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Of course the much publicised Business Roundtable declaration has not fundamentally changed business. It was a sign that #ShareholderPrimacy strongholds were showing some cracks. But it was no serious #corporatesustainability commitment. Did anyone think that it was? 1/4 https://twitter.com/narineweldon/status/1249832671376814080
Although individual CEOs may sincerely wish to change things for the better, isn't it likely that a main reason for the Business Roundtable statement was to stop Elisabeth Warren proposal? It's the age old 'don't regulate us and we will be nice' argument from business. 2/4
We have a decade of multijurisdictional comparative analysis showing that #shareholderprimacy is a fundamental barrier to sustainable business. It has proven stronger than competing social norms. 3/4 @lawsofrule https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3444050
#CompanyLaw needs to redefine #corporatepurpose & #board duties to give the competitive advantage to sustainable business & a level playing field for the transition to #sustainability. More important now than ever. #EUGreenDeal #COVID19 #SMARTproject 4/4 https://www.smart.uio.no/reform_proposals
