Book contents
- Reviews
- The Cambridge Handbook of Corporate Law, Corporate Governance and Sustainability
- The Cambridge Handbook of Corporate Law, Corporate Governance and Sustainability
- Copyright page
- Dedication
- Contents
- Contributors
- Forewords
- Preface
- Introduction
- Part I Global Business and Fragmented Regulation
- Part II Corporate Law, Financial Markets and Sustainability
- Part III Corporate Law, Corporate Governance and Sustainability: Case Studies
- 10 Progress Is Possible
- 11 Green but Not Enough
- 12 The Australian Paradox
- 13 Moving beyond Virtue Signalling
- 14 The EU as a Potential Norm Creator for Sustainable Corporate Groups
- 15 Market-Led Sustainability through Information Disclosure
- 16 Law, Culture and Sustainability
- 17 Stakeholder Value versus Corporate Sustainability
- 18 Worker Participation, Sustainability and the Puzzle of the Volkswagen Emissions Scandal
- 19 Corporate Sustainability and Shareholder Activism in the Netherlands
- 20 Old-Fashioned yet Innovative
- 21 The Unsuccessful Pursuit for Sustainability in Italian Business Law
- 22 Sustainability and the Transformation of the Socialist Corporation into the Private Corporation
- 23 Limited Demand, Limited Supply
- 24 The Pacific Alliance
- 25 Social Environmentalism and Corporate Capture
- 26 The Social and Ethics Committee
- 27 Reforming the Nigerian Oil and Gas Sector
- 28 Enlightenment or Resistance?
- 29 The Community Company as a Vehicle for Sustainability in Solomon Islands
- 30 What Does It Mean to Be Sustainable?
- 31 Shareholder Voting and Corporate Sustainability in China
- 32 Corporate Governance Reform, Social Norms and Sustainability in Japanese Companies
- 33 Achieving Sustainable Development Goals in India
- 34 Sustainability and Legislated Corporate Social Responsibility in Indonesia
- 35 Islamic Financial Institutions and Corporate Sustainability
- 36 Leaders or Laggards?
- Part IV Potential Drivers for Change
- Conclusion
- Index
15 - Market-Led Sustainability through Information Disclosure
The UK Approach
from Part III - Corporate Law, Corporate Governance and Sustainability: Case Studies
Published online by Cambridge University Press: 25 November 2019
- Reviews
- The Cambridge Handbook of Corporate Law, Corporate Governance and Sustainability
- The Cambridge Handbook of Corporate Law, Corporate Governance and Sustainability
- Copyright page
- Dedication
- Contents
- Contributors
- Forewords
- Preface
- Introduction
- Part I Global Business and Fragmented Regulation
- Part II Corporate Law, Financial Markets and Sustainability
- Part III Corporate Law, Corporate Governance and Sustainability: Case Studies
- 10 Progress Is Possible
- 11 Green but Not Enough
- 12 The Australian Paradox
- 13 Moving beyond Virtue Signalling
- 14 The EU as a Potential Norm Creator for Sustainable Corporate Groups
- 15 Market-Led Sustainability through Information Disclosure
- 16 Law, Culture and Sustainability
- 17 Stakeholder Value versus Corporate Sustainability
- 18 Worker Participation, Sustainability and the Puzzle of the Volkswagen Emissions Scandal
- 19 Corporate Sustainability and Shareholder Activism in the Netherlands
- 20 Old-Fashioned yet Innovative
- 21 The Unsuccessful Pursuit for Sustainability in Italian Business Law
- 22 Sustainability and the Transformation of the Socialist Corporation into the Private Corporation
- 23 Limited Demand, Limited Supply
- 24 The Pacific Alliance
- 25 Social Environmentalism and Corporate Capture
- 26 The Social and Ethics Committee
- 27 Reforming the Nigerian Oil and Gas Sector
- 28 Enlightenment or Resistance?
- 29 The Community Company as a Vehicle for Sustainability in Solomon Islands
- 30 What Does It Mean to Be Sustainable?
- 31 Shareholder Voting and Corporate Sustainability in China
- 32 Corporate Governance Reform, Social Norms and Sustainability in Japanese Companies
- 33 Achieving Sustainable Development Goals in India
- 34 Sustainability and Legislated Corporate Social Responsibility in Indonesia
- 35 Islamic Financial Institutions and Corporate Sustainability
- 36 Leaders or Laggards?
- Part IV Potential Drivers for Change
- Conclusion
- Index
Summary
This chapter shows that the UK relies on information disclosure and market forces to steer companies towards greater sustainability, leaving company law and corporate governance largely free to focus on shareholder value. It traces the twentieth century regulatory and policy changes which reoriented the UK’s system from managerialist to shareholder-centric, before analysing the 2006 reforms, which are supposed to promote ‘enlightened shareholder value’ through directors’ duties and disclosure. Finally, the chapter considers recent developments that attempt to use information disclosure to promote a long-term approach, including giving shareholders stewardship responsibilities and a ‘say on pay’, making changes to takeover regulation, and requiring companies to make disclosures in relation to modern slavery. None of these recent measures have been successful, and the chapter concludes that far-reaching reforms to corporate governance are urgently needed.
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- Publisher: Cambridge University PressPrint publication year: 2019
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