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Climate change has dramatically increased the frequency and severity of disasters including hurricanes, floods, wildfires, droughts, and pandemics. In a globally connected economy, climate-change fueled disasters disrupt supply chains and upend markets, affecting corporations no matter where they are located. From a risk-management perspective, however, climate change is just another external threat to hedge against, no different in principle than the risk that interest rates might rise or that an economic downturn could reduce the demand for a corporation’s products or services. Thus, corporations have reason to address the problem of climate change, but only to the extent that corporations can thereby produce value for their shareholders. This chapter argues, to the contrary, that climate change should trigger a compliance response. Unlike risk management, a compliance-based approach would require corporations to internalize the problem of climate change and to give it priority over competing considerations.
Controlled companies have been characterized as outmoded “relics of an earlier era.”1 According to this view, prevalent since the middle of the twentieth century, evolution toward “widely held distribution of stock ownership and control” is “inevitable.”2 And yet real-world practices remain stubbornly resistant to expert forecasts.3 Many of the nation’s and the world’s largest businesses are family controlled.4
Growing numbers of employees, consumers, and investors want companies to be truly good; these stakeholders will accept lower economic returns in order to support companies that prioritize sustainability, fair wages, and fair trade. Unlike charities or non-profit organizations, such companies - or social enterprises - are not only permitted but also expected to produce an economic return for investors. Yet, unlike traditional business ventures, social enterprises have no obligation to maximize profits, even on a long-term basis. In this comprehensive volume, Benjamin Means and Joseph W. Yockey bring together leading legal scholars and practitioners to offer an authoritative guide to social enterprise law and policy. The Cambridge Handbook of Social Enterprise Law takes stock of the field and charts a course for its future development. It should be read by entrepreneurs, investors, practitioners, academics, students and anyone else interested in how companies are evolving to address new demands for capitalism with a conscience.
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