Shareholder primacy: the main barrier to sustainable companies

Beate Sjåfjell · Andrew Johnston · Linn Anker-Sørensen · David K. Millon

90 citations0/0 files storedCambridge University Press eBooks

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Corporate Governance and Law Corporate Finance and Governance Governance, Compliance, and Sustainability

Abstract

While we may well agree that the company is an ingenious invention, we also know that ‘business as usual’ is not viable if we wish to preserve the very basis of our existence. Our own well-being and that of future generations depend on companies, the dominant form of business, contributing to the transformation towards sustainability. As explained in the Introduction to this book, the hypothesis informing the work of the Sustainable Companies Project is that regulation or governance of business decision-making should be included in the toolbox for sustainability. A comparative analysis of core company law – the rules regulating the identity of corporate decision-makers, and the aims of, and any limitations on, those decisions – is essential to evaluate whether there is a realistic prospect of integrating sustainable development, and especially its environmental dimensions, into corporate decision-making.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1937The Nature of the Firm 2000Maximizing shareholder value: a new ideology for corporate governance 2010Corporate Social Responsibility in China: Window Dressing or Structural Change 2000From shareholder value to present-day capitalism 2011Debunking Economics 2005Corporate Governance Adrift 2008Fiduciary Duties for Activist Shareholders

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2019From primacy to purpose commitment: How emerging profit-with-purpose corporations open new corporate governance avenues 2022The corporate sustainability committee and its relation to corporate environmental performance 2019Corporate Social Responsibility as Obligated Internalisation of Social Costs 2019Policy Hotspots for Sustainability: Changes in the EU Regulation of Sustainable Business and Finance 2016Promoting more socially responsible corporations through a corporate law regulatory framework 2020

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