Legal Aspects of Companies Restructuring and Transition Towards New Corporate Governance Culture

Domestic companies are regularly involved in cross-border and domestic corporate acquisitions and restructurings with participation of foreign financial intermediaries in post-accession period. Objects of these acquisitions are mostly listed companies, but also state and privately owned companies in business difficulties gathered in groups of companies. Similar process is visible in closed companies (family companies) whose majority shareholders are simultaneously managers or employees of these companies. Entry of foreign competitors changed the paradigm of the corporate governance and introduced new forms of low cost work and employment. This creates more complex relations and processes between stakeholders. New proactive shareholders transform the company on all levels with aim to maximize its profit. This opens the question of socially responsible investment in target companies. In groups of companies the issues of relations between members of these groups, liabilities of their management need to be addressed, as well as insurance of their respective liability. Socially most important influence of these changes is transformation of employment of working active population in conditions of depopulation. New flexible forms of employment change relations between employee and employer. Employment is no longer relatively permanent legal relationship and safe harbor of social security.  Aim of this project is to investigate mentioned problems and to propose legal solutions for closed companies and state and privately owned companies, whether being successful or in business difficulties. The project idea is that adequate solutions for new corporate culture may be introduced through companies’ self-regulating acts or through corporate soft law.