A guinada verde do direito societário
DOI:
https://doi.org/10.11606/issn.0102-8049.ip%25pPalavras-chave:
sustentabilidade, ESG, direito societário, direito comparado, Mercado de CapitaisResumo
Nos últimos anos, reguladores têm assumido papel mais proeminente na introdução de regras jurídicas – em vez de standards de soft law – abordando a sustentabilidade corporativa e as mudanças climáticas em diversas jurisdições. Este artigo cunha o termo “guinada verde” do direito societário para se referir a essa abordagem normativa distinta no campo da sustentabilidade empresarial. A guinada verde – ou quiçá guinada stakeholderista – representa um momento crucial na evolução do direito societário e sinaliza uma mudança de um paradigma tradicional de maximização de valor focado em problemas de agência para uma abordagem que incorpora sustentabilidade de longo prazo ao regime jurídico empresarial. Este artigo fornece uma análise dos principais desenvolvimentos em termos de sustentabilidade empresarial na Alemanha, Brasil, Estados Unidos, Índia e Reino Unido. Este estudo também identifica três características específicas da guinada verde: a ascensão do ativismo de investidores a nível regulatório, o processo de criação de normas a partir do intercâmbio a nível nacional e internacional e a transição para um modelo de ESG cogente – em contraposição a um paradigma predominantemente composto por instrumentos de soft law.
Downloads
Referências
GOUVÊA, Carlos Portugal. A Estrutura da Governança Corporativa. São Paulo: Almedina, 2022.
PARGENDLER, Mariana. Controlling Shareholders in the Twenty-First Century: Complicating Corporate Governance Beyond Agency Costs. Journal of Corporate Law, v. 45, n. 4, p. 953-972, 2020.
ORGANIZAÇÃO DAS NAÇÕES UNIDAS. Global Compact, Who Cares Wins: Connecting Financial Markets to a Changing World, 2004.
PARK, James J. Reassessing The Distinction Between Corporate And Securities Law. UCLA Law Review, v. 64, p. 116-182, 2017.
STOUT, Lynn A. The shareholder value myth: how putting shareholders first harms investors, corporations, and the public. São Francisco: BerrettKoehler Publishers, 2012.
FRIEDMAN, Milton. The social responsibility of business is to increase its profits. The New York Times, Nova Iorque, 13 set. 1970.
GORDON, Jeffrey N. Systematic stewardship. Journal of Corporate Law, v. 47, p. 627-664, 2022.
KATELOUZOU, Dionysia. The rhetoric of activist shareholder stewards. New York University Journal of Law and Business, v. 18, n. 3, p. 627-673,
PARGENDLER, Mariana. The rise of international corporate law. Washington University Law Review, v. 98, n. 6, p. 1765-1820, 2021.
SIEMS, Mathias M. The methods of comparative corporate law. In: TOMASIC, Roman (ed.). Routledge Handbook of Corporate Law. London: Routledge, 2017.
KATELOUZOU, Dionysia; ZUMBANSEN, Peer. The New Geographies of Corporate Governance. University of Pennsylvania Journal of International Law, v. 42, n. 1, p. 51-153, 2020.
BOWLEY, Tim; HILL, Jennifer G. The global ESG stewardship ecosystem.
ECGI Law Working Paper No. 660/2022, 2022.
GORDON, Jeffrey N.; ROE, Mark J. (eds.). Convergence and persistence in corporate governance. Cambridge: Cambridge University Press, 2004.
BERLE, Adolf A.; MEANS, Gardiner. The Modern Corporation and Private Property. Nova Iorque: Macmillan, 1932.
JENSEN, Michael C.; MECKLING, William H. Theory of The Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, v. 3, p. 305-360, 1976.
ARMOUR, John; HANSMANN, Henry; KRAAKMAN, Reinier. Agency problems and legal strategies. In: ARMOUR, John et al. (eds.). The Anatomy of Corporate Law: A Comparative and Functional Approach. Oxford: Oxford University Press, 2017.
GILSON, Ronald J.; GORDON, Jeffery N. The Agency Costs of Agency Capitalism: Activist Investors and the Revaluation of Governance Rights. Columbia Law Review, v. 113, p. 863-928, 2013.
CONARD, Alfred F. Beyond Managerialism: Investor Capitalism? University of Michigan Journal of Law Reform, v. 22, n. 1, p. 117-178, 1988.
COFFEE JR., John C. The Future of Disclosure: ESG, Common Ownership, and Systematic Risk. Columbia Business Law Review, v., p. 602-650, 2021.
HILL, Jennifer G. Good Activist/Bad Activist: The Rise of International Stewardship Codes. Seattle University Law Review, v. 41, p. 497-524,
GILLAN, Stuart L.; STARKS, Laura T. A Survey of Shareholder Activism: Motivation and Empirical Evidence. Contemporary Finance Digest, v. 2, n. 3, p. 10-34, 1988.
ROSE, Paul; SHARFMAN, Bernard S. Shareholder Activism as a Corrective Mechanism in Corporate Governance. BYU Law Review, v., n. 5, p. 1017-1052, 2015.
WALKER, David. A Review of Corporate Governance in UK Banks and Other Financial Industry Entities. HM Treasury, 16 jul. 2009.
CHIU, Iris H.-Y.; KATELOUZOU, Dionysia. From Shareholder Stewardship to Shareholder Duties: Is The Time Ripe? In: BIRKMOSE, Hanne (ed.). Shareholder’s Duties, 2016.
WATSON, Alan. Legal Transplants: An Approach to Comparative Law. Edimburgo: Scottish Academic Press, 1974.
FRÉMERY, A. Études de droit commercial ou du droit fondé par la coutume universelle des commerçants. Paris: Globet, 1833.
TULLIO ASCARELLI. Panorama do Direito Comercial. São Paulo: Saraiva, GALGANO, Francesco. Lex Mercatoria. Il Mulino: Bologna, 2010.
ASCARELLI, Tullio. O Desenvolvimento Histórico do Direito Comercial e o Significado da Unificação do Direito Privado. Revista de DireitoMercantil, v. 37, n. 114, p. 237–252, abr./jun., 1999.
HOPT, Klaus J. The German Two Tier Board: Experience, Theories, Reforms. In: HOPT, Klaus J.; KANDA, Hideki et al. Comparative corporate governance. Oxford: Clarendon Press, 1998.
HAARMANN, Wilhelm; SCHINDLER, Clemens Philipp. Germany. In: VAN GERVEN, Dirk; STORM, Paul (eds.). The European company. Cambridge: Cambridge University Press, 2006.
RÜHMKORF, Andreas. Stakeholder Value Versus Corporate Sustainability. In: SJÅFJELL, Beate; BRUNER, Christopher M. (eds.). Cambridge Handbook of Corporate Law, Corporate Governance and Sustainability. Cambridge: Cambridge University Press, 2019.
BOTTENBERG, Konstantin; TUSCHKE, Anja; FLICKINGER, Miriam. Corporate Governance Between Shareholder and Stakeholder Orientation: Lessons From Germany. Journal of Management Inquiry, v. 26, n. 2, p. 165-180, 2017.
UWER, Dirk; SHRAMM, Michael. The Transposition of The CSR Directive Into German Commercial Law. P.A. (Persona e Amministrazione), n. 1, p. 197-221, 2018.
MITTWOCH, Anne-Christin; BREMENKAMP, Fernanda Luisa. The German Supply Chain Act – A sustainable regulatory framework for internationally active market players? Review European and Comparative Law, v. 55, n. 4, p. 189-219, 2023.
MAIHOLD, Günther; MÜLLER, Melanie; SAULICH, Christina; SCHÖNEICH, Svenja. Responsibility in supply chains: Germany's due diligence act is a good start. Stiftung Wissenschaft und Politik (SWP) Comment, n. 21, 2021.
GEORGIEV, George S. The SEC’s Climate Disclosure Proposal: Critiquing the Critics. RUTGERS Law Record, v. 50, p. 101-130, 2022.
HO, Virginia Harper. Climate Disclosure Line-Drawing & Securities Regulation. UC Davis Law Review, v. 56, n. 5, p. 1877-1919, 2023.
MALONE, Leah; HOLLAND, Emily B. Florida Passes FarthestReaching Anti-ESG Law to Date. Harvard Law School Forum on Corporate Governance, 27 maio 2023.
PARGENDLER, Mariana. Corporate Law in the Global South: Heterodox Stakeholderism. Seattle University Law Review, v. 47, p. 535-579, 2024.
VAROTTIL, Umakanth. The Stakeholder Approach to Corporate Law: A Historical Perspective from India. In: WELLS, Harwell (ed.). Research Handbook on the History of Corporate and Company Law. Edward Elgar: Northampton, 2018.
VAROTTIL, Umakanth. Directors’ Liability and Climate Risk: White Paper on India. Commonwealth Climate and Law Initiative, 4 out. 2021.
DIVAN, Shyam. Directors' Obligations to Consider Climate ChangeRelated Risk in India, Parecer Jurídico, 7 set. 2021.
RILEY, Chris. The Juridification of Corporate Governance. In: DE LACY, John (ed.). The Reform of United Kingdom Company Law. Routledge: Nova Iorque, 2002.
JENSEN, Michael C. Value Maximization, Stakeholder Theory and The Corporate Objective Function. Business Ethics Quarterly, v. 12, n. 2, p.-256, 2002.
