Salta al menu principale di navigazione Salta al contenuto principale Salta al piè di pagina del sito

Articoli

N. 1 (2019): Special Issue "Best practice and future trends in Corporate Governance"

The World Economic Forum Principles on “Climate Governance on Corporate Boards”: can soft law help to face climate change around the world?

DOI
https://doi.org/10.3280/cgrds1-2019oa8509
Inviata
25 September 2019
Pubblicato
07-02-2020

Abstract

Climate change is a financial factor that carries with it risks and opportunities for companies. To support boards of directors of companies belonging to all jurisdictions, the World Economic Forum issued in January 2019 eight Principlescontaining both theoretical and practical provisions on: climate accountability, competence, governance, management, disclosure and dialogue. The paper analyses each Principle to understand scope and managerial consequences for boards and to evaluate whether the legal distinctions, among the various jurisdictions, may undermine the application of the Principles or, by contrast, despite the differences the Principles may be a useful and effective guidance to drive boards’ of directors’ conduct around the world in handling climate change challenges. Five jurisdictions are taken into consideration for this comparative analysis: Europe (and UK), US, Australia, South Africa and Canada. The conclusion is that the WEF Principles, as soft law, is the best possible instrument to address boards of directors of worldwide companies, harmonise their conduct and effectively help facing such global emergency.

Riferimenti bibliografici

  1. Barker S. (2018). Directors’ liability and Climate Risk: Australia – Country Paper, Commonwealth Climate and Law Initiative, available at: https://www.smithschool.ox.ac.uk/research/sustainable-finance/publications/CCLI-Australia-Paper-Final.pdf, accessed on 24/09/2019.
  2. Barker S. (2018). An Introduction to Directors’ Duties in Relation to Stranded Assets. In: Caldecott B. (Ed.), Stranded Assets and the Environment. Risk, Resilience and Opportunity, Routledge Explorations in Environmental Studies.
  3. Bjorklund A.K. (2012). Assessing the Effectiveness of Soft Law Instruments in International Investment Law. In Bjorklund A.K., Reinisch A. (Eds.), International Investment Law and Soft Law, Cheltenham: Edward Elgar Publishing.
  4. Caldecott B. (2018). Introduction: Stranded Assets and the Environment. In: Caldecott B. (Ed.), Stranded Assets and the Environment. Risk, Resilience and Opportunity, Routledge Explorations in Environmental Studies.
  5. CDP Climate Change Report (2019). Major Risk or Rosy Opportunity. Are Companies Ready for Climate Change? Available at: https://www.cdp.net/en/research/global-reports/global-climate-change-report-2018/climate-reportrisks-and-opportunities, accessed on 24/9/2019.
  6. Clarke T. (2016). The Widening Scope of Directors’ Duties: The Increasing Impact of Corporate Social and Environmental Responsibility. Seattle University Law Review, 39, pp. 531-578.
  7. Davis P.L., Hopt K.J. (2013). Corporate Boards in Europe – Accountability and Convergence, The American Journal of Comparative Law, 61(2), pp. 301-376. DOI: 10.5131/AJCL.2012.0020.
  8. European Commission (2019). Guidelines on Non-financial Reporting: Supplement on Reporting Climate-related Information, C 209/1, June 20, 2019.
  9. Evans J., Allan N., Cantle N. (2017). A new insight into the world economic forum global risks, A Journal of Applied Economics and Policy, 36(2), pp. 185-197. DOI: 10.1111/1759-3441.12172
  10. Gerner-Beuerle C., Schuster E.P. (2013). Mapping directors’ duties: strategies and trends in Europe. In: Birkmose H.S. et al. (Eds.), Boards of Directors in European Companies: Reshaping and Harmonising Their Organisation and Duties, Alphen aan den Rijn The Netherlands: Wolters Kluwer Law and Business.
  11. Hutley N., Hartford-Davis S. (2016). Climate Change and Directors’ Duties, Memorandum of Opinion for the Centre for Policy Development and Future Business Council, available at: http://www.futurebusinesscouncil.com/fiduciary_duties_media-release/, accessed on 24/09/2019.
  12. Institute of Directors Southern Africa (2016). King IV Report on Corporate Governance for South Africa, available at: https://cdn.ymaws.com/www.iodsa.co.za/resource/collection/684B68A7-B768-465C-8214-E3A007F15A5A/IoDSA_King_IV_Report_-_WebVersion.pdf, accessed on 24/09/2019.
  13. Morrow Sodali (2019). Institutional Investor Survey, available at: http://www.morrowsodali.com/insights/institutional-investor-survey-2019, accessed on
  14. /9/2019.
  15. MSCI (2019). MSCI to Strengthen Climate Risk Capability with Acquisition of Carbon Delta, Press Release, September 9, 2019, available at http://ir.msci.com/news-releases/news-release-details/msci-strengthen-climaterisk-capability-acquisition-carbon-delta, accessed on 24/09/2019.
  16. Oberthür S. (2019). Hard or Soft Governance? The EU’s Climate and Energy Policy Framewok for 2030, Politics and Governance, 7, pp. 17-27. DOI: 10.17645/pag.v7i1.1796.
  17. Reddell C. (2018). Directors’ Liability and Climate Risk: South Africa – Country Paper, Commonwealth Climate and Law Initiative, available at: https://www.smithschool.ox.ac.uk/research/sustainable-finance/publications/CCLI-South-Africa-Paper-Final.pdf, accessed on 24/09/2019.
  18. Risley Jr. E.J. (2017). Sound and Fury, Signifying Nothing: Why Shareholders Suits Are Ineffective to Promote Corporate Response to Climate Change, Boston College Environmental Affairs Law Review, 44, pp. 391-420, available at: https://lawdigitalcommons.bc.edu/ealr/vol44/iss2/7, accessed on 24/09/2019.
  19. Sarra J., Williams C. (2018). Directors’ Liability and Climate Risk: Canada – Country Paper, Commonwealth Climate and Law Initiative, available at: https://www.smithschool.ox.ac.uk/research/sustainable-finance/publications/CCLI-Canada-Paper-Final.pdf, accessed on 24/09/2019.
  20. Task Force on Climate – Related Financial Disclosures (2017). Recommendations of the Task Force on Climate-related Financial Disclosures. Final Report, available at: https://www.fsb-tcfd.org/wp-content/uploads/2017/06/FINAL-2017-TCFD-Report-11052018.pdf, accessed on 24/09/2019.
  21. Taylor P.L. III, Kay H.L. (2011). A Green Board as a Climate-Change Imperative:
  22. Appointing a Climate-Change Expert to the Audit Committee, University of Baltimore Journal of Environmental Law, 18, pp. 215-261.
  23. The Financial Times (January 26, 2017). Exxon Mobil appoints climate scientist to
  24. board.
  25. World Economic Forum (2019). How to Set Up Effective Climate Governance on Corporate Boards. Guiding Principles and Questions, available at: https://www.weforum.org/whitepapers/how-to-set-up-effective-climate-governance-
  26. on-corporate-boards-guiding-principles-and-questions), accessed on 24/09/2019.

Metriche

Caricamento metriche ...