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Please use this identifier to cite or link to this item: http://hdl.handle.net/1807/18339

Title: The Possible Impacts of "Enlightened Shareholder Value" on Corporations' Environmental Performance
Authors: Henderson, Gail
Advisor: Anand, Anita
Green, Andrew
Department: Law
Keywords: directors' fiduciary duties
enlightened shareholder value
environmental law
Issue Date: 26-Jan-2010
Abstract: This paper argues that “enlightened shareholder value” (“ESV”) offers a “third way” between the shareholder primacy and stakeholder theories of the corporation; one that maintains the creation of shareholder value as the corporation’s primary function, but requires directors to take into account the environmental impact of the corporations’ operations. ESV requires directors to “have regard to”, among other things, “the impact of the company’s operations on…the environment.” The obligation to “have regard to” should be interpreted as a procedural duty requiring directors to inform themselves as to the environmental impact of the corporation’s operations, which may in itself cause directors to reallocate corporate resources to environmental protection. ESV may also improve corporations’ environmental disclosure and impact social norms of corporate behaviour with respect to the environment. Any negative impact of ESV on present shareholder returns is justified by the obligation to avoid imposing foreseeable severe or irreparable environmental harm on future generations.
URI: http://hdl.handle.net/1807/18339
Appears in Collections:Master
Faculty of Law - Master theses

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