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Corporate governance that 'works for everyone': promoting public policies through corporate governance mechanisms

Choudhury, B; Petrin, M; (2018) Corporate governance that 'works for everyone': promoting public policies through corporate governance mechanisms. Journal of Corporate Law Studies , 18 (2) pp. 381-415. 10.1080/14735970.2017.1414984. Green open access

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Abstract

Corporate governance mechanisms are traditionally seen as devices for reducing agency costs between shareholders and managers in the context of private ordering. More recently, however, the UK and other governments have embraced regulations in the field of corporate governance as tools through which to impose public responsibilities on corporations. Among others, corporate governance mechanisms have been relied on to equalise wealth distribution, promote equality in the labour force, and pursue environmental goals. This article assesses the justification, utility, and efficacy of using corporate governance to promote public aims. It finds that while it may be appropriate for corporate governance mechanisms to include public goals, it also concludes that the current overreliance on disclosure requirements and on indirect regulation to address societal issues is misguided. Instead, the article suggests that governments should view corporate governance mechanisms with public policy goals as complementary strategies, and not as substitutes, to direct external regulation.

Type: Article
Title: Corporate governance that 'works for everyone': promoting public policies through corporate governance mechanisms
Open access status: An open access version is available from UCL Discovery
DOI: 10.1080/14735970.2017.1414984
Publisher version: https://doi.org/10.1080/14735970.2017.1414984
Language: English
Additional information: This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions.
Keywords: Corporate governance, regulation, public policy, executive remuneration, non-financial disclosure, board diversity, corporate purpose
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of Laws
URI: https://discovery.ucl.ac.uk/id/eprint/10039363
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