Business Law and the Transition to a Net Zero Carbon Economy

5th Annual Oxford Business Law Blog Conference

Business Law and the Transition to a Net Zero Carbon Economy

  • 25 - 27 May 2021
  • Online

 

 

5th Annual Oxford Business Law Blog Conference

Business Law and the Transition to a Net Zero Carbon Economy

 

The videos of each session are available under the presentation tab on this page and also on the ECGI YouTube channel

 

Tuesday, 25 May 2021 | 13:00 – 15:00 BST  (14:00 – 16:00 CEST)

Wednesday, 26 May 2021 | 13:00 – 15:00 BST  (14:00 – 16:00 CEST)

Thursday, 27 May 2021 | 13:00 – 15:00 BST  (14:00 – 16:00 CEST)

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Organised by

The Oxford Business Law Blog

 

In collaboration with

University of Oxford Faculty of Law and Sustainable Law Programme

Universität Hamburg Faculty of Law

Freie Universität Berlin Department of Law and Freie Universität Berlin Empirical Legal Studies Center

National University of Singapore Faculty of Law, EW Barker Centre for Law & Business and Asia-Pacific Centre for Environmental Law

The European Corporate Governance Institute (ECGI)

 

Co-organisers:

Horst Eidenmüller | Andreas Engert | Luca Enriques | Geneviève Helleringer

Georg Ringe | Kristin Van Zwieten | Umakanth Varottil | Thom Wetzer

 

Supported by 

Day 1: Tuesday 25 May 2021 | 13:00 BST (14:00 CEST)

13:00

Climate Change Disclosures and Net Zero Commitments

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Corporate Climate: A Machine Learning Assessment of Climate Risk Disclosures

Time:
13:00h

Speakers

Discussants

Conference Documents

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Making Corporate Carbon Commitments Credible

Time:
13:45h

Speakers

Discussants

Conference Documents

14:30

Meet & Greet | Online link will be provided

Day 2: Wednesday 26 May 2021 | 13:00 BST (14:00 CEST)

13:00

Climate Change: Exit or Voice?

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Exit vs. Voice

Time:
13:00h

Exit vs. Voice, Eleonora Broccardo (Università di Trento), Oliver Hart (Harvard University) Luigi Zingales (University of Chicago) First Version, July 2020, revised, December 2020

Abstract

We study the relative effectiveness of exit (divestment and boycott) and voice (engagement) strategies in promoting socially desirable outcomes in companies. We show that in a competitive world exit is less effective than voice in pushing firms to act in a socially responsible manner. Furthermore, we demonstrate that individual incentives to join an exit strategy are not necessarily aligned with social incentives, whereas they are when well-diversified investors are allowed to express their voice. We discuss what social and legal considerations might sometimes make exit preferable to voice.

Speakers

Discussants

Conference Documents

14:30

Meet & Greet | Online link will be provided

Day 3: Thursday 27 May 2021 | 13:00 BST (14:00 CEST)

13:00

Climate Change in the Boardroom

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Green Boardrooms?

Time:
13:00h

Green Boardrooms? (April 5, 2020) Brett McDonnell (University of Minnesota Law School), Hari M. Osofsky (The Pennsylvania State University (University Park) – Penn State Law), Jacqueline Peel (University of Melbourne - Law School), Anita Foerster, (Monash University - Department of Business Law & Taxation)

Abstract

Corporate and securities law tools are increasingly being used to address climate change. Disclosure of climate-related business risks and shareholder proposals and engagement have grown in the United States and globally, as have broader efforts to use these tools to address environmental and social issues. Emerging fiduciary duty suits in other jurisdictions claim that corporate boards have failed to monitor and manage climate-related risks adequately. However, legal scholarship has failed to assess whether these efforts are actually changing corporate behavior. This Article draws on original interviews with corporate leaders and investors in the United States and Australia to assess the effectiveness of corporate and securities law tools in addressing climate change. It finds that while disclosures and shareholder proposals related to climate change have been extensive, they have not yet changed corporate behavior much, if at all. The Article therefore proposes a multi-pronged approach to increase the future effectiveness of disclosure, shareholder proposals and engagement, and fiduciary duty suits. This study offers new insights to the old debate over how corporations can and should be used to address societal problems.

 

 

Speakers

Discussants

Conference Documents

14:30

Meet & Greet | Link will be provided

Speakers

Presentations

Back to all presentations

Chaired by

Time:
13:40h

Speakers

Video: 

Corporate Climate: A Machine Learning Assessment of Climate Risk Disclosures

Back to all presentations

Corporate Climate: A Machine Learning Assessment of Climate Risk Disclosures

Time:
13:00h

Speakers

Discussants

Conference Documents

Back to all presentations

Making Corporate Carbon Commitments Credible

Time:
13:45h

Speakers

Discussants

Conference Documents

Back to all presentations

Chaired by

Time:
13:40h

Speakers

Back to all presentations

Exit vs. Voice

Time:
13:00h

Exit vs. Voice, Eleonora Broccardo (Università di Trento), Oliver Hart (Harvard University) Luigi Zingales (University of Chicago) First Version, July 2020, revised, December 2020

Abstract

We study the relative effectiveness of exit (divestment and boycott) and voice (engagement) strategies in promoting socially desirable outcomes in companies. We show that in a competitive world exit is less effective than voice in pushing firms to act in a socially responsible manner. Furthermore, we demonstrate that individual incentives to join an exit strategy are not necessarily aligned with social incentives, whereas they are when well-diversified investors are allowed to express their voice. We discuss what social and legal considerations might sometimes make exit preferable to voice.

Speakers

Discussants

Conference Documents

Back to all presentations

Chaired by

Time:
13:40h

Speakers

Back to all presentations

Green Boardrooms?

Time:
13:00h

Green Boardrooms? (April 5, 2020) Brett McDonnell (University of Minnesota Law School), Hari M. Osofsky (The Pennsylvania State University (University Park) – Penn State Law), Jacqueline Peel (University of Melbourne - Law School), Anita Foerster, (Monash University - Department of Business Law & Taxation)

Abstract

Corporate and securities law tools are increasingly being used to address climate change. Disclosure of climate-related business risks and shareholder proposals and engagement have grown in the United States and globally, as have broader efforts to use these tools to address environmental and social issues. Emerging fiduciary duty suits in other jurisdictions claim that corporate boards have failed to monitor and manage climate-related risks adequately. However, legal scholarship has failed to assess whether these efforts are actually changing corporate behavior. This Article draws on original interviews with corporate leaders and investors in the United States and Australia to assess the effectiveness of corporate and securities law tools in addressing climate change. It finds that while disclosures and shareholder proposals related to climate change have been extensive, they have not yet changed corporate behavior much, if at all. The Article therefore proposes a multi-pronged approach to increase the future effectiveness of disclosure, shareholder proposals and engagement, and fiduciary duty suits. This study offers new insights to the old debate over how corporations can and should be used to address societal problems.

 

 

Speakers

Discussants

Conference Documents

Back to all presentations

Concluding remarks

Time:
14:20h

Speakers

Panel Discussions