THE HIDDEN COST OF CONTRACTING FOR ESG: A NEW PERSPECTIVE ON PRIVATE ORDERING

Currently, despite the increasing pressure on corporations to account for Environmental Social Governance (ESG) factors in their disclosures and actions, a lack of clarity on the meaning of ESG persists. ESG might be equivalent to stakeholderism, in which companies can sacrifice firm or shareholder...

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Veröffentlicht in:	Case Western Reserve law review 2023-09, Vol.74 (1), p.91
Hauptverfasser:	Kostritsky, Juliet P, Fox, Jillian T, Spiller, Blake
Format:	Artikel
Sprache:	eng
Schlagworte:	Contracts Corporate governance Corporation law Disclosure (Securities law) Evaluation Fiduciary duties Laws, regulations and rules Socially responsible investments
Online-Zugang:	Volltext
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Zusammenfassung:	Currently, despite the increasing pressure on corporations to account for Environmental Social Governance (ESG) factors in their disclosures and actions, a lack of clarity on the meaning of ESG persists. ESG might be equivalent to stakeholderism, in which companies can sacrifice firm or shareholder market value to serve non-financial values. A second meaning would permit companies to pursue ESG only if it advanced the firm's financial value. The second meaning poses no new challenges for corporate law. (1)
ISSN:	0008-7262