Corporate Directors’ Liabilities Towards Shareholders

I. Introduction | II. To Whom Should Corporate Directors Owe Fiduciary Duties? | 1. Departure from Dogmatic Thoughts | 2. Purpose of Corporate Law | 3. Ambiguous Meaning of ‘Corporate Value’ in Corporate Value Report and Case Law | III. Different Views on Corporate Directors’ Duties | 1. Corporate Value as a Total Value of the Company for Shareholders and Other Constituencies | 2. Corporate Value as a Market Capitalization of the Company | 3. Common Interests of Shareholders | 4. Recent Case Involving an MBO | IV. Other Considerations | 1. When Minority Shareholders Are Involved | 2. When a Partial Bid Is Made | V. To Whom Should Corporate Directors Be Liable? | 1. Statutory Provisions on Directors’ Liabilities Towards a Third Party | 2. Direct Pursuit for Damages of Indirect Loss | VI. Temporary Conclusions