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The future of codetermination after Centros: Will German corporate law move closer to the U.S. model?

INTRODUCTION

Despite some dissenting voices,2 most U.S. scholars agree that the maximization of shareholder wealth is by far the most important goal of U.S. corporate law.3 The same cannot be said with regard to German corporate objectives.4 While scholars have recently noted a global tren d towards the maximization of shareholder wealth as the primary goal of corporate law,5 German corporate law continues to attach considerable importance to the interests of other stakeholders.6 Most importantly, German corporate law is designed to serve the interests of employees as well as those of shareholders.7 Under German codetermination law, employees are represented on the boards of corporations, ...

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