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CORPORATE SOCIAL ACCOUNTABILITY

Shuangge Wen Orcid Logo, Jinchen Zhao

Stanford Journal of International Law, Volume: 58, Issue: 1. Winter, Pages: 63 - 111

Swansea University Author: Shuangge Wen Orcid Logo

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Abstract

The Covid-19 crisis has revived and is fast constructing a new landscape for the debate on corporate objectives. The pandemic has exposed significant vulnerabilities in company operations and their global supply chains, and the path to overcoming the crisis very much depends on a renewed environment...

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Published in: Stanford Journal of International Law
ISSN: 0731-5082 2164-8301
Published: Stanford, Calif. Stanford University School of Law 2022
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URI: https://cronfa.swan.ac.uk/Record/cronfa58708
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first_indexed 2021-11-19T12:35:35Z
last_indexed 2023-01-11T14:39:29Z
id cronfa58708
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spelling v2 58708 2021-11-19 CORPORATE SOCIAL ACCOUNTABILITY 74b83f19a26c4aca40456680a19b7f1e 0000-0003-0574-7288 Shuangge Wen Shuangge Wen true false 2021-11-19 LAWD The Covid-19 crisis has revived and is fast constructing a new landscape for the debate on corporate objectives. The pandemic has exposed significant vulnerabilities in company operations and their global supply chains, and the path to overcoming the crisis very much depends on a renewed environmental, economic, and social strategy, alongside a richer notion of corporate social responsibility (CSR) that is not only effectively enforced but also offers managerial guidance for more long-term value and resilience, so that corporations can discharge their shared responsibilities, together with governments and citizens, to change societal conditions and mitigate social risks. This article aims to contribute to this discussion by addressing the problems that arise from implementing CSR in the corporate law domain, and assessing how the term CSR may be refined and elevated through the lens of board accountability. The concept of Corporate Social Accountability (CSA) will be introduced as a much more refined formulation of CSR, and evaluated with the aim of sharpening the regulatory latitude of CSR, based on and beyond disclosure. In particular, CSR and board accountability will be linked and investigated as two mutually enhancing terms, so as to enable CSR to be more systematically and effectively applied in corporate law. By providing a much-needed new notion and identifying corresponding pragmatic routes for company law and CSR enforcement, we propose that the introduction of CSA will reduce current contestability by sorting, comparing, and advancing this complex field of inquiry. In conclusion, we should see the Covid-19 pandemic as an opportunity for us to reassess the corporate objective debate, and initiate a shift towards more genuine and authentic CSR supported by government intervention through corporate law, which is essential to fill in the gaps left by private institutions. Companies may demonstrate how resilient and prepared they are to manage risks and adapt to the “new normal”. With higher social expectations from the public and stakeholders in the wake of the pandemic, the introduction of CSA, as a comprehensive framework to study CSR in corporate law, seems pertinent, imperative, and indispensable. Journal Article Stanford Journal of International Law 58 1. Winter 63 111 Stanford University School of Law Stanford, Calif. 0731-5082 2164-8301 COVID-19 1 12 2022 2022-12-01 https://law.stanford.edu/stanford-journal-of-international-law-sjil/ COLLEGE NANME Law COLLEGE CODE LAWD Swansea University 2023-12-13T15:40:09.5470591 2021-11-19T12:32:28.5426704 Faculty of Humanities and Social Sciences Hilary Rodham Clinton School of Law Shuangge Wen 0000-0003-0574-7288 1 Jinchen Zhao 2
title CORPORATE SOCIAL ACCOUNTABILITY
spellingShingle CORPORATE SOCIAL ACCOUNTABILITY
Shuangge Wen
title_short CORPORATE SOCIAL ACCOUNTABILITY
title_full CORPORATE SOCIAL ACCOUNTABILITY
title_fullStr CORPORATE SOCIAL ACCOUNTABILITY
title_full_unstemmed CORPORATE SOCIAL ACCOUNTABILITY
title_sort CORPORATE SOCIAL ACCOUNTABILITY
author_id_str_mv 74b83f19a26c4aca40456680a19b7f1e
author_id_fullname_str_mv 74b83f19a26c4aca40456680a19b7f1e_***_Shuangge Wen
author Shuangge Wen
author2 Shuangge Wen
Jinchen Zhao
format Journal article
container_title Stanford Journal of International Law
container_volume 58
container_issue 1. Winter
container_start_page 63
publishDate 2022
institution Swansea University
issn 0731-5082
2164-8301
publisher Stanford University School of Law
college_str Faculty of Humanities and Social Sciences
hierarchytype
hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str Hilary Rodham Clinton School of Law{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}Hilary Rodham Clinton School of Law
url https://law.stanford.edu/stanford-journal-of-international-law-sjil/
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description The Covid-19 crisis has revived and is fast constructing a new landscape for the debate on corporate objectives. The pandemic has exposed significant vulnerabilities in company operations and their global supply chains, and the path to overcoming the crisis very much depends on a renewed environmental, economic, and social strategy, alongside a richer notion of corporate social responsibility (CSR) that is not only effectively enforced but also offers managerial guidance for more long-term value and resilience, so that corporations can discharge their shared responsibilities, together with governments and citizens, to change societal conditions and mitigate social risks. This article aims to contribute to this discussion by addressing the problems that arise from implementing CSR in the corporate law domain, and assessing how the term CSR may be refined and elevated through the lens of board accountability. The concept of Corporate Social Accountability (CSA) will be introduced as a much more refined formulation of CSR, and evaluated with the aim of sharpening the regulatory latitude of CSR, based on and beyond disclosure. In particular, CSR and board accountability will be linked and investigated as two mutually enhancing terms, so as to enable CSR to be more systematically and effectively applied in corporate law. By providing a much-needed new notion and identifying corresponding pragmatic routes for company law and CSR enforcement, we propose that the introduction of CSA will reduce current contestability by sorting, comparing, and advancing this complex field of inquiry. In conclusion, we should see the Covid-19 pandemic as an opportunity for us to reassess the corporate objective debate, and initiate a shift towards more genuine and authentic CSR supported by government intervention through corporate law, which is essential to fill in the gaps left by private institutions. Companies may demonstrate how resilient and prepared they are to manage risks and adapt to the “new normal”. With higher social expectations from the public and stakeholders in the wake of the pandemic, the introduction of CSA, as a comprehensive framework to study CSR in corporate law, seems pertinent, imperative, and indispensable.
published_date 2022-12-01T15:40:10Z
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