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1 results

  • 6 - Structural Limits and Structural Opportunities for Shareholder Regulation

  • from Part II - Infusing Corporate Social Responsibility in Corporate Governance
  • Onyeka K. Osuji, University of Essex, Franklin N. Ngwu, Gary Lynch-Wood
  • Book:
    Corporate Social Responsibility Across the Globe
    Published online:
    15 June 2023
    Print publication:
    01 June 2023, pp 132-154

  • Summary

    Increasing regulatory oversight to control shareholders is bound to underperform. This is because it rests on an invalid assumption, namely that shareholders are better controlled and better steered when regulatory stringency is increased. The assumption runs counter to the conditions that a regulation must require of shareholders, owing to those conditional requirements being unevenly matched by shareholders. Specifically, since shareholders vary in what is required of them by a regulation, the increase of regulatory oversight necessitates that some shareholders will fail to respond, some will comply with what is required, and others will do more. Increasing regulatory oversight does not therefore address the fundamental problem of there being pre-existing deficiencies in stakeholder capacities to comply. To better address the problem, a minmax approach to regulation is proposed. The main benefit of minmax is that it aligns itself to shareholder differences, helping to reduce non-compliance while simultaneously encouraging beyond-compliance behaviour.