Saving the World With Corporate Law?

Greenfield, Kent

doi:10.2139/ssrn.978242

Cited by 10 publications

(17 citation statements)

References 1 publication

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“…27 It diminishes the role of public regulation and the judiciary, and reframes company law as almost an entirely default, voluntary arrangement. It diminishes the concept of the firm as an entity capable of serving a variety of interests.…”

Section: Conflict Between Shareholder Wealth Maximization and The CLImentioning

confidence: 99%

“…26 It focuses on shareholder wealth maximization as the most important function of the company, and can therefore lead to a myopic focus on short-term profitability, the economic commodification of the environment, and the encouragement of negative externalities such as GHG emissions. 27 It diminishes the role of public regulation and the judiciary, and reframes company law as almost an entirely default, voluntary arrangement. It diminishes the concept of the firm as an entity capable of serving a variety of interests.…”

Section: Conflict Between Shareholder Wealth Maximization and The CLImentioning

confidence: 99%

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The Responsibilities of Carbon Major Companies: Are They (and Is the Law) Doing Enough?

Benjamin¹

2016

TEL

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Transnational carbon major companies are responsible for over 30% of global industrial greenhouse gas emissions and exert tremendous influence over future global climate trajectories. Yet, they are not governed through top-down, stringent emissions limits, but are instead regulated largely by disclosure-only domestic requirements and market-based or voluntary corporate social responsibility mechanisms. Through an examination of the requirements of domestic laws such as the United Kingdom (UK) Climate Change Act 2008 and the UK Energy Act 2013, as well as the environmental and sustainability reports produced under the UK Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, this article analyzes the regulatory requirements placed on carbon majors, and the climate change pledges and emissions of five UK-based carbon majors: BP, Royal Dutch Shell, BG Group, National Grid, and Centrica. The article concludes that the efforts to curb emissions in these carbon major entities are being subverted by company law, company theory and commercial norms such as shareholder wealth maximization.

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Section: Conflict Between Shareholder Wealth Maximization and The CLImentioning

confidence: 99%

Section: Conflict Between Shareholder Wealth Maximization and The CLImentioning

confidence: 99%

The Responsibilities of Carbon Major Companies: Are They (and Is the Law) Doing Enough?

Benjamin¹

2016

TEL

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“…Indonesian company law and the vast majority of scholars in Indonesia have already taken a firm stand for the latter view even before this debate, in sharp contrast to the tendency in the U.S. This contrast is evident given the 2007Company Act No. 40 ("2007, which mandatorily obliges CSR funds for companies in the natural resources industry.…”

Section: Introductionmentioning

confidence: 98%

“…Un-like the absolute majority of state and model corporate laws in the U.S., the Indonesian 2007 Company Act obligates companies in the natural resource industry to allocate and spend funds implementing CSR and further stipulates sanctions against failure to comply with these obligations. Not only that, the 2007Capital Investment Act No. 25 (UU No.…”

Section: Introductionmentioning

confidence: 99%

Has Indonesia’s Unique Progressivism in Mandating Corporate Social Responsibility Achieved Its Ends?

Chang

2018

Sriwijaya Law Rev.

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It has been a decade since Indonesia implemented its first mandatory CSR requirement. The time is ripe for the discussion: can Indonesia confidently say that it has saved Indonesia by making companies publicly answer for many social issues? Can it successfully bring social and economic justice by continuously enforcing this radical progressivism or utilitarianism? To begin to address these questions, this paper first examines Indonesia's unique features that strengthen CSR as a legal obligation and analyzes the current regulatory frame of CSR. Then, it discusses whether these laws and regulations have actually worked as a practical tool to encourage and enforce companies to perform CSR activities. This research concludes that company law can save Indonesia despite its failure so far due to a number of problems in and out of positive law. It suggests how it can specifically structure the CSR regulations and seeks attention to the more structural reform from the longer-term goal of developing a national mechanism.

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“…But these efforts have mostly been of the "command-and-control" type, working like a fleet of tugboats to pull the corporate tanker ship away from what would otherwise be their natural course. 50 My argument is simply that we should consider a new kind of regulatory effort-actually, an old one if truth be told-building a public in-terest element into corporate governance itself, creating the possibility that businesses become a more positive social force on their own. I am not urging that corporations become altruistic or charitable institutions.…”

Section: Ideas For Changementioning

confidence: 99%

The Third

The Obligated Self

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Speaking of the Global Financial Crisis, Rahm Emanuel said that "you never want a serious crisis to go to waste. And what I mean by that is an opportunity to do things that you think you could not do before." WSJDigitalNetwork, Rahm Emanuel on the Opportunities of Crisis, YOUTUBE (Nov. 19, 2008), http://www.youtube.com/watch?v=_mzcbXi1Tkk. 2. While labeled differently, these two paradigms map fairly closely to the two schools of thought identified and analyzed in David Millon, Radical Shareholder Primacy, ___ ST. THOMAS L. REV. ___ (forthcoming). Millon labels the two schools "radical shareholder primacy" and the manager-protective "traditional model." Both, as he points out, ultimately are aimed at shareholder benefit, though the former is more skeptical of managerial agency, and the latter is more permissive of it. 3. The leading voice of the shareholder supremacists is probably

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Saving the World With Corporate Law?

Cited by 10 publications

References 1 publication

The Responsibilities of Carbon Major Companies: Are They (and Is the Law) Doing Enough?

The Responsibilities of Carbon Major Companies: Are They (and Is the Law) Doing Enough?

Has Indonesia’s Unique Progressivism in Mandating Corporate Social Responsibility Achieved Its Ends?

The Third

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