Zlatni padobrani, korporativno upravljače i tržište korporativne kontrole

Abstract

Zlatni padobrani su visoke naknade koje se obećavaju licima na rukovodećim pozicijama u društvu u slučaju da dođe do promene pravne kontrole nad društvom. Autor je u radu istakao najznačajnije argumente za i protiv ugovoranja ovog vida naknade, analizirao ambivalentan uticaj zlatnih padobrana na razvoj tržišta korporativne kontrole, razložio i objasnio sadržinu zlatnih padobrana, prikazao najznačajnija pravna ograničenja koja prate njihovo usvajanje i ukazao na potrebu za pojačanom transparentnošću zlatnih padobrana. Osnovni podsticaj za pisanje ovog rada predstavlja očekivana preuzimalačka groznica u našoj zemlji u narednim godinama, a analiza uticaja zlatnih padobrana će u spektru ostalih defanzivnih taktika imati značajno mesto. Takođe, zlatni padobrani se kao specifična vrsta naknade članovima uprave moraju posmatrati i u odnosu na opšteprihvaćene principe i razvijenu praksu dobrog korporativnog upravljanja. U prelamanju prava preuzimanja i korporativnog upravljanja treba pronaći pravi smisao i značaj zlatnih padobrana.

This article deals with golden parachutes and their impact on the market for corporate control. The term "golden parachutes" is used to describe high compensations promised to all those persons who hold important managerial positions in the company in case of change of corporate control. In the first part of the paper the author describes major arguments in favor and against entering into contracts with this type of compensation, and concludes that these arguments are rather balanced. Therefore, an undoubtfull answer regarding the favor ability of golden parachutes cannot be given. The following part of the article explores in more detail the ambivalent nature and influence of golden parachutes on the development of the market for corporate control. At the same time they can represent an obstacle for making takeover bids, as well as the method for stimulating the development and frequency of takeovers. Regarding the content of the agreement that contains golden parachutes, the author gives answers to the following questions: who can be a parachute holder, what is the legal basis of the golden parachute when does the parachute holder acquire the right for compensation, what does this compensation include, how lucrative it can get, when do the parachute holders lose their rights based on the agreement? The next part of the article shows the most important legal limitations to adopting golden parachutes: the unavailability of repressive golden parachutes because of the applicability of the duty of neutrality, limitations regarding the amount of compensation, fiduciary duties and tax disadvantages. The last part of the paper deals with the golden parachute transparency, which consists of the right to be informed about their content and the disclosure obligations. The major incentive for writing this paper was found in the anticipated takeover fever in our country when the analysis of golden parachute influence compared to other defensive tactics will be very significant. On the other hand golden parachutes as a specific type of executive compensation must be seen and discussed in view of generally accepted principles and developed practice of good corporate governance. Therefore, in this article the purpose and importance of golden parachutes was discussed bearing in mind the interaction of takeover law and corporate governance.