Tijdschrift over Cultuur & Criminaliteit, Aflevering 1 2016
Trefwoorden gangs, violence, weapons, organisation
Auteurs Simon Hallsworth BSc (Hons) Sociology, LSE en Louise Dixon PhD
Auteursinformatie

Simon Hallsworth BSc (Hons) Sociology, LSE
Professor Simon Hallsworth is Executive Dean for the Faculty of Art, Business and Applied Social Science at University Campus Suffolk.

Louise Dixon PhD
Dr. Louise Dixon is Associate Professor at Victoria University of Wellington (New Zealand).
Artikel

Moving beyond the other

A critique of the reductionist drugs discourse

Tijdschrift Tijdschrift over Cultuur & Criminaliteit, Aflevering 1 2016
Trefwoorden drug use, drug users, drug policy, drug reform, media, discourse, the other
Auteurs Stuart Taylor
SamenvattingAuteursinformatie

    This paper uses the UK as a vehicle through which to argue that a dominant reductionist drugs discourse exists which simplifies understandings of drug use and drug users leading to socio-cultural misrepresentations of harm, risk and dangerousness. It contends that at the centre of this discourse lies the process of othering – the identification of specific substances and substance users as a threat to UK society. Interestingly, within the wider context of global drug policy reform this othering process appears to be expanding to target a wider variety of factors and actors – those policies, research findings and individuals which contest normative notions, resulting in the marginalisation of ‘alternative voices’ which question the entrenched assumptions associated with drug prohibition. The paper concludes that there is a need for collective action by critical scholars to move beyond the other, calling for academics to be innovative in their research agendas, creative in their dissemination of knowledge and resolute despite the threat of being othered themselves.


Stuart Taylor
Stuart Taylor is senior lecturer in criminal justice in the School of Law at Liverpool John Moores University, UK.

    It proves that in succession planning relational aspects are at least as important as juridical and fiscal aspects. Every family has his own context and for that also his own wishes and solicitudes.


Liliane Gepts
Liliane Gepts is fiscaal-jurist en bemiddelaar.
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