"Disclosure as a Manifestation of the Principle of Contractual Loyalty in the Company Contract" (A comparative stud (

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Published: Jun 21, 2026
Keywords:
Contractual Loyalty, Obligation of Disclosure, Right of Access, Corporate Governance, Professional Secrecy, Shareholders, Comparative Legislations

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Hassan Alwan Lefta
Hiba Haider Abdul-Amir

Abstract

This research highlights the obligation of disclosure as one of the most significant manifestations of the principle of contractual loyalty within the corporate environment. It aims to demonstrate the role of transparency in protecting shareholders' rights and fostering trust between partners and management. The study examines the scope of this obligation across comparative legislations (Iraq, Egypt, and France), addressing the existing conflict between the shareholder's right to access information and the necessity of maintaining corporate secrets. The study concludes that disclosure is not merely a formal procedure but a fiduciary duty that mandates management to reveal essential information affecting the legal and financial positions of partners, ensuring effective oversight and preventing conflicts of interest

Article Details

How to Cite
Alwan Lefta ح. ., & Haider Abdul-Amir ه. . (2026). "Disclosure as a Manifestation of the Principle of Contractual Loyalty in the Company Contract" (A comparative stud (. MIsan Journal of Comparative Legal Studies, 15(1), 152–192. Retrieved from https://www.uomisan.edu.iq/law/mjcls/index.php/mjcls/article/view/547
Issue
Vol. 15 No. 1 (2026): Maysan Journal of Comparative Legal Studies
Section
Articles

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اماني الفراحين حق المساهم في الرقابة على ادارة الشركة المساهمة العامة بحث منشور في المجلة العصرية للدراسات القانونية فلسطين 2024

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حماد مصطفى عزب رقابة المساهمين على ادارة الشركة كاحد صور الحوكمة بحث منشور في مجلة كلية القانون الكويتية العالمية 2016

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خامسا - القوانين والانظمة

قانون الشركات العراقي رقم 21 لسنة 1997 المعدل

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قانون الشركات الفرنسي الصادر في 24 تموز 1966

اللائحة التنفيذية لقانون شركات المساهمة المصري الصادرة بالقرار رقم 96 لسنة 1982

سادسا - المصادر الاجنبية

Walid Guermazi et Ahmed Laamari Gouvernement d’entreprise et contenu informationnel du résultat comptable Étude empirique dans le contexte français Revue du Contrôle de la Comptabilité et de l’Audit 2021

سابعا - المواقع الالكترونية

الموقع الرسمي للتشريعات الفرنسية ليجيفرانس Legifrance

صهيب الشريف وحمدية كحلة واجبات ومسؤوليات عضو مجلس الادارة ما بين القانون ومبادئ الحوكمة مقال منشور على موقع اندرسون Andersen 2025

LIST OF SOURCES

First: The Holy Quran

Second: Legal Books

Ibrahim Ismail Ibrahim and Raed Faisal Ghazi, Execution of Joint-Stock Companies' Disclosure Obligations in the Stock Market, Al-Muhaqqiq Al-Hilli Publishing, Babylon, 2017.

Ahmed Al-Baz, The Obligation of Transparency and Information Disclosure in the Securities Market, Dar Al-Jami'a Al-Jadida, Alexandria, 2015.

Ahmed Ali Khader, Disclosure and Transparency as Principles of Governance in Corporate Law, Dar Al-Fikr Al-Jami'i, Alexandria, 2012.

Turki Musleh Hamdan, The Mediator in the Legal System of the Board of Directors of Public Joint-Stock Companies, Dar Al-Thaqafa, Amman, 2021.

Reham Mamdouh Shalabi, Corporate Governance of Commercial Companies, Dar Al-Yazouri Scientific Publishing and Distribution, Amman, 2023.

Samiha Al-Qalyubi, Commercial Companies, Dar Al-Nahda Al-Arabiya, Cairo, 2015.

Siham Sawadi Tohme, The Obligation of Disclosure in Commercial Matters, Dar Al-Fikr Al-Jami'i, Alexandria, 2015.

Abbas Marzouq Flayeh Al-Obaidi, Subscription in the Capital of Joint-Stock Companies, Dar Al-Thaqafa for Publishing and Distribution, Amman, 1996.

Aziz Al-Akili, The Mediator in Commercial Companies, Dar Al-Thaqafa, Amman, 2010.

Essam Hanafi Mahmoud, The Obligation of Companies to Transparency and Disclosure, Dar Al-Nahda Al-Arabiya, Cairo, 2006.

Essam Mahdi and Ahmed Abdulaziz Al-Kashwani, Governance of Companies and Banks, Dar Mahmoud for Publishing and Distribution, Cairo, 2010.

Mahmoud Selim Khashna, Securities Issued by Joint-Stock Companies, Arab Center for Publishing and Distribution, Cairo, 2018.

Third: Theses and Dissertations

Boghayta Anis, The Shareholder's Right in a Joint-Stock Company, Master's Thesis, Faculty of Law, University of Skikda, Algeria, 2021.

Rasha Kilan Shaker, Shareholder Guarantees in the Management of Joint-Stock Companies, PhD Thesis, College of Law, University of Baghdad, 2016.

Abbas Abbadi Ne'ma, Protection of Minority Shareholders in Joint-Stock Companies under Iraqi Corporate Law, Master's Thesis, College of Law, Al-Mustansiriya University, 2014.

Khalid bin Hamad bin Saud Al-Hasani, Shareholders' Rights in Public Joint-Stock Companies, Master's Thesis, College of Law, Al-Sharqiyah University, 2025.

Fourth: Research and Scientific Journals

Amani Al-Farahin, "The Shareholder's Right to Oversee the Management of Public Joint-Stock Companies," Al-Asriya Journal for Legal Studies, Palestine, 2024.

Jaafar Kadhim Jabr and Hassan Alwan Lefta, "Legal Protection of Minority Shareholders in Holding Companies," Journal of the College of Law, University of Karbala, 2018.

Hassan Ahmed Ibrahim, "Liability of Board Members in Joint-Stock Companies," Damietta Journal of Rights for Legal and Economic Studies, Damietta University, 2023.

Hammad Mustafa Azab, "Shareholder Oversight of Company Management as a Form of Governance," International Journal of the Kuwaiti College of Law, 2016.

Sarah Amer Mahmoud, "The Obligation of Companies to Disclosure and Transparency according to Governance Principles and Iraqi Law," Al-Noor Journal for Legal Studies, 2024.

Ali Talal Hadi, "Legal Protection of Minority Shareholders from Acquisition Risks," Journal of Legal Sciences, University of Baghdad, 2017.

Lahmar Khalid and Samoud Sayed Ahmed, "The Role of Corporate Governance in Applying the Principle of Disclosure and Transparency towards Shareholders," Journal of Legal Studies, Algeria, 2020.

Mohammed Ammar Shinjar and Abbas Ziad Kamil, "The Legal Regulation of Shareholders' Rights in Joint-Stock Companies," Journal of Al-Ma'moun College, 2023.

Fifth: Laws and Regulations

Iraqi Companies Law No. 21 of 1997, as amended.

Egyptian Companies Law No. 159 of 1981, as amended.

French Companies Law issued on July 24, 1966.

Executive Regulations of the Egyptian Joint-Stock Companies Law issued by Decree No. 96 of 1982.

Sixth: Foreign Sources

Walid Guermazi et Ahmed Laamari, "Gouvernement d’entreprise et contenu informationnel du résultat comptable: Étude empirique dans le contexte français," Revue du Contrôle, de la Comptabilité et de l’Audit, 2021.

Seventh: Websites

Official Website of French Legislation (Légifrance).

Suhaib Al-Sharif and Hamdia Kahla, "Duties and Responsibilities of Board Members between Law and Governance Principles," article published on the Andersen website, 2025.