Kevin Levillain
Protecting long-term commitment: legal and organizational means
Levillain, Kevin; Parker, Simon; Ridley-Duff, Rory; Segrestin, Blanche; Veldman, Jeroen; Willmott, Hugh
Authors
Simon Parker
Rory Ridley-Duff
Blanche Segrestin
Jeroen Veldman
Hugh Willmott
Contributors
Ciaran Driver
Editor
Grahame Thompson
Editor
Abstract
Growing attention is being paid to the benefits of considering the long-term interests of multiple constituencies in corporate governance. A theory of the corporation where fiduciary duties of directors point to the legal entity and not to its shareholders goes beyond a pure prioritization of shareholders’ interests. However, the notion that board members mediate the interests of all constituencies fails to account for a ‘positive’ conception of corporate purpose and underlying asymmetries in allocations of rights between stakeholders. Addressing corporate governance as a fundamentally ‘open’ model for organizational structuring, we engage with a variety of legal mechanisms that can be used to implement and protect a positive purpose for the modern corporation and to protect the conditions of credible commitment to manage the company for the interest of corporate constituencies, to commit the corporation to a social or environmental purpose and to take into account multiple time-horizons.
Citation
Levillain, K., Parker, S., Ridley-Duff, R., Segrestin, B., Veldman, J., & Willmott, H. (2018). Protecting long-term commitment: legal and organizational means. In C. Driver, & G. Thompson (Eds.), Corporate Governance in Contention (42-65). Oxford, UK: Oxford University Press. https://doi.org/10.1093/oso/9780198805274.003.0003
Publication Date | 2018-06 |
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Deposit Date | Dec 10, 2018 |
Publisher | Oxford University Press |
Pages | 42-65 |
Edition | 1st |
Book Title | Corporate Governance in Contention |
Chapter Number | 3 |
ISBN | 9780198805274 |
DOI | https://doi.org/10.1093/oso/9780198805274.003.0003 |
Keywords | corporate governance; corporate architecture; social enterprise; profit with purpose; long-term organization |
Public URL | https://nottingham-repository.worktribe.com/output/1221754 |
Publisher URL | http://www.oxfordscholarship.com/view/10.1093/oso/9780198805274.001.0001/oso-9780198805274-chapter-3 |
Contract Date | Jul 4, 2018 |
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