Comparative Corporate Governance of Non-Profit Organizations (International Corporate Law and Financial Market Regulation)

The economic importance of the non-profit sector is growing rapidly in the USA and Europe. However, the law has not kept abreast with its development. The European Court of Justice has extended certain freedoms of the EC Treaty to non-profit organisations, and more case law is expected to follow in the near future, but the observations, theories, solutions and legal and non-legal rules in this field are manifold. The chances of harmonising the law on a European level are slim. Despite these differences, a common core of international corporate governance problems and regulatory solutions can be seen. This volume of essays brings together a variety of international experts from both corporate governance and governance of non-profit organisations to compare the two areas and explore the lessons that can be learned regarding comparative corporate governance for non-profit organisations. Machine generated contents note: Part I. Economic Findings and Theories on Non-Profit Organizations: 1. The non-profit sector: introductory remarks What kind of non-profit sector, what kind of society? Comparative policy reflections Helmut K. Anheier 2. Good and not so good governance of non-profit organizations: factual observations from the USA and Europe Good and not so good governance of non-profit organizations: factual observations from the USA John A. Edie Good and not so good governance of non-profit organizations: factual observations from foundations in Germany Christoph Mecking 3. Economic theories of non-profit organizations The economics of non-profit organizations Henry Hansmann principle-agent theory and non-profit accountability Richard Steinberg Part II. The Non-Profit Sector: Private Law, Trust Law, Tax Law in Selected Countries: 4. Anglo-American countries Non-profit organizations in the United States James Fishman Harmonising non-profit law in the European Union: an English perspective and digest Hubert Picarda 5. Germanic countries Non-profit organizations in Germany Thomas von Hippel Non-profit organizations in the Netherlands Tymen J. van der Ploeg 6. Romanic countries Non-profit organizations in France Katrin Deckert 7. Transformation countries Non-profit organizations in Hungary Zoltán Csehi Non-profit organizations in the Czech Republic Kateřina Ronovská Non-profit organizations in the People's Republic of China Thomas Von Hippel and Knut B. Pissler Part III. The Board of Non-Profit Organizations: 8. The board of non-profit organizations: law and practice The board of non-profit organizations: puzzling through the gaps between law and practice: a view from the United States Evelyn Brody The board of non-profit organizations: some corporate governance thoughts from Europe Klaus J. Hopt 9. The duty of obedience Rediscovering the duty of obedience: Toward a trinitarian theory of fiduciary duty Robert Atkinson Duty of obedience: the German perspective Rainer Hüttemann Part IV. Good Governance of Non-Profit Organizations: Activities and Regulatory Problems: 10. Fundraising Regulation of fundraising by charities and voluntary organisations in England and Wales Peter Luxton Comparing regulation of fundraising: self-regulation or governmental regulation? W. J. M. van Veen 11. Asset management in non-profit organizations asset management in non-profit organizations Carsten Carstensen Legal standards for capital investments by foundations in hedge funds according to German and American law Maximilian Haag and Andreas Richter 12. Non-profit organizations and economic activities/Enterprises Non-profit organizations and economic activities/enterprises Carl Hemström Non-profit organizations and enterprises: the Danish foundation law as an example Sören Friis Hansen Part V. Good Governance of Non-Profit Organizations: Internal Governance, Self-Regulation, Disclosure and Supervision: 13. Internal governance and self-regulation The protection of members and creditors of non-profit organisations Susanne Kalss Foundation governance in Switzerland Thomas Sprecher 14. Disclosure, reporting, auditing Financial reporting by non-profit organizations: United States developments Stanley Siegel Charity commission regulation of the charity sector in England and Wales: the key role of charity audit regulation Greyham Dawes 15. Enforcement by state supervision and tax authorities The charity commission for England and Wales Richard Fries Internal revenue service and states revenue department oversight of non-profit organizations in the United States John D. Colombo Tax law as an instrument to strengthen the corporate governance of the non-profit sector Thomas von Hippel and Rainer Walz. Cover......Page 1 International Corporate Law and Financial Market Regulation......Page 3 Comparative Corporate Governance of Non-profit Organizations......Page 4 ©......Page 5 CONTENTS......Page 6 LIST OF CONTRIBUTORS......Page 25 PREFACE......Page 36 ABBREVIATIONS......Page 50 PART I Economic findings and theories on nonprofit organizations......Page 58 1 What kind of nonprofit sector, what kind of society?......Page 60 2.1 Good and not so good governance of nonprofit organizations: factual observations from the USA......Page 77 2.2 Good and not so good governance of nonprofit organizations: factual observations of foundationsin Germany......Page 96 3.1 The economics of nonprofit organizations......Page 117 3.2 Principal–agent theory and nonprofit accountability......Page 130 PART II The nonprofit sector: private law, trust law, tax law in selected countries......Page 184 4.1 Nonprofit organizations in the United States......Page 186 4.2 Harmonising nonprofit law in the European Union: an English perspective and digest......Page 227 5.1 Nonprofit organizations in Germany......Page 254 5.2 Nonprofit organizations in the Netherlands......Page 285 6 Nonprofit organizations in France......Page 322 7.1 Nonprofit organizations in Hungary......Page 382 7.2 Nonprofit organizations in the Czech Republic......Page 436 7.3 Nonprofit organizations in the People’s Republic of China......Page 485 PART III The board of nonprofit organizations......Page 536 8.1 The board of nonprofit organizations: puzzling through the gaps between law and practice – a view from the United States......Page 538 8.2 The board of nonprofit organizations: some corporate governance thoughts from Europe......Page 588 9.1 Rediscovering the duty of obedience: toward a trinitarian theory of fiduciary duty......Page 621 9.2 Duty of obedience: the German perspective......Page 676 PART IV Good governance of nonprofit organizations: activities and regulatory problems......Page 692 10.1 The regulation of fund-raising by charities and voluntary organisations in England and Wales......Page 694 10.2 Comparing regulation of fundraising: self-regulation or governmental regulation?......Page 719 11.1 Asset management in nonprofit organizations......Page 756 11.2 Legal standards for capital investments by foundations in hedge funds according to German and American law......Page 766 12.1 Nonprofit organizations and economic activities/enterprises......Page 797 12.2 Nonprofit organizations and enterprises: the Danish foundation law as an example......Page 827 12.3 The protection of members and creditors of nonprofit organisations......Page 846 PART V Good governance of nonprofit organizations: self-regulation, disclosure and supervision......Page 870 13 Foundation governance in Switzerland......Page 872 14.1 Financial reporting by nonprofit organizations: United States developments......Page 886 14.2 Charity Commission regulation of the charity sector in England andWales: the key role of charity audit regulation......Page 906 15.1 The Charity Commission for England andWales......Page 953 15.2 Internal Revenue Service and State Revenue Department oversight of nonprofit organizations in the United States......Page 971 15.3 Tax law as an instrument to strengthen the corporate governance of the nonprofit sector......Page 997 INDEX......Page 1013 "The economic importance of the non-profit sector is growing rapidly in the USA and Europe. However, the law has not kept abreast with its development. The European Court of Justice has extended certain freedoms of the EC Treaty to non-profit organizations, and more case law is expected to follow in the near future, but the observations, theories, solutions and legal and non-legal rules in this field are manifold. The chances of harmonizing the law on a European level are slim. Despite these differences, a common core of international corporate governance problems and regulatory solutions can be seen. This volume of essays brings together a variety of international experts from both corporate governance and governance of non-profit organizations to compare the two areas and explore the lessons that can be learned regarding comparative corporate governance for non-profit organizations"--Provided by publisher