Book excerpt: Shareholder liability was once discussed only in terms of liability for the debts of the corporation in which the shareholders hold interest. That is now a shifting scene, influenced in the main by the emergence of shareholder activism and derivative litigation, with its attendant increase of risk for officers and directors, and “fee shifting” provisions in corporate bylaws, allowing corporations to seek legal fees from unsuccessful shareholder plaintiffs. In this edition of the Comparative Law Yearbook for International Business, practitioners from 10 jurisdictions examine recent developments in shareholder liability. The introductory chapter “Liability of Shareholders in Modern Company Law”, sets the stage for reports from Argentina, Belgium, Brazil, Croatia, Germany, Indonesia, Mexico, Portugal, and the United States.