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Global Stakeholders: corporate accountability and investor engagement

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  • Duncan McLaren

Abstract

In this age of transnational capitalism most victims of corporate malpractice have no means to hold the wrongdoers to account – especially those whose lives are blighted day‐in, day‐out by the “normal” operations of companies within the letter of the law. This paper argues that corporate social and environmental abuses are rooted in a lack of accountability of corporations to their stakeholders. It explores how governance mechanisms such as corporate engagement by “socially responsible” investors could enhance stakeholder accountability. It identifies and contrasts two paradigms in socially responsible investment engagement, and relates them to voluntary and regulatory responses to corporate abuses. It concludes that the development of standards for stakeholder‐oriented engagement and governance could help stimulate effective regulatory measures to protect stakeholder interests.

Suggested Citation

  • Duncan McLaren, 2004. "Global Stakeholders: corporate accountability and investor engagement," Corporate Governance: An International Review, Wiley Blackwell, vol. 12(2), pages 191-201, April.
    • Handle: RePEc:bla:corgov:v:12:y:2004:i:2:p:191-201
    DOI: 10.1111/j.1467-8683.2004.00360.x
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    References listed on IDEAS

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    1. Simon Deakin & Suzanne J. Konzelmann, 2004. "Learning from Enron," Corporate Governance: An International Review, Wiley Blackwell, vol. 12(2), pages 134-142, April.
    2. Simon Deakin & Alan Hughes, 1999. "Economic Efficiency and the Proceduralisation of Company Law," Working Papers wp133, Centre for Business Research, University of Cambridge.
    3. Charkham, Jonathan & Simpson, Anne, 1999. "Fair Shares: The Future of Shareholder Power and Responsibility," OUP Catalogue, Oxford University Press, number 9780198292142.
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    Cited by:

    1. Jennifer Goodman & Céline Louche & Katinka Cranenburgh & Daniel Arenas, 2014. "Social Shareholder Engagement: The Dynamics of Voice and Exit," Journal of Business Ethics, Springer, vol. 125(2), pages 193-210, December.
    2. Vanessa Serret & Sylvie Berthelot, 2013. "Activisme Actionnarial Et Responsabilite Sociale Des Entreprises Au Canada : Analyse Des Resolutions Soumises Par Les Actionnaires Entre 2000 Et 2011," Post-Print hal-01002373, HAL.
    3. Wim Vandekerckhove & Jos Leys & Dirk Braeckel, 2008. "A Speech-Act Model for Talking to Management. Building a Framework for Evaluating Communication within the SRI Engagement Process," Journal of Business Ethics, Springer, vol. 82(1), pages 77-91, September.
    4. Carsten Albers & Thomas Günther, 2010. "Disclose or not disclose: determinants of social reporting for STOXX Europe 600 firms," Metrika: International Journal for Theoretical and Applied Statistics, Springer, vol. 21(3), pages 323-347, November.
    5. Francesco Gangi & Jérôme Méric & Rémi Jardat & Lucia Michela Daniele, 2019. "Business for society," Post-Print hal-02382307, HAL.
    6. Mahoney, Joseph & Asher, Cheryl Carleton & Mahoney, James, 2004. "Towards a Property Rights Foundation for a Stakeholder Theory of the Firm," Working Papers 04-0116, University of Illinois at Urbana-Champaign, College of Business.
    7. Lu-Ming Tseng, 2019. "How Implicit Ethics Institutionalization Affects Ethical Selling Intention: The Case of Taiwan’s Life Insurance Salespeople," Journal of Business Ethics, Springer, vol. 158(3), pages 727-742, September.
    8. Rachelle Belinga & Blanche Segrestin, 2016. "Proxy voting policies as tools for shareholder engagement in CSR: an exploratory study," Post-Print hal-01312918, HAL.
    9. Natalia Semenova, 2020. "Company Receptivity in Private Dialogue on Sustainability Risks," Sustainability, MDPI, vol. 12(2), pages 1-14, January.
    10. Ans Kolk & Jonatan Pinkse, 2010. "The integration of corporate governance in corporate social responsibility disclosures," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 17(1), pages 15-26, January.
    11. Carine Girard & Julien Le Maux, 2007. "De l'activisme à l'engagement actionnarial," Post-Print hal-00765283, HAL.
    12. Florence Depoers & Tiphaine Jérôme, 2017. "Environmental expenditure disclosure strategies in a regulated context [Stratégies de publication des dépenses environnementales dans un cadre réglementaire]," Post-Print hal-01576195, HAL.
    13. Ewa Banasik & Meropy Barut & Louise Kloot, 2010. "Socially Responsible Investment: Labour Standards and Environmental, Social and Ethical Disclosures within the SRI Industry," Australian Accounting Review, CPA Australia, vol. 20(4), pages 387-399, December.
    14. Surekha Rana & Padma Misra, 2010. "Operational Dimension of CSR: An Empirical Assessment of BSE and NSE Listed Companies," Vision, , vol. 14(1-2), pages 57-66, January.

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