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<p class=MsoNormal><b><i><font size=3 color=red face=Arial><span
lang=EN-GB style='font-size:12.0pt;font-family:Arial;color:red;font-weight:
bold;font-style:italic'>A think tank for the labour movement<o:p></o:p></span></font></i></b></p>
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</span><![endif]><b><font color="#ca232a" face=Verdana><span lang=EN
style='font-family:Verdana;color:#CA232A;font-weight:bold'><img width=941
height=159 id="_x0000_i1058" src="cid:image004.gif@01C91FEF.32025BF0"><o:p></o:p></span></font></b></p>
<p class=MsoNormal style='mso-margin-top-alt:3.0pt;margin-right:0cm;margin-bottom:
12.0pt;margin-left:0cm;background:white'><b><font size=3 color="#ca232a"
face=Verdana><span lang=EN style='font-size:12.0pt;font-family:Verdana;
color:#CA232A;font-weight:bold'>How to Make Corporations Accountable<o:p></o:p></span></font></b></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
line-height:14.4pt;background:white'><i><font size=2 color="#73110e"
face=Arial><span lang=EN style='font-size:10.0pt;font-family:Arial;color:#73110E;
font-style:italic'>Society needs successful businesses, but today business is
taking over society. It’s as if an over-indulged child had taken more and
more liberties until it is entirely out of control. Everyone wants the child to
do well, no boundaries are set, and before you know it the family is under the
thumb of a teenager gone wild.</span></font></i><font size=2 color="#73110e"
face=Arial><span lang=EN style='font-size:10.0pt;font-family:Arial;color:#73110E'><o:p></o:p></span></font></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
line-height:14.4pt;background:white'><font size=2 color="#73110e" face=Arial><span
lang=EN style='font-size:10.0pt;font-family:Arial;color:#73110E'>So say the
authors of a new IER publication, <b><span style='font-weight:bold'>Dr Dan
Plesch</span></b> and <b><span style='font-weight:bold'>Dr <st1:PersonName
w:st="on">Stephanie Blankenburg</st1:PersonName></span></b> of the Centre for
International Studies and Diplomacy, <st1:place w:st="on"><st1:PlaceType w:st="on">School</st1:PlaceType>
of <st1:PlaceName w:st="on">Oriental</st1:PlaceName></st1:place> and African
Studies. <o:p></o:p></span></font></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
line-height:14.4pt;background:white'><font size=2 color="#73110e" face=Arial><span
lang=EN style='font-size:10.0pt;font-family:Arial;color:#73110E'>How did
today’s corporations become so powerful and unaccountable? In this timely
report, coinciding with a financial crisis on both sides of the <st1:place
w:st="on">Atlantic</st1:place>, with companies collapsing under the
consequences of earlier profit-driven decisions and the taxpayer being asked to
bail them out, the authors place the rise of limited liability at the heart of
the current economic problems. <o:p></o:p></span></font></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
line-height:14.4pt;background:white'><font size=2 color="#73110e" face=Arial><span
lang=EN style='font-size:10.0pt;font-family:Arial;color:#73110E'>While thousands
of workers face losing their livelihoods and homes as a result of the financial
meltdown, those at the helm hide behind a complex framework of law at the heart
of which lies limited liability, a concept giving them in the “corporate
person” all of the power and none of the responsibility.<o:p></o:p></span></font></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
line-height:14.4pt;background:white'><font size=2 color="#73110e" face=Arial><span
lang=EN style='font-size:10.0pt;font-family:Arial;color:#73110E'>As the authors
note: <br>
<i><span style='font-style:italic'>While the mantra of ‘no rights without
responsibilities’ is used to regulate the behaviour of poor people who
benefit from social security payments – from single mothers to the
unemployed, from the homeless to the ‘self-inflicted’ sick –
‘The Unaccountable Few’ – shareholders, managers and
directors of corporations - enjoy feudal privileges.</span></i> <o:p></o:p></span></font></p>
<p class=MsoNormal style='margin-top:3.0pt;background:white'><b><font size=2
color="#73110e" face=Verdana><span lang=EN style='font-size:10.0pt;font-family:
Verdana;color:#73110E;font-weight:bold'>Limited Liability and the <i><span
style='font-style:italic'>Corporate Person</span></i><o:p></o:p></span></font></b></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
line-height:14.4pt;background:white'><font size=2 color="#73110e" face=Arial><span
lang=EN style='font-size:10.0pt;font-family:Arial;color:#73110E'>The report explains
both limited liability and the concept of the “corporate person”.
Under the laws of limited liability, if a company fails or causes damage, the
shareholders lose the money they invested but are not liable for any loss or
damage caused by their actions. Under the concept of the “corporate
person”, the company is seen as a separate personality –
independent of its founders, investors, directors and managers. This allows
those who gain most from profits to avoid any liability for the costs
associated with the actions of the “corporate person” – the
company! <o:p></o:p></span></font></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
line-height:14.4pt;background:white'><font size=2 color="#73110e" face=Arial><span
lang=EN style='font-size:10.0pt;font-family:Arial;color:#73110E'>Tracing the
history of limited liability back to its nineteenth century roots, Plesch and
Blankenburg reveal that the concept of the company as a person became enshrined
in law less through considered policy-making than by judge made laws. Until
then, companies risked criminal prosecution for violating or contravening the
national interest. <o:p></o:p></span></font></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
line-height:14.4pt;background:white'><i><font size=2 color="#73110e"
face=Arial><span lang=EN style='font-size:10.0pt;font-family:Arial;color:#73110E;
font-style:italic'>What today is the perhaps most important cornerstone of US
corporate law – the doctrine of corporate personality – was simply
announced by a Supreme Court Judge as a matter of opinion without discussion or
legal validity. Similarly, in the UK the transformation from commercial company
to corporate person was finalised through case law rather than legislation by Parliament</span></font></i><font
size=2 color="#73110e" face=Arial><span lang=EN style='font-size:10.0pt;
font-family:Arial;color:#73110E'><o:p></o:p></span></font></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
line-height:14.4pt;background:white'><font size=2 color="#73110e" face=Arial><span
lang=EN style='font-size:10.0pt;font-family:Arial;color:#73110E'>They note that
even Adam Smith, in The Wealth of Nations, identified the problems of limited
liability when he wrote: <o:p></o:p></span></font></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
line-height:14.4pt;background:white'><i><font size=2 color="#73110e"
face=Arial><span lang=EN style='font-size:10.0pt;font-family:Arial;color:#73110E;
font-style:italic'>total exemption from trouble and from risk, beyond a limited
sum, encourages many people to become adventurers in joint stock companies, who
would, upon no account, hazard their fortunes in any private copartnery</span></font></i><font
size=2 color="#73110e" face=Arial><span lang=EN style='font-size:10.0pt;
font-family:Arial;color:#73110E'><o:p></o:p></span></font></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
line-height:14.4pt;background:white'><font size=2 color="#73110e" face=Arial><span
lang=EN style='font-size:10.0pt;font-family:Arial;color:#73110E'>As the authors
note, Smith’s concerns were omitted from the praise heaped on him by
free-marketeers with no worries about corporate power. The end result is that
limited liability now threatens the very economic system it embodies –
free-market capitalism. <o:p></o:p></span></font></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
line-height:14.4pt;background:white'><font size=2 color="#73110e" face=Arial><span
lang=EN style='font-size:10.0pt;font-family:Arial;color:#73110E'>According to
the authors:<br>
<i><span style='font-style:italic'>The concerns about limited liability raised
in the nineteenth century debate remain valid – not only have they not
been refuted by argument but they have been confirmed by reality</span></i><o:p></o:p></span></font></p>
<p class=MsoNormal style='margin-top:3.0pt;background:white'><b><font size=2
color="#73110e" face=Verdana><span lang=EN style='font-size:10.0pt;font-family:
Verdana;color:#73110E;font-weight:bold'>The harmful impact of limited liability<o:p></o:p></span></font></b></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
line-height:14.4pt;background:white'><font size=2 color="#73110e" face=Arial><span
lang=EN style='font-size:10.0pt;font-family:Arial;color:#73110E'>1. It violates
the doctrine of equality for all before the law: Limited liability raises the
interests of a particular group – the rich and powerful - above the
interests of others. It offers unequal protection for the powerful and their
sources of finance on the basis that exemption from the law may help their
business to thrive. By granting the “corporate personality” the
same status and free speech as the individual, it institutionalises the
fictitious notion that individuals and giant corporations are equal before the
law and allows corporate wealth and influence to “drown out” the
voice of ordinary persons. <o:p></o:p></span></font></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
line-height:14.4pt;background:white'><font size=2 color="#73110e" face=Arial><span
lang=EN style='font-size:10.0pt;font-family:Arial;color:#73110E'>2. It promotes
speculation and corruption, not economic growth and innovation: Since the
1980’s when the shareholder mentality really took off in the <st1:country-region
w:st="on">UK</st1:country-region> and <st1:country-region w:st="on"><st1:place
w:st="on">USA</st1:place></st1:country-region>, world growth rates have fallen
from an annual average of 4.8% in 1969-1980 to 2.9% in 1980-200. In the same
period, there has been a slowdown in the growth of labour productivity from an
annual 2.5% to 0.8%. On the other hand, according to figures provided by the
authors, there has been an unprecedented and explosive increase in speculative
financial exchanges and corporate scandals have hardly left the headlines. Such
scandals are facilitated by the complex corporate veil which, as the authors
note, produce <i><span style='font-style:italic'>Russian-doll-like limited
liability companies with one hiding inside another</span></i> making it
impossible to hold companies accountable for their actions. <o:p></o:p></span></font></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
line-height:14.4pt;background:white'><font size=2 color="#73110e" face=Arial><span
lang=EN style='font-size:10.0pt;font-family:Arial;color:#73110E'>3. It enriches
few but harms many: As the authors point out, limited liability encourages
fraudulent behaviour not only at the scale of ENRON but in small-scale business
too, where the losers are not only creditors, but first and foremost the
employees. When Farepak collapsed, leaving around 120,000 mostly low income
people, without their Christmas savings, three of the owners and directors
walked away with at least £882,000 in salary, consultancy fees and bonuses. The
fact that the Directors had used the Christmas savings as a
“piggybank” for the purchase of an ultimately unsuccessful venture,
did not help the savers as the corporate veil and limited liability is entirely
legal. As the authors note, Lord Andrew Philips, highlighted the immoral nature
of such practices in the House of Lords when he said: “People are ripped
off, day in day out by the easy availability of limited liability for off the
shelf companies and the protections provided for them, and with no real
remedies”. <o:p></o:p></span></font></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
line-height:14.4pt;background:white'><font size=2 color="#73110e" face=Arial><span
lang=EN style='font-size:10.0pt;font-family:Arial;color:#73110E'>The result of
these harmful practices are highlighted by the authors: “Despite the
enormous wealth in society, there is a sense of corruption, increased
inequalities and social tension, of declining life expectancy and health in the
new “under classes” around the world, of pending environmental disasters,
of insecurity, war and terrorism”. <o:p></o:p></span></font></p>
<p class=MsoNormal style='margin-top:3.0pt;background:white'><b><font size=2
color="#73110e" face=Verdana><span lang=EN style='font-size:10.0pt;font-family:
Verdana;color:#73110E;font-weight:bold'>International regulation<o:p></o:p></span></font></b></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
line-height:14.4pt;background:white'><font size=2 color="#73110e" face=Arial><span
lang=EN style='font-size:10.0pt;font-family:Arial;color:#73110E'>According to
Plesch and Blankenburg, legal accountability through statutory regulation has
to be introduced if economic stability is to be restored. Appeals to the
conscience of the “corporate person” or calls for self governed
“corporate social responsibility” are not working. They have had
their day and have been ineffective and are clearly, as the authors say,
“unfit for purpose” <o:p></o:p></span></font></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
line-height:14.4pt;background:white'><font size=2 color="#73110e" face=Arial><span
lang=EN style='font-size:10.0pt;font-family:Arial;color:#73110E'>Moreover, to
avoid capital flight, with companies relocating to less regulated economies,
regulating for legal accountability has to be agreed at the international
level. One solution raised is the introduction of a system of pro-rata
liability, under which shareholders would not only risk their investment, but
would also be responsible for the debts of the company in proportion to the
amount of the company they own. <o:p></o:p></span></font></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
line-height:14.4pt;background:white'><b><font size=2 color="#73110e"
face=Arial><span lang=EN style='font-size:10.0pt;font-family:Arial;color:#73110E;
font-weight:bold'>Carolyn Jones</span></font></b><font size=2 color="#73110e"
face=Arial><span lang=EN style='font-size:10.0pt;font-family:Arial;color:#73110E'>,
Director of IER said: <i><span style='font-style:italic'>IER has been arguing
for better regulation of company law and workplace practices for many years.
This powerful and very timely report provides contemporary examples of how the
current system protects those at the top while devastating the lives of the
innocent. The range of policy proposals contained in this report aim not to
bail out failing companies, but to bring economic stability based on fairness,
justice and equality.</span></i><o:p></o:p></span></font></p>
<p class=MsoNormal style='margin-top:3.0pt;background:white'><b><font size=2
color="#73110e" face=Verdana><span lang=EN style='font-size:10.0pt;font-family:
Verdana;color:#73110E;font-weight:bold'>Neoliberalism and labour law:
Challenging the concepts<o:p></o:p></span></font></b></p>
<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
line-height:14.4pt;background:white'><font size=2 color="#73110e" face=Arial><span
lang=EN style='font-size:10.0pt;font-family:Arial;color:#73110E'>These ideas
will be discussed in more detail at an IER conference in November –
Neoliberalism and labour law: Challenging the concept where an expert platform
of speakers including lawyers, academics and trade unionists will challenge the
legal, political and economic concepts underpinning the failing neoliberal, free
market agenda. <o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 face=Arial><span lang=EN-GB style='font-size:
10.0pt;font-family:Arial'>For more information on this and other IER events and
publications visit <a href="http://www.ier.org.uk/">www.ier.org.uk</a><o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 face=Arial><span lang=EN-GB style='font-size:
10.0pt;font-family:Arial'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 face=Arial><span lang=EN-GB style='font-size:
10.0pt;font-family:Arial'><o:p> </o:p></span></font></p>
<p style='margin-bottom:12.0pt'><strong><b><font size=2 face=Arial><span
style='font-size:10.0pt;font-family:Arial'>Carolyn Jones</span></font></b></strong><b><font
size=2 face=Arial><span style='font-size:10.0pt;font-family:Arial;font-weight:
bold'><br>
<strong><b><font face=Arial><span style='font-family:Arial'>Director</span></font></b></strong><br>
</span></font></b><st1:place w:st="on"><st1:PlaceType w:st="on"><em><i><font
size=2 face=Arial><span style='font-size:10.0pt;font-family:Arial'>Institute</span></font></i></em></st1:PlaceType><em><i><font
size=2 face=Arial><span style='font-size:10.0pt;font-family:Arial'> of <st1:PlaceName
w:st="on">Employment</st1:PlaceName></span></font></i></em></st1:place><em><i><font
size=2 face=Arial><span style='font-size:10.0pt;font-family:Arial'> Rights</span></font></i></em><i><font
size=2 face=Arial><span style='font-size:10.0pt;font-family:Arial;font-style:
italic'><br>
<em><i><font face=Arial><span style='font-family:Arial'>The People's Centre</span></font></i></em><br>
<em><i><font face=Arial><span style='font-family:Arial'>50-54 Mount Pleasant</span></font></i></em><br>
<st1:place w:st="on"><st1:City w:st="on"><em><i><font face=Arial><span
style='font-family:Arial'>Liverpool</span></font></i></em></st1:City><em><i><font
face=Arial><span style='font-family:Arial'>, <st1:PostalCode w:st="on">L3 5SD</st1:PostalCode></span></font></i></em></st1:place><br>
<em><i><font face=Arial><span style='font-family:Arial'>p 0151 702 6925</span></font></i></em><br>
<em><i><font face=Arial><span style='font-family:Arial'>f 0151 702 6935</span></font></i></em><br>
<em><i><font face=Arial><span style='font-family:Arial'>m 07941 076245</span></font></i></em><br>
<em><i><font face=Arial><span style='font-family:Arial'>cad@ier.org.uk</span></font></i></em><br>
<br>
</span></font></i><font size=2 color=red><span style='font-size:10.0pt;
color:red'>Visit our website where you can buy books, register for seminars
and join the growing list of Trade Union Freedom Bill Sponsors.</span></font><o:p></o:p></p>
<p class=MsoNormal><font size=3 face="Times New Roman"><span lang=EN-GB
style='font-size:12.0pt'><o:p> </o:p></span></font></p>
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