Andrew Johnston, University of Sheffield Law SchoolFollow
Jeroen Veldman, Nyenrode Business UniversityFollow
Robert G. Eccles, University of Oxford Said Business SchoolFollow
Simon Deakin, University of CambridgeFollow
Jerry Davis, University of Michigan
Marie-Laure Djelic, Institut d'Etudes Politiques de Paris (Sciences Po)Follow
Katharina Pistor, Columbia Law SchoolFollow
Blanche Segrestin, École Nationale Supérieure des Mines de ParisFollow
William M. Gentry, Williams College, Department of EconomicsFollow
Cynthia A. Williams, York University Osgoode Hall Law SchoolFollow
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Paddy Ireland, University of BristolFollow
Beate Sjåfjell, University of OsloFollow
Christopher M. Bruner, University of Georgia School of LawFollow
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Hugh Christopher Willmott, City University London Sir John Cass Business SchoolFollow
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Carol Liao, Peter A. Allard School of LawFollow
Bertrand Valiorgue, École Universitaire de Management Clermont-FerrandFollow
Jason Glynos, University of EssexFollow
Todd L. Sayre, University of San Francisco School of Business and ManagementFollow
Bronwen Morgan, University of New South WalesFollow
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Prem Sikka, Essex Business SchoolFollow
Filip Gregor
David Carroll Jacobs, Morgan State UniversityFollow
Roger Gill, Durham Business SchoolFollow
Roger Brown, Liverpool Hope University
Vincenzo Bavoso, University of Manchester School of LawFollow
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Julie Matthaei, Wellesley CollegeFollow
Scott Taylor, University of Birmingham
Ulf Larsson-Olaison, Linnaeus University
Jay Cullen, University of YorkFollow
Alan J. Dignam, Queen Mary University of London School of LawFollow
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Roman Tomasic, University of South Australia School of LawFollow
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Keith Robson
Willy Maley, University of GlasgowFollow
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Leen Paape, Nyenrode Business UniversityFollow
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Juan Felipe Espinosa-Cristia, Universidad Andres BelloFollow
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Ofer Sitbon, Zefat Academic College
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Document Type

Working Paper

Publication Date

2019

Abstract

The current model of corporate governance needs reform. There is mounting evidence that the practices of shareholder primacy drive company directors and executives to adopt the same short time horizon as financial markets. Pressure to meet the demands of the financial markets drives stock buybacks, excessive dividends and a failure to invest in productive capabilities. The result is a ‘tragedy of the horizon’, with corporations and their shareholders failing to consider environmental, social or even their own, long-term, economic sustainability.

With less than a decade left to address the threat of climate change, and with consensus emerging that businesses need to be held accountable for their contribution, it is time to act and reform corporate governance in the EU.

The statement puts forward specific recommendations to clarify the obligations of company boards and directors and make corporate governance practice significantly more sustainable and focused on the long term.

Disciplines

Banking and Finance Law | Business Organizations Law | Environmental Law | Law

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