Abstract

GAVIRIA GIL, JUAN ANTONIO. The Managers' Duty of Giving Equal Treatment to Shareholders in Business Associations with Several Kinds of Shares. Can Managers Serve Two Masters with Conflicting Interests without Breaching Fiduciary Duties?. Rev. Derecho Privado [online]. 2021, n.40, pp.363-392.  Epub Feb 08, 2021. ISSN 0123-4366.  https://doi.org/10.18601/01234366.n40.13.

While whether managers and directors shall maximize equity or give equal treatment to shareholders and stakeholders is a well-studied question, the analysis of liability where two or more kinds of shares have been issued is almost inexistent in Colombia. May managers and directors prefer some shareholders or shall they give equal treatment to all? This paper concludes that they shall prefer common shareholders regarding decisions entailing conflicts of interests between the former and preferred shareholders. In contrast, and as to dual-class shares, tracking shares and stock received as payment for services, managers and directors shall treat equally all shareholders.

Keywords : corporations; Law & Economics; liability; managers.

        · abstract in Spanish     · text in Spanish     · Spanish ( pdf )