Олег Миколайович Романів

Відійшов у вічність визначний учений, відомий український громадський і культурний діяч, багатолітній голова Наукового товариства ім. Шевченка, член-кореспондент Національної академії наук України, член Бюро Національної асоціації українознавців Олег Миколайович Романів

EU extraterritorial obligations with respect to trade with occupied territories: Reflections after the case of Front Polisario before EU courts

This paper provides a critical analysis of the recent judgments of the General Court of the EU and the Court of Justice of the EU in the case of Front Polisario v Council, which concerned the application of the EU-Morocco Liberalisation Agreement to products from Western Sahara. The central argument is that both EU courts failed to adequately consider the nature of the Moroccan presence on Western Saharan territory: a belligerent occupation. In light of this occupation, the courts should have channelled the EU’s extraterritorial obligations vis-à-vis the population of Western Sahara through the tailor-made regimes of the law of occupation and the international duty of non-recognition. It is argued that the application of the Liberalisation Agreement may notably run afoul of the EU’s duty of non-recognition, but that the Agreement may still apply insofar as it benefits the local population. More fundamentally, after Front Polisario, the EU may want to reconsider all trade relations in respect of occupied territories by distinguishing between legitimate and illegitimate products

Autonome wapensystemen: het belang van reguleren en investeren

Exploring the Frontiers of International La

Recent developments in German corporate governance.

This paper provides an overview of the German corporate governance system. We review the governance role of large shareholders, creditors, the product market and the supervisory board. We also discuss the importance of mergers and acquisitions, the market in block trades, and the lack of a hostile takeover market. Given that Germany is often referred to as a bank-based economy, we pay particular attention to the role of the universal banks (Hausbanken). We show that the German system is characterised by a market for partial corporate control, large shareholders and bank/creditor monitoring, a two-tier (management and supervisory) board with co-determination between shareholders and employees on the supervisory board, a disciplinary product-market, and corporate governance regulation largely based on EU directives but with deep roots in the German codes and legal doctrine. Another important feature of the German system is its corporate governance efficiency criterion which is focused on the maximisation of stakeholder value rather than shareholder value. However, the German corporate governance system has experienced many important changes over the last decade. First, the relationship between ownership or control concentration and profitability has changed over time. Second, the pay-for-performance relation is influenced by large shareholder control: in firms with controlling blockholders and when a universal bank is simultaneously an equity- and debtholder, the pay-for-performance relation is lower than in widely-held firms or blockholder-controlled firms. Third, since 1995 several major regulatory initiatives (including voluntary codes) have increased transparency and accountability