Doctoral Thesis
DOI
https://doi.org/10.11606/T.2.2022.tde-17112022-112914
Document
Author
Full name
Marcelo Godke Veiga
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 2022
Supervisor
Committee
Toledo, Paulo Fernando Campos Salles de (President)
Craveiro, Mariana Conti
Adamek, Marcelo Vieira von
Franca, Erasmo Valladao Azevedo e Novaes
Goncalves Neto, Alfredo de Assis
Pugliesi, Adriana Valeria
Title in Portuguese
A regra da decisão negocial (business judgment rule) e sua aplicação no direito brasileiro
Keywords in Portuguese
Business judgment rule
Entire fairness
Deveres fiduciários
Poderes e atribuições de administradores
Responsabilidade de administradores
Abstract in Portuguese
A business judgment rule, um dos mais importantes institutos do direito societário americano, ainda causa certa confusão e permanece controvertida, inclusive no Brasil. A business judgment rule e seus desdobramentos decorrem de processo histórico de evolução jurisprudencial iniciado há bastante tempo em tribunais ingleses de equity. Logo, é fruto da evolução do common law (enquanto sistema jurídico). O presente trabalho estudará a evolução jurisprudencial da business judgment rule e seus desdobramentos, tanto na Inglaterra quanto nos Estados Unidos da América. Foi no direito societário do estado de Delaware que tal instituto jurídico mais amadureceu, notadamente a partir da década de 1980. Por isso, o estudo do estado atual da business judgment rule, no presente trabalho, embasa-se no direito societário de Delaware a partir de tal período. A business judgment rule, além de ser fruto de evolução histórico-jurisprudencial do common law, tem fundamento econômico. Por ser regra de governança de sociedades empresárias, a business judgment rule protege a autoridade dos administradores e, ao mesmo tempo, preserva suas escolhas, dando-lhes poder discricionário amplo para tomar decisões na condução dos negócios empresariais, evitando interferência constantes de terceiros (inclusive por parte dos acionistas e do Poder Judiciário). Ao mesmo tempo, protege os administradores ao criar presunção de que suas decisões foram informadas (tendo sido cumprido o dever de diligência) e não conflitadas (tendo sido observado o dever de lealdade). O afastamento da presunção protetiva é possível, voltando-se para um de seus desdobramentos (a entire fairness, o enhanced scrutiny ou a compelling justification), que passará a guiar a análise dos atos administrativos. O direito brasileiro permite a aplicação da business judgment rule e seus desdobramentos, não com base no § 6º do artigo 159 da Lei nº 6.404/76, mas em outras normas trazidas pelo mesmo diploma legal, analisadas ao longo deste trabalho. Assim, há presunção de que as decisões dos administradores estejam corretas e, portanto, devem ser protegidas, mantendo-se a porta aberta para eventual apuração de descumprimento de deveres fiduciários ou da lei, o que afastaria o escudo protetivo trazido pela business judgment rule. O presente trabalho divide-se em quatro partes. Na primeira, será estudada a agency theory e será feita uma análise preliminar da business judgment rule. Na segunda, será feita uma evolução histórico-jurisprudencial da business judgment rule. Na terceira será feito um estudo comparativo que inclui três países europeus e uma análise aprofundada da business judgment rule com base no direito societário americano. Na quarta, a business judgment rule e seus desdobramentos serão aplicadas ao direito societário brasileiro.
Title in English
The business judgment rule and its use under Brazilian law
Keywords in English
Business judgment rule
Entire fairness
Fiduciary duties
Liability of directors and officers
Powers
and attributions of directors and officers
Abstract in English
The business judgment rule, one of the most important concepts of United States corporate law, still leads to confusion and remains controversial, even in Brazil. The business judgment rule and its ramifications stem from a historical process of case law evolution which started a long time ago in English equity courts. Thus, it is the result of the evolution of the common law (as a legal system). This work will study the case law evolution of the business judgment rule and its ramifications, both in England and in the United States. It was under Delaware corporate law that the concept further matured, notably during the 1980s. So, the study, in this work, of the current state of the business judgment rule is based upon Delaware corporate law starting in this period. The business judgment rule, apart from being a result of the historic and case law evolution of the common law, also has an economic foundation. The business judgment rule, as a precept of corporate governance of business entities, protects the authority of directors and officers while preserving their choices, granting them wide discretionary powers to make decisions in the conduction of business, avoiding constant third-party interference (including shareholders and the Judiciary Power). At the same time, it protects directors and officers by creating a presumption that their decisions were informed (fulfilling the duty of care) and unconflicted (by observing the duty of loyalty). The lifting the protective presumption is possible, turning to one of its possible ramifications (entire fairness, enhanced scrutiny or compelling justification), which will guide the review of directorial and managerial actions. Brazilian law also allows the use of the business judgment rule and its ramifications, not based upon paragraph 6 of article 159 of Law No. 6.404/76, but on other precepts found under the same statute, all to be herein analyzed. Thus, there is a presumption that directors and officers decisions are correct and, as such, they must be protected, at the same time, the door remains open to assess the unfulfillment of fiduciary duties or the law itself, what would put aside the protective shield created by the business judgment rule. This work is divided into four different parts. On the first part, the agency theory and a preliminary study of the business judgment rule will be carried out. On the second part, a historic and case law evolution of the business judgment rule will be made. On the third part, a comparative study including three European countries, as well as a indepth analysis of the business judgment rule based upon United States corporate law will be carried out. On the fourth part, the business judgment rule and its ramifications shall be applied to Brazilian corporate law.
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Publishing Date
2023-08-09