any action is the company itself. If the company is unable to take any action (because it is controlled by the wrongdoer) the court may authorise a member to bring proceedings in the name of the company by way of derivative action. However the measure of damages will be the loss to the company, and only the loss to the company. A shareholder cannot sue a person for a wrong committed against the company for the "reflective loss" to the value of their shareholding, as this would result in the wrongdoer paying double compensation for the same wrong (once to the company and once to the shareholders). The emphasis of British Virgin Islands company law is to protect the rights of creditors and members (i.e. the sources of capital) as the key stakeholders in the company. The rights of other stakeholders, such as employees, customers and wider society are given comparatively little protection. This reflects the offshore nature of most British Virgin Islands companies, and the different social and economic environments in which they operate. At present there is no securities regulation in relation to public issuance of securities in the British Virgin Islands. Although Part II of the Securities and Investment Business Act, 2010 purports to regulate public issues of securities, this Part has not yet been brought into force (nor has Part V, dealing with market abuse). Companies in the British Virgin Islands are subject to various statutory record keeping obligations. However, with a few exceptions, there is limited public access to corporate records. Shares and shareholders Although British Virgin Islands companies can be formed without the power to issue shares, in practice almost all companies are registered as share issuing companies. It is sometimes said - misleadingly - that the British Virgin Islands has abolished the concept of share capital. This is based upon the removal of the requirement to state an authorised capital in a company's constitutional documents (instead a company only needs to state the maximum number of shares it is authorised to issue), combined with the abrogation of capital maintenance rules (in the British Virgin Islands so long as a company remains solvent after the distribution, it can distribute money or other assets back to its shareholders by way of dividend or share redemptions). That power does not, however, remove the requirement to account for the share capital in the company's books of account.