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9 - Integrating Sustainable Value Creation in Corporate Governance

Company Law, Corporate Governance Codes and the Constitution of the Company

from Part III - Ways Forward in the Promotion of Value Creation

Published online by Cambridge University Press:  01 December 2022

Beate Sjåfjell
Affiliation:
University of Oslo
Georgina Tsagas
Affiliation:
Brunel University London
Charlotte Villiers
Affiliation:
University of Bristol
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Summary

This chapter discusses how to integrate sustainable value creation corporate governance, through company law, corporate governance codes and corporate documents, notably the companies’ constitution. Currently, all of these, law, codes and constitutions, tend mainly to limit themselves to regulating the relationship between the board, senior management and shareholders, making minimal reference to the existence of and crucial contributions by other involved parties and affected interests comprising the business. Potentially laws, codes and constitutions can be remodelled in order to integrate sustainability into the governance of business. The chapter analyses the emerging concept in company law and corporate governance of sustainable value creation and positions this within a research-based concept of sustainability. On this basis and drawing on a decade of collaborative research, we suggest how sustainable value creation within planetary boundaries could be integrated through company law reform. We discuss how this could be followed up through reform of corporate governance codes, as a support for a law reform or as an alternative way to promote sustainable business while waiting for a legislative reform. Finally, we explore how the potential of integrating sustainable value creation in company constitutions can contribute to shifting business towards sustainability.

Type
Chapter
Information
Sustainable Value Creation in the European Union
Towards Pathways to a Sustainable Future through Crises
, pp. 209 - 236
Publisher: Cambridge University Press
Print publication year: 2022

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