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The company laws of the common law jurisdictions in Asia are based on or inspired by English common law. Yet, the ownership structure of the listed companies in these jurisdictions – concentrated – is marked differently from that in the UK, which is dispersed. Although different ownership structures give rise to different agency problems which warrant different regulatory strategies, the common law jurisdictions in Asia and the UK share the same strategy in one critical respect: fiduciary duties are imposed on directors not shareholders. Given that the central agency problem in common law systems in Asia is the conflict between controlling shareholders and minority shareholders, the question is whether these jurisdictions should still adhere to the English position or they should consider subjecting controlling shareholders to fiduciary duties. This article critically analyses whether, and in particular, how controlling shareholders in common law jurisdictions in Asia can and ought to be subject to fiduciary duties.
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