The Theory of Common Interest in the Capital Company: A Comparative Study between Kuwaiti and French Legislators
Athbi Eid Alenezi
PhD Candidate in Private Law, University of Picardie Juels Verne, France
& Registered Lawyer before the Court of Cassation and the Constitutional Court
in the State of Kuwait
Abstract:
Defining the concept related to the theory of common interest, in the capital company, plays a major role in answering the question for which this type of company was established, as there has been great controversy – in this regard, in jurisprudence – in answering this question. Some of them tended to say that it was the theory of capital maximization, and some of them tended to say that it was the theory of stakeholders.
The Kuwaiti legislator tended to adopt the theory of capital maximization as a reason for establishing the capital company, and the research relied on criticizing this trend. This is based on the necessity of adopting the stakeholder theory; It combines the reason for making profit, and calls for greater balancing of related interests, all on the basis that the company is a collective project and institution, whose role is to serve the national economy.
Keywords: corporate law, corporate governance, board of directors’ obligations, shareholder, and stakeholder