Corporate governance and responsible investment in private equity
- United Kingdom Cambridge University Press 2022
- xii, 228 p.
Table of Contents Introduction Part I. How Should Private Equity Governance Systems Look?: 1. Mapping an analytical framework 2. Private ordering in private equity and its implications Part II. What Actually Happens?: 3. Agency cost mitigation 4. Improving decision-making and protecting wider interests Part III. Corporate Governance Regulation in the UK and Private Equity's Response: 5. The relevance of business judgement regulation 6. Dealing with the duties to avoid and disclose conflicts of interest 7. Rules affecting the exercise of power by shareholders and their nominated directors 8. Recent corporate governance reforms, best practice codes and their impact Part IV. How Governance Can Affect Corporate Performance: 9. How do academics explain private equity outperformance? 10. Improving governance to improve performance Conclusion. Corporate governance and responsible investment Bibliography Index.
Private equity-backed companies are ubiquitous and economically significant. Consequently, the corporate governance of these companies matters to all of us, and – not surprisingly – is coming under increasing scrutiny. Simon Witney, a practicing private equity lawyer, positions private equity portfolio companies within existing academic theory and examines the laws that apply to them in the UK. He analyses the actual governance frameworks that are put in place and identifies problems created by the legal rules – as well as the market's solutions to them. This book not only explains why these governance mechanisms are established, but also what they are expected to achieve. Witney suggests that private equity owners have both the incentives and the capability to focus on responsible investment practices. Good governance, he argues, is a critical success factor for the private equity industry.
Presents a revised theory of private equity governance that addresses the gaps in existing academic theory Assists academics and practitioners in analysing and applying the law, and helps policymakers in considering law reform Demonstrates identified good practices and facilitates comparative benchmarking
9781108725316
Venture capital--Law and legislation Private equity funds--Law and legislation Capital investments--Law and legislation Corporate governance--Law and legislation