Shareholder Primacy and Global Business: Re-clothing the EU Corporate Law

1st Edition

Lela Mélon

Routledge
April 15, 2019 Forthcoming
Reference - 224 Pages
ISBN 9780367183981 - CAT# K416529
Series: Routledge Research in Corporate Law

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Summary

In the context of growing public interest in sustainability, Corporate Social Responsibility (CSR) has not brought about the expected improvement in terms of sustainable business. Self-regulation has been unable to provide appropriate answers for unsustainable business frameworks, despite empirical proof that sustainable behaviour is entirely in corporate enlightened self-interest. The lack of success of soft law approach suggests that hard law regulation may be needed after all. This book discusses these options, alongside the issue of shareholder primacy and its externalities in corporate, social, and natural environment.

 

To escape the ‘Prisoner’s Dilemma’ European corporations and their global counterparts have found themselves in, help is needed in the form of EU hard law to advocate sustainability through mandatory rules. This book argues that the necessity of these laws is based on the first-mover’s advantage of such corporate law approach towards sustainable development. In the current EU law environment where codification of corporate law is sought for, forming and defining a general EU policy could not only help corporations embrace this self-enlightened behaviour but could also build the needed ‘EU corporate citizenship’ atmosphere. Considering the developments in the field of CSR as attempts to mitigate negative externalities resulting from inappropriate shareholder primacy use, the book is centred around a discussion of the shareholder primacy paradigm, its legal position and its (un)suitability for modern global business.

 

Going beyond solely legal analysis, juxtaposing legal principles and argumentation with economic theoretic approaches and more importantly, real-life examples, the book is accessible to both professionals and academics working within the fields of business, economics, corporate governance and corporate law.

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