The Boundaries of Corporate Responsibility: Editorial Introduction

Contract Governance in the Network Economy: Implications for Company Law and Directors’ Duties - European Business Law Review View Contract Governance in the Network Economy: Implications for Company Law and Directors’ Duties by - European Business Law Review Contract Governance in the Network Economy: Implications for Company Law and Directors’ Duties 35 3/4

In the age of digital transformation, the boundaries of companies are beginning to blur. In the information society, the network economy is emerging as a new, paradigmatic economic order. With the ability to share information quickly and cheaply on a global scale, the importance of centralised decision-making and costly corporate structures is diminishing. Companies are giving way to interconnected networks, and the concept of ownership is gradually being replaced by the concept of access rights. From a company law perspective, this shift to the network economy leads to the emergence of new forms of governance. As access rights replace ownership, the governance of these rights becomes paramount for economic actors, but it transcends company boundaries and is instead rooted in contractual relationships. As a result, contract governance is gradually replacing corporate governance. With governance frameworks extending beyond the firm to contractual networks, directors’ duties are likely to extend beyond firm-specific boundaries to bridge the responsibility gap created by the increasing use of data technologies.

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