Principal (commercial law)

About: Principal (commercial law) is a research topic. Over the lifetime, 1579 publications have been published within this topic receiving 35379 citations. The topic is also known as: Principal (commercial law).

The dual role of the principal as employee of the Department of Education and ex officio member of the governing body

Abstract: In terms of section 15 of the Schools Act, a public school is a legal person ("juristic person") with legal capacity to perform its functions under the Act. The Schools Act distinguishes between governance and professional management, assigning the former to the governing body and the latter to the principal of the school (section 16(1) and 16(3)). The professional management of a public school must be undertaken by the principal under the authority of the Head of Department. Section 16(A) makes provision for the functions and responsibilities of principals of public schools. Section 16(A) lists the tasks and responsibilities for which the principal as employee of the Department of Education is accountable to the Head of Department. The principal is however also accountable to the governing body for the implementation of statutory functions or policies regarding admission, language, religion and school funds that are delegated to him or her by the governing body in terms of the Schools Act. Since 1996, an increasing number of court cases and disciplinary hearings took place in which provincial heads of education departments were challenged for unlawful actions against principals due to the latter’s implementation of the statutory functions of governing bodies. Principals therefore seem to be caught between their role as employee of the Department of Education and ex officio member of the governing body of their public school. Keywords: Accountability; Authority; Conflicting assignments; Juristic person/legal person; Mutual responsibility; Partnership; Professional management; Promote/protect; School governance; Statutory functions

How Do Agency Theory, Stewardship Theory and Intellectual Capital as a Solution for Agency Conflict?

Abstract: The article aims to integrate agency theory, stewardship theory and intellectual capital in minimizing agencies conflict. The theories were approached by identifying organizational principles according to perspective of shareholders, then comparison of applications of agency theory, stewardship theory and intellectual capital contributing to the principal relationship with the agent in minimizing agencies conflict in order to contribute to enhancement of corporate value was discussed and empirical studies on perspectives of agency, stewardship and intellectual capital perspective specialized in human capital and structural capital were examined. The deep study of the theories concluded, it is necessary to integrate agency theory and stewardship theory and intellectual capital in effort of minimizing agencies conflict and enhancing corporate value. Further, it can be suggested that perspective of agency theory explains the importance of multi-principles framework, with perspectives of stewardship theory and intellectual capital showing a situation in which agent has the same interest as principle or to be motivated to make action for the sake of the best interest of the principal in minimizing agencies conflict and enhancing value of the company. Empirical literature can add more thoughts on agency issues integrated with stewardship theory and intellectual capital that can contribute to the study of the issues.

Epistemics at Work: The Theory of Mind in Principal-Agent Relations

Abstract: Agency theory studies the impact of and remedies to asymmetrically distributed information in principal-agent relations. Yet, it does so in a surprisingly binary manner: it assumes the principal to be perfectly knowledgeable of some pieces of information (such as the agent’s risk aversion), while others (such as the agent’s true effort exerted) are considered to be perfectly private information of the agent. Agency theory thus makes very asymmetrical assumptions about the knowledge of principals and agents, largely neglecting the human capacity for interpersonal sense-making. This chapter explores the implications of instilling agency theory with a more realistic account of the human capacity to read other people’s desires, intentions, knowledge, and beliefs — that is, to have a theory of someone else’s mind.

The Evolving Concept of “worker” in EU law

Abstract: The Court of Justice of the European Union has been shaping over the last thirty years the concept of “worker” for the purpose of determining the scope of application of employment rights provided by EU labour law. The concept, initially elaborated with a view to enhance the free movement of workers within the common market, has then been extended to other pieces of EU labour legislation and to the so-called labour exception to antitrust law. The outcome of the Court’s jurisprudence is the expansion of the employment protections granted by EU labour law beyond the employment contract, to the benefit of non-subordinate workers economically and/or operationally dependent from a client/principal.

The Incoherence of Punishment in Antitrust

Abstract: Antitrust began with the common law tort of restraint of trade but has long since separated itself from the rest of tort law, particularly in the area of punishment. Since the passage of the Sherman Act in 1890, the principal remedies for antitrust violations have been criminal penalties and private treble damage suits. Antitrust stands relatively unique in the American tort universe with its treble damage remedy, its lack of punitive damages, its rejection of in pari delicto defenses, and the peculiar combination of joint and several liability, the lack of contribution, and the way that settlements are credited against the potential liability of the remaining defendants in a case.