科研之友
微信
新浪微博
Facebook
分享链接
摘要
In recent years, the area of environmental information disclosure has been developing as a way for listed corporations in China to adopt the concept of social responsibility. There are views that proposals to legislate corporate social responsibility must depend on existing legal rules of securities and corporate law. However, the foundation of structuring a legal system on environmental information disclosure by listed corporations is essentially incompatible with the legislative aim of securities law, which mainly focuses on protecting investors. As a result, it is hard to coordinate environmental law and securities law to regulate environmental information disclosure of listed corporations. Moreover, rules on environmental information disclosure by listed corporations would trigger a clash of institutional goals between stockholder protection and stakeholder protection, creating further tension with existing corporate law: via the principle of fiduciary duty. Thus, there are visible institutional barriers to introduce a mandatory environmental information disclosure system for listed corporations via existing securities law and company law. It is not that simple to legislate corporate social responsibility.
