190 Two-step approach.

Before moving on to consider the specific issues identified in Dutch corporate law, I want to propose a general two-step approach towards synthesizing the theoretical perspectives. First, the development of Dutch corporate law fits best with an integrated view of the three perspectives as complementary approaches towards corporate governance. Instead of proposing to reform Dutch corporate law radically in accordance with a single perspective, I argue that legal reform should strive for a balanced integration of all perspectives based on their complementary understanding of the multi-facetted nature of modern corporations. Blending different perspectives enables proposals for legal reform to appreciate and fully capture the complex reality in which modern corporations operate and the multi-dimensional way in which they create value for society. Such integrated approach fits best with the role of the institutional view (institutionele opvatting) as it currently exists in contemporary Dutch corporate law.

Second, the application of this complementary approach to legal reform suggests a general shift towards the ecosystem perspective. Contemporary Dutch corporate law is largely built on insights from the partnership and institutional perspectives. As a result, the factual embeddedness of corporate enterprises in their environment has received less attention in the development of contemporary Dutch corporate law. In order for these environmental aspects to be included in Dutch corporate law, a general rebalancing is necessary in the direction of the ecosystem perspective. I will now consider this two-step approach in more detail.