In this paper, we investigate whether reform of EU company law is needed to make corporate governance more sustainable through an analysis of some of the key questions found in the European Commission's questionnaire in its public consultation on sustainable corporate governance. We also...

In this paper, I analyse the main trade-offs between the economic value of the firm and its social value exploring how they are solved through corporate governance and regulation. To begin with, I show how firms generate social value while also increasing their long-term value under the...

This paper outlines significant developments which have occurred in recent times (2016 – 2021) as a growing number of regulators, standard setters, and other governance bodies begin to include explicit references to the value preservation imperative. These incremental steps are now directly...

Stakeholder groups appear to intuitively understand that logically the delivery of sustainable long-term value requires a healthy focus on value creation and on value preservation. Historically organizations have explicitly addressed the value creation imperative at a strategic level through...

In this paper, we ask whether benefit corporations have a role to play in the emerging EU sustainable governance framework. In sec. 2, we briefly introduce the benefit corporation with regard to US law and to the laws of some EU member States, such as France and Italy, which have adopted this...

Governance at banks, especially major banks, requires further reform, especially with respect to incentives. Supervisors are concerned that incentives may make executives prone to take “excessive” risks. Shareholders are concerned that banks rarely earn their cost of capital.What's needed is...

A growing number of businesses are social enterprises, with a dual mission of generating profits for investors while also pursuing various social goods. Statutes have created new legal forms of business association to be used by social enterprises, most prominently benefit corporations, but also...

In the corporate finance tradition, starting with Berle and Means (1932), corporations should generally be run to maximize shareholder value. The agency view of corporate social responsibility (CSR) considers CSR an agency problem and a waste of corporate resources. Given our identification...

This is a PPT presentation that discusses what is coming next on corporate governance (CG) and in which ways the successful business of the 21st century will differ from its successful 20th century counterpart. The presentation is divided into five key messages: 1) This is a moment of lower...