Use this url to cite ETD: https://hdl.handle.net/20.500.12259/93385
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Ar bendrovės vadovo liga laikytina esminiu įvykiu?
Field of Science
Teisė / Law (S001)
Type of publication
type::text::thesis::master thesis
Title
Ar bendrovės vadovo liga laikytina esminiu įvykiu?
Other Title
Is the illness of a CEO a material event?
Author
Golovkaitė, Santa |
Advisor
Extent
35 p.
Date Issued
2019-06-06
Abstract
Material event is an event related to the company and known to it (or it has to be known) or information, the disclosure of which to the interested persons may have big impact on the market price of the shares issued by the company.
After having analysed the Lithuanian legal acts in the first section of the work, three main groups of material events were distinguished: changed structure of the company’s management bodies; changed rights granted by the securities issued by the company and changed value of the securities; and important decisions made by the company that affect the issuer’s activities. The analysis of factors affecting price of the securities allowed distinguishing that the influence is partially determined by the expectations of investors; however, the hopes of investors and predicted fluctuations in the share price are determined by numerous factors. The main groups of factors were distinguished, such as economic factors, risk factors and company-specific factors.
The Lithuanian legal acts were compared with international legal acts in the second section of the Master Thesis in order to analyse legal v. ethical approach to disclosure of personal data and to discuss the professions, on which stricter or special requirements for health condition are imposed. The employer’s duty to safeguard the employees’ privacy policy was also discussed in this section. It was considered when exceptions should be applied for regulation.
The analysis of foreign practice and performed researches allowed providing examples in the third section of the work when disease or sudden death of the company’s director affected the securities’ price negatively. This was the case of Sergio Marchionne, CEO of international holding company “Fiat Chrysler Automobiles NV”, Steve Jobs, founder and CEO of the company of information technologies “Apple”, Jamie Dimon, CEO of the USA company “JPMorgan Chase & Co”, or Gerald Pencer, director of the company “Cott Corporation”. One of the main reasons that cause such a situation is lack of information that is made public by the company.
The hypothesis was raised in the Master Thesis that disease of the company’s director has to be considered a material event that affects market price of the shares issued by the company.
After having analysed and examined the Lithuanian legal acts, case law, foreign practice and performed researches, the purpose of the Master Thesis was achieved, the recommendations were submitted to include disease of the company’s director into the list of material events, and the hypothesis was confirmed that disease of the company’s director should be regarded as a material event.
The list of events equitable to material event according to the legal acts of the Republic of Lithuania is quite long, but it does not contain a disease of the company’s manager. The issue of impact of death or disease of the company’s manager on investments to the company’s shares has not been analysed in the Lithuanian case law. The foreign case law has encountered this problem practically when the manager of large companies with numerous investors and huge influence on society became seriously ill and the company’s Board did not inform the interested persons thereof. As a result, the price of the company’s shares was affected negatively. It is presumed that disease of the company’s manage may have substantial importance for the market price of the issued securities, so the question arises whether this case could be considered a material event. I will answer the question in my Master Thesis.
Relevance of the topic
This scientific work is relevant in order to learn whether disease of the company’s manager could be regarded as a material event; what diseases, persons and in what stage of disease the company’s manager or Board should be notified about; and how much this affects trade in securities or price of shares.
As every person has a birth right to privacy, I am going to analyse in the Master Thesis, whether disclosure of information about the diseases does not violate the right of any employee, including the manager, to privacy, because information about person’s health should be protected.
Objectives and tasks of the research
1. To research and disclose whether disease of the company’s manager could be regarded as a material event.
2. To research and disclose whether the company’s manager should inform about his/her disease; if yes, in which stage of disease and which persons.
3. To manifest influence of information about the manager’s disease on the market price of securities issued by the issuer.
4. To research, what kind of diseases may be considered compulsory for notification of interested persons, and to learn, which persons have to be notified in each particular case.
In order to achieve the aforementioned objectives, the following tasks were set in the graduation work:
1. To determine whether the manager’s disease could be regarded as a material event.
2. To learn limits of personal right to private personal life.
3. To analyse whether investors have to be informed about disease of the company’s director.
Research methods
The following methods will be applied in the graduation work:
Method of documents’ analysis. Its object is legal acts, Lithuanian court jurisprudence, and international contracts.
Method of comparative analysis will help to reveal differences in Lithuanian and foreign legal regulation applied for employee’s privacy at work, as well as differences according to the presented examples of the Lithuanian and foreign companies after the manager’s loss.
Logical analytical method is applied to raise the problem, to make conclusions and to present recommendations.
After having analysed the Lithuanian legal acts in the first section of the work, three main groups of material events were distinguished: changed structure of the company’s management bodies; changed rights granted by the securities issued by the company and changed value of the securities; and important decisions made by the company that affect the issuer’s activities. The analysis of factors affecting price of the securities allowed distinguishing that the influence is partially determined by the expectations of investors; however, the hopes of investors and predicted fluctuations in the share price are determined by numerous factors. The main groups of factors were distinguished, such as economic factors, risk factors and company-specific factors.
The Lithuanian legal acts were compared with international legal acts in the second section of the Master Thesis in order to analyse legal v. ethical approach to disclosure of personal data and to discuss the professions, on which stricter or special requirements for health condition are imposed. The employer’s duty to safeguard the employees’ privacy policy was also discussed in this section. It was considered when exceptions should be applied for regulation.
The analysis of foreign practice and performed researches allowed providing examples in the third section of the work when disease or sudden death of the company’s director affected the securities’ price negatively. This was the case of Sergio Marchionne, CEO of international holding company “Fiat Chrysler Automobiles NV”, Steve Jobs, founder and CEO of the company of information technologies “Apple”, Jamie Dimon, CEO of the USA company “JPMorgan Chase & Co”, or Gerald Pencer, director of the company “Cott Corporation”. One of the main reasons that cause such a situation is lack of information that is made public by the company.
The hypothesis was raised in the Master Thesis that disease of the company’s director has to be considered a material event that affects market price of the shares issued by the company.
After having analysed and examined the Lithuanian legal acts, case law, foreign practice and performed researches, the purpose of the Master Thesis was achieved, the recommendations were submitted to include disease of the company’s director into the list of material events, and the hypothesis was confirmed that disease of the company’s director should be regarded as a material event.
The list of events equitable to material event according to the legal acts of the Republic of Lithuania is quite long, but it does not contain a disease of the company’s manager. The issue of impact of death or disease of the company’s manager on investments to the company’s shares has not been analysed in the Lithuanian case law. The foreign case law has encountered this problem practically when the manager of large companies with numerous investors and huge influence on society became seriously ill and the company’s Board did not inform the interested persons thereof. As a result, the price of the company’s shares was affected negatively. It is presumed that disease of the company’s manage may have substantial importance for the market price of the issued securities, so the question arises whether this case could be considered a material event. I will answer the question in my Master Thesis.
Relevance of the topic
This scientific work is relevant in order to learn whether disease of the company’s manager could be regarded as a material event; what diseases, persons and in what stage of disease the company’s manager or Board should be notified about; and how much this affects trade in securities or price of shares.
As every person has a birth right to privacy, I am going to analyse in the Master Thesis, whether disclosure of information about the diseases does not violate the right of any employee, including the manager, to privacy, because information about person’s health should be protected.
Objectives and tasks of the research
1. To research and disclose whether disease of the company’s manager could be regarded as a material event.
2. To research and disclose whether the company’s manager should inform about his/her disease; if yes, in which stage of disease and which persons.
3. To manifest influence of information about the manager’s disease on the market price of securities issued by the issuer.
4. To research, what kind of diseases may be considered compulsory for notification of interested persons, and to learn, which persons have to be notified in each particular case.
In order to achieve the aforementioned objectives, the following tasks were set in the graduation work:
1. To determine whether the manager’s disease could be regarded as a material event.
2. To learn limits of personal right to private personal life.
3. To analyse whether investors have to be informed about disease of the company’s director.
Research methods
The following methods will be applied in the graduation work:
Method of documents’ analysis. Its object is legal acts, Lithuanian court jurisprudence, and international contracts.
Method of comparative analysis will help to reveal differences in Lithuanian and foreign legal regulation applied for employee’s privacy at work, as well as differences according to the presented examples of the Lithuanian and foreign companies after the manager’s loss.
Logical analytical method is applied to raise the problem, to make conclusions and to present recommendations.
Esminis įvykis – su bendrove susijęs ir jai žinomas arba privalomas žinoti įvykis ar informacija, kurios atskleidimas suinteresuotiems asmenims gali turėti didelį poveikį bendrovės išleistų akcijų rinkos kainai.
Pirmajame šio darbo skyriuje, išanalizavus Lietuvos teisės aktus, išskirtinos trys pagrindinės esminių įvykių grupės, tokios kaip bendrovės valdymo organų sudėties keitimas, bendrovės išleistų vertybinių popierių suteikiamų teisių bei vertybinių popierių vertės keitimas ir bendrovės priimti svarbūs sprendimai, turintys įtakos emitento veiklai. Ištyrus veiksnius, darančius įtaką vertybinių popierių kainai, išskirta, jog įtaką iš dalies lemia investuotojų lūkesčiai, tačiau investuotojų viltis bei numanomus akcijų kainos svyravimus lemia daug veiksnių. Išskirtinos pagrindinės veiksnių grupės, tokios kaip ekonominiai veiksniai, rinkos veiksniai ir specifiniai įmonės veiksniai.
Antrajame baigiamojo magistro darbo skyriuje, pasitelkiant Lietuvos teisės aktus bei tarptautinius teisės aktus ir juos lyginant tarpusavyje, analizuojamas asmeninės informacijos atskleidimo teisinis v. etinis požiūris, taip pat aptariamos profesijos, kurioms yra taikomi griežtesni ar specialūs sveikatos būklės reikalavimai. Šiame skyriuje taip pat aptariama darbdavio pareiga užtikrinti darbuotojų privatumo politiką ir apsvarstyta, kada reglamentavimui turėtų būti taikomos išimtys.
Trečiajame skyriuje, panaudojus analizės metodą užsienio praktikoje bei atliktuose tyrimuose yra pavyzdžių, tokių kaip tarptautinės holdingo kompanijos “Fiat Chrysler Automobiles NV“ generalinio direktoriaus Sergio Marchionne, informacinių technologijų bendrovės „Apple“ įkūrėjo ir generalinio direktoriaus Steve Jobs, JAV bendrovės “JPMorgan Chase & Co” generalinio direktoriaus Jamie Dimon, kompanijos „Cott Corporation“ direktoriaus Gerald Pencer, kai bendrovės direktoriaus liga ar staigi mirtis, įtakojo vertybinių popierių kainą neigiamai. Viena pagrindinių to priežastimi įvardinama bendrovės skelbiamos informacijos trūkumas.
Baigiamajame magistro darbe iškelta hipotezė, kad įmonės direktoriaus liga turi būti laikoma esminiu įvykiu, turinčiu įtakos bendrovės išleistų vertybinių popierių rinkos kainai.
Išanalizavus ir ištyrus Lietuvos teisės aktus, teismų praktiką, užsienio praktiką bei atliktus tyrimus, pasiektas magistrinio darbo tikslas, pateiktos rekomendacijos dėl bendrovės direktoriaus ligos įtraukimo į esminių įvykių sąrašą ir patvirtinta hipotezė, jog bendrovės direktoriaus liga laikytina esminiu įvykiu.
Pirmajame šio darbo skyriuje, išanalizavus Lietuvos teisės aktus, išskirtinos trys pagrindinės esminių įvykių grupės, tokios kaip bendrovės valdymo organų sudėties keitimas, bendrovės išleistų vertybinių popierių suteikiamų teisių bei vertybinių popierių vertės keitimas ir bendrovės priimti svarbūs sprendimai, turintys įtakos emitento veiklai. Ištyrus veiksnius, darančius įtaką vertybinių popierių kainai, išskirta, jog įtaką iš dalies lemia investuotojų lūkesčiai, tačiau investuotojų viltis bei numanomus akcijų kainos svyravimus lemia daug veiksnių. Išskirtinos pagrindinės veiksnių grupės, tokios kaip ekonominiai veiksniai, rinkos veiksniai ir specifiniai įmonės veiksniai.
Antrajame baigiamojo magistro darbo skyriuje, pasitelkiant Lietuvos teisės aktus bei tarptautinius teisės aktus ir juos lyginant tarpusavyje, analizuojamas asmeninės informacijos atskleidimo teisinis v. etinis požiūris, taip pat aptariamos profesijos, kurioms yra taikomi griežtesni ar specialūs sveikatos būklės reikalavimai. Šiame skyriuje taip pat aptariama darbdavio pareiga užtikrinti darbuotojų privatumo politiką ir apsvarstyta, kada reglamentavimui turėtų būti taikomos išimtys.
Trečiajame skyriuje, panaudojus analizės metodą užsienio praktikoje bei atliktuose tyrimuose yra pavyzdžių, tokių kaip tarptautinės holdingo kompanijos “Fiat Chrysler Automobiles NV“ generalinio direktoriaus Sergio Marchionne, informacinių technologijų bendrovės „Apple“ įkūrėjo ir generalinio direktoriaus Steve Jobs, JAV bendrovės “JPMorgan Chase & Co” generalinio direktoriaus Jamie Dimon, kompanijos „Cott Corporation“ direktoriaus Gerald Pencer, kai bendrovės direktoriaus liga ar staigi mirtis, įtakojo vertybinių popierių kainą neigiamai. Viena pagrindinių to priežastimi įvardinama bendrovės skelbiamos informacijos trūkumas.
Baigiamajame magistro darbe iškelta hipotezė, kad įmonės direktoriaus liga turi būti laikoma esminiu įvykiu, turinčiu įtakos bendrovės išleistų vertybinių popierių rinkos kainai.
Išanalizavus ir ištyrus Lietuvos teisės aktus, teismų praktiką, užsienio praktiką bei atliktus tyrimus, pasiektas magistrinio darbo tikslas, pateiktos rekomendacijos dėl bendrovės direktoriaus ligos įtraukimo į esminių įvykių sąrašą ir patvirtinta hipotezė, jog bendrovės direktoriaus liga laikytina esminiu įvykiu.
Language
Lietuvių / Lithuanian (lt)
Defended
Taip / Yes
Access Rights
Prieigos embargo / Embargoed Access
File(s)santa_golovkaite_md.pdf (511.21 KB) Embargo Accessuntil 2024-06-06