This new addition to the renowned Clarendon Law Series offers a concise and stimulating introduction to company law. Professor Davies sets out the five key functions of company law: the creation of separate legal personality for the company; the conferment of limited liability on the company's shareholders and managers; the provision of centralised management; the allocation of control rights over the company; and the creation of transferable shares. The purpose of company law is not simply to implement these policies as they all have costs as well as benefits, and Davies argues that the role of the law is therefore to maximise the benefits whilst minimising the costs. These crucial policy choices are examined within the context of company law's central relationships: between senior management and the shareholders, between majority and minority shareholders, and between company controllers (managers or shareholders) and non-shareholder stakeholders in the company. The book benefits...

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