1.1. Literature Review 
 
25
1.3. Problems and Key Research Questions 
 
31
1.4. Overview and Contribution 
 
32
1.5. The Importance of Study 
 
32
1.6. The Planned Structure of the Research 
 
32
1.7. Research Methodology 
 
33
2. ARTIFICIAL INTELLIGENCE 
 
35
2.2. Definitions and Functions of AI 
 
35
2.4. Regulations on AI 
 
38
2.5. Changes Brought by AI 
 
40
2.5.2. Effects of AI on Company Law 
 
41
2.6. The Use of AI in the Management of the Company 
 
45
2.6.1. AI as a Director 
 
45
2.6.2. AI–Assisted Decision–Making 
 
49
2.6.3. AI in the Appointment of Board Members 
 
51
2.7. AI and External Audit 
 
54
2.7.3. Effects of AI on External Audit 
 
56
2.7.4. Possible Uses of AI in External Audit 
 
57
2.7.4.2. AI as a Decision Aid 
 
60
2.7.4.3. AI as an Auditor 
 
63
2.7.5. Thoughts on the Future of External Audit 
 
67
3.2. Definitions of Blockchain 
 
72
3.3. Types of Blockchain 
 
73
3.4. Characteristics of Blockchain 
 
74
3.5.2. Smart Contracts on Blockchain 
 
77
3.6. Benefits and Challenges of Blockchain 
 
79
3.7. From Traditional Ways to Blockchain in Companies 
 
82
3.8. Decentralised Autonomous Organisations 
 
85
3.9. Blockchain from the Formation to the Termination of the Company 
 
87
3.9.1. Forming a Company on Blockchain 
 
87
3.9.1.1. Company Formation 
 
87
3.9.1.2. Company Formation via Blockchain 
 
88
3.9.1.3. A Case Study from Estonia 
 
90
3.9.2. Preparation of the Articles of Association on Blockchain 
 
92
3.9.3. Keeping Commercial Books and Records of the Company via
 
3.9.4. Having Annual General Meetings via Blockchain 
 
98
3.9.4.2. Virtual AGMs via Blockchain 
 
101
3.9.4.3. Drawbacks of Blockchain–based AGMs 
 
104
3.9.5. Having Board Meetings via Blockchain 
 
106
3.9.5.1. Virtual Board Meetings 
 
106
3.9.5.2. Board Meetings and Blockchain 
 
109
3.9.5.3. Drawbacks of Virtual Meetings and the Blockchain
 
3.9.6. Terminating the Company via Blockchain 
 
111
4. DIGITALISATION AND CORPORATE GOVERNANCE 
 
115
4.1. Corporate Governance 
 
115
4.1.2. Digital Corporate Governance 
 
118
4.2. The Principles of Corporate Governance within the Context of New
 
4.2.3. Accountability 
 
126
4.2.3.2.1. Effects of AI on Accountability 
 
127
4.2.3.2.2. Liability of AI 
 
129
4.2.3.2.3. The EU Directive 
 
130
4.2.3.2.4. Thoughts on Liability of AI 
 
130
4.2.3.3. Utilising Blockchain 
 
132
4.2.3.4. Regarding DAOs 
 
133
4.2.4. Responsibility 
 
134
4.3. Shareholder Rights 
 
140
4.4. Minority Shareholders’ Rights 
 
145
4.6. Board Diversity as a Current Corporate Governance Discussion 
 
155
5.1. Significance and Contribution 
 
163
1.2. Future of Research 
 
166