Direito societário e sustentabilidade
notas conceituais e o cenário regulatório brasileiro
DOI:
https://doi.org/10.11606/issn.0102-8049.i1p%25pPalavras-chave:
transformação, interesse socialdevida diligência, informações não financeiras, agenda de pesquisaResumo
O artigo examina o surgimento das discussões sobre
sustentabilidade no âmbito do direito societário, analisando este
processo no contexto de modificações nas formas de organização
econômica e social. O texto propõe uma leitura sobre as transformações
do direito societário, apresentando de maneira sistemática uma
taxonomia de novos instrumentos societários que incorporam objetivos
de cunho social e ambiental. Com base em revisão bibliográfica
sobre o tema, cada uma das 7 categorias delineadas é ilustrada com
um exemplo de reforma na legislação societária ao redor do mundo.
Considerando essa tendência de mudanças, são examinadas as recentes
regras de governança corporativa sustentável no direito brasileiro,
com indicações de promissora agenda de pesquisa no campo.
Downloads
Referências
ARMOUR, John; HANSMANN, Henry; KRAAKMAN, Reinier; et al. What
is corporate law? In: KRAAKMAN, Reinier; ARMOUR, John; DAVIES,
Paul; et al (Eds.). The anatomy of corporate law. 3. ed. Oxford: Oxford
University Press, 2017, p. 1–28.
B LAB US & CANADA. What is a Benefit Corporation? Disponível em:
<https://usca.bcorporation.net/benefit-corporation/>.
B3.
B3 Communication to stakeholders. [s.l.: s.n.], 2018.
Disponível em: <https://www.b3.com.br/data/files/5A/D7/71/18/
BE1E161010983D16790D8AA8/Communication_to_Stakeholders_
B3%20Final.pdf>.
B3. Diretrizes do índice de sustentabilidade empresarial (ISE B3).
[s.l.: s.n.], 2021. Disponível em: <https://www.b3.com.br/data/files/
F6/B2/FB/2C/6B6AA71096B63AA7AC094EA8/Diretrizes%20do%20ISE.
pdf>.
BARTLEY, Tim. Rules without rights: land, labor, and private
authority in the global economy. New York: Oxford University Press,
BEBCHUK, Lucian; FRIED, Jesse. Executive compensation as an agency
problem. Journal of Economic Perspectives, v. 17, n. 3, p. 71–92, 2003.
BEBCHUK, Lucian; TALLARITA, Roberto. The illusory promise of
stakeholder governance. Cornell Law Review, v. 106, p. 91–177, 2020.
BERTRAND, Marianne; BLACK, Sandra E.; JENSEN, Sissel; et al.
Breaking the glass ceiling? The effect of board quotas on female labor
market outcomes in Norway. Review of Economic Studies, v. 86,
p. 191–239, 2019.
BM&FBOVESPA; GVCES. O valor do ISE: principais estudos e a
perspectiva dos investidores. São Paulo: [s.n.], 2012. Disponível
em: <https://eaesp.fgv.br/producao-intelectual/valor-ise-principais
estudos-e-perspectiva-investidores>.
BOLTON, Patrick; DESPRES, Morgan; PEREIRA DA SILVA, Luiz Awazu;
et al. The green swan: central banking and financial stability in the
age of climate change. [s.l.]: Bank for International Settlements, 2020.
Disponível em: <https://www.bis.org/publ/othp31.pdf>.
BRUNER, Christopher. Corporate governance reform and the
sustainability imperative. The Yale Law Journal, v. 131, p. 1217–1277,
BRUNER, Christopher M. The corporation as technology: re
calibrating corporate governance for a sustainable future. [s.l.]:
Oxford University Press, 2023.
BUSINESS ROUNDTABLE. Statement on the purpose of a corporation.
Disponível em: <https://s3.amazonaws.com/brt.org/BRT-Statementon
thePurposeofaCorporationwithSignaturesOctober2022.pdf>. Acesso
em: 19 nov. 2022.
CHOUDHURY, Barnali. Social disclosure. Berkeley Business Law
Journal, v. 13, n. 1, p. 183–216, 2016.
CHOUDHURY, Barnali; PETRIN, Martin. Corporate duties to the
public. Cambridge: Cambridge University Press, 2019.
CHOUDHURY, Barnali; PETRIN, Martin. Corporate governance that
“works for everyone”: promoting public policies through corporate
governance mechanisms. Journal of Corporate Law Studies, v. 18,
n. 2, p. 381–415, 2018.
CLARK, William H.; VRANKA, Larry. White Paper - The need and
rationale for the benefit corporation. [s.l.: s.n.], 2013.
CONAC, Pierre-Henri. Le nouvel article 1833 du Code civil français
et l’intégration de l’intérêt social et de la responsabilité sociale
d’entreprise: constat ou révolution? Orizzonti del Diritto Commerciale,
v. 3, p. 497–516, 2019.
COSSART, Sandra; CHAPLIER, Jérôme; BEAU DE LOMENIE, Tiphaine.
The French law on duty of care: a historic step towards making
globalization work for all. Business and Human Rights Journal, v. 2,
p. 317–323, 2017.
DEPARTMENT FOR BUSINESS INNOVATION & SKILLS. Directors’ pay:
consultation on revised remuneration reporting regulations. [s.l.:
s.n.], 2012. Disponível em: <https://assets.publishing.service.gov.uk/
media/5a79df9440f0b66d161aec41/12-888-directors-pay-consultation
remuneration-reporting.pdf>.
DEPARTMENT OF TRADE AND INDUSTRY. Companies Regulations,
Disponível em: <https://www.gov.za/sites/default/files/gcis_
document/201409/34239rg9526gon351.pdf>.
DILLING; HERBERG; WINTER. Responsible Business: self
governance and law in transnational economic transaction. Oxford:
Hart Publishing, 2008.
ENRIQUES, Luca; HANSMANN, Henry; KRAAKMAN, Reinier; et al.
The basic governance structure: minority shareholders and non
shareholder constituencies. In: KRAAKMAN, Reinier; ARMOUR, John;
DAVIES, Paul; et al (Eds.). The anatomy of corporate law. Oxford:
Oxford University Press, 2017, p. 79–108.
FAVARETTO, Sonia Consiglio. Report or explain for sustainability or
integrated reports: a Brazilian sucess story. Disponível em: <https://www.b3.com.br/data/files/C4/20/C1/74/D65765103CC08565790D8AA8/
Case-Report-or-Explain-by-Sonia-Favaretto.pdf>.
FERRARINI, Guido. Redefining corporate purpose: sustainability as a
game changer. In: BUSCH, Danny; FERRARINI, Guido; GRÜNEWALD,
Seraina (Orgs.). Sustainable Finance in Europe: corporate
governance, financial stability and financial markets. [s.l.]: Palgrave
Macmillan, 2021.
FISCH, Jill E.; SOLOMON, Steven Davidoff. Should corporations have a
purpose? Texas Law Review, v. 99, p. 1309–1346, 2021.
FLEISCHER, Holger. Corporate purpose: a management concept and
its implications for company law. European Company and Financial
Law Review, v. 18, n. 2, p. 161–189, 2021.
FLEISCHER, Holger. The law of social enterprises: surveying a new
f
ield of research.
FRAZÃO, Ana. O interesse social das companhias: perspectivas e
desafios diante do capitalismo de stakeholders e dos investimentos
ESG. Revista de Direito das Sociedades e dos Valores Mobiliários,
v. Edição comemorativa dos 45 anos das Leis n. 6.385 e 6.404, p. 79
, 2021.
GOVERNMENT OF INDIA. Companies (Corporate Social Responsibility
Policy) Rules, 2014.
GREENFIELD, Kent. The failure of corporate law: fundamental flaws
and progressive possibilities. Chicago: University of Chicago Press,
HARPER HO, Virginia. Sustainable finance & the public turn in
corporate law. In: BRUNER, Christopher; MOORE, Marc (Orgs.).
Research Agenda for Corporate Law. Cheltenham, UK/Northampton,
USA: Edward Elgar, 2023.
HART, Oliver; ZINGALES, Luigi. Companies should maximize
shareholder welfare not market value. Journal of Law, Finance, and
Accounting, v. 2, p. 247–274, 2017.
JABKO, Nicolas; KUPZOK, Nils. Indirect responsiveness and green
central banking. Journal of European Public Policy, v. 31, n. 4,
p. 1026–1050, 2024.
JOHNSON, Lyman. Law and legal theory in the history of corporate
responsibility: corporate personhood. Seattle University Law Review,
v. 35, p. 1135–1164, 2012.
JOHNSTON, Andrew; SJÅFJELL, Beate. The EU’s approach to
environmentally sustainable business: can disclosure overcome the
failings of shareholder primacy? In: PEETERS, Marjan; ELIANTONIO,
Mariolina (Orgs.). Research Handbook on EU Environmental Law.
Cheltenham, UK/Northampton, USA: Edward Elgar, 2020, p. 396–410.
JOHNSTON, Andrew; VELDMAN, Jeroen; ECCLES, Robert G.; et al.
Corporate governance for sustainability - Statement. Disponível em:
<https://scholarship.law.columbia.edu/faculty_scholarship/2607/>.
JUNQUEIRA, Gabriela de O. Corporate law, governance, and
sustainability: the public turn in the global socio-ecological transition.
Tese de Doutorado. Faculdade de Direito da USP, 2024.
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.
KATELOUZOU, Dionysia; ZUMBANSEN, Peer. The transnationalization
of corporate governance: law, institutional arrangements, & corporate
power. Arizona Journal of International and Comparative Law, v. 38,
n. 1, p. 1–60, 2021.
KIM, Yoon Jung. Os deveres do acionista controlador frente ao
cumprimento da função social da companhia sob a ótica ESG. In:
LYRA, Zora; WELLISCH, Julya Sotto Mayor; FRANCO, Julia Damazio
(Orgs.). ESG nos mercados financeiro e de capitais. [s.l.]: Quartier
Latin, 2024, p. 621–656.
LEHMEN, Alessandra; PRADO, Viviane Muller; ROSSI, Livia Trabulsi.
Stewardship climático no direito societário brasileiro. In: ESG nos
mercados financeiro e de capitais. São Paulo: Quartier Latin, 2024,
p. 671–707.
LIPTON, Ann M. Beyond internal and external: a taxonomy of
mechanisms for regulating corporate conduct. Wisconsin Law
Review, p. 657–693, 2020.
MINISTRY OF CORPORATE AFFAIRS. Compendium on Corporate
Social Responsibility in India. [s.l.]: Government of India, [s.d.].
Disponível em: <https://www.mca.gov.in/Compendium/Ebook/
mobile/index.html>. Acesso em: 6 jan. 2022.
MITCHELL, Lawrence E. (Org.). Progressive corporate law: new
perspectives on law, culture and society. Abingdon, UK/New York,
USA: Westview Press, 1995.
MONCIARDINI, David. Conflicts and coalitions: the drivers of European
corporate sustainability reforms. In: SJÅFJELL, Beate; BRUNER,
Christopher M. (Orgs.). The Cambridge Handbook of Corporate Law,
Corporate Governance and Sustainability. Cambridge: Cambridge
University Press, 2020, p. 611–625.
NEDER CEREZETTI, Sheila C.; JUNQUEIRA, Gabriela de Oliveira.
Brazilian corporate sustainability regulation in the green transition:
missing the forest for the trees. ex/ante, p. 77–89, 2023.
PARGENDLER, Mariana. Corporate law in the global south: heterodox
stakeholderism. Seattle University Law Review, v. 47, p. 535–579,
PARGENDLER, Mariana. The corporate governance obsession. The
Journal of Corporation Law, v. 42, p. 259–402, 2016.
PARGENDLER, Mariana. The rise of international corporate law.
Washington University Law Review, v. 98, p. 1765–1820, 2021.
PIETRANCOSTA, Alain. Codification in company law of general CSR
requirements: pioneering recent french reforms and EU perspectives.
Disponível em: <https://papers.ssrn.com/sol3/papers.cfm?abstract_
id=4083398>. Acesso em: 24 jan. 2023.
POLLMAN, Elizabeth. The history and revival of the corporate purpose
clause. Texas Law Review, v. 99, p. 1423–1452, 2021.
POLLMAN, Elizabeth. The making and meaning of ESG. Harvard
Business Law Review, v. 14, p. 403–453, 2024.
PORTER, Michael E.; KRAMER, Mark R. Creating shared value: how
to reinvent capitalism - and unleash a wave of innovation and growth.
Harvard Business Review, v. 89, n. 1–2, p. 62–77, 2011.
RENTERIA, Pablo; GODOY, João Paulo Saueia. Reflexões sobre o
caso McDonald’s na perspectiva do direito brasileiro: abrangência
e sindicância do dever de vigiar dos administradores de sociedades
anônimas. In: LYRA, Zora; WELLISCH, Julya Sotto Mayor; FRANCO,
Julia Damazio (Orgs.). ESG nos mercados financeiro e de capitais. São
Paulo: Quartier Latin, 2024, p. 523–556.
ROCK, Edward B. For whom is the corporation managed in 2020? The
debate over corporate purpose. The Business Lawyer, v. 76, p. 363
, 2021.
SALOMÃO FILHO, Calixto. O novo direito societário. Eficácia e
sustentabilidade. São Paulo: Saraiva, 2019.
SAVOUREY, Elsa. France Country Report. [s.l.: s.n.], 2020. (EC study on
due diligence requirements through the supply chain - Part III Country
Reports). Disponível em: <https://op.europa.eu/en/publication-detail/-/
publication/0268dfcf-4c85-11ea-b8b7-01aa75ed71a1/language-en>.
SJÅFJELL, Beate; BRUNER, Christopher (Orgs.). The Cambridge
Handbook of Corporate Law, Corporate Governance and
Sustainability. Cambridge: Cambridge University Press, 2020.
SJÅFJELL, Beate; BRUNER, Christopher M. Corporations and
Sustainability. In: SJÅFJELL, Beate; BRUNER, Christopher M. (Orgs.).
The Cambridge Handbook of Corporate Law, Corporate Governance
and Sustainability. Cambridge: Cambridge University Press, 2020,
p. 3–12.
SJÅFJELL, Beate; RICHARDSON, Benjamin J. (Orgs.). Company Law
and Sustainability - Legal Barriers and Opportunities. Cambridge:
Cambridge University Press, 2015.
SPIESSHOFER, Birgit. Responsible enterprise. München: C.H. Beck,
STORVIK, Aagoth. Women on boards - experience from the Norwegian
quota reform. CESifo DICE Report, v. 1, p. 35–41, 2011.
STORVIK, Aagoth; TEIGEN, Mari. Women on board - the Norwegian
experience. [s.l.]: Friedrich Ebert Stiftung, 2010. Disponível em:
<https://library.fes.de/pdf-files/id/ipa/07309.pdf>.
STOUT, Lynn. The shareholder value myth: how putting shareholders
first harms investors, corporations, and the public. [s.l.]: Berrett
Koehler Publishers, 2012.
STRØM, Øystein. The Norwegian Gender Balance Law: a reform that
failed? Annals of Corporate Governance, v. 4, n. 1, p. 1–86, 2019.
TEIGEN, Mari. The making of gender quotas for corporate boards
in Norway. In: ENGELSTAD, Frederik; HAGELUND, Anniken (Orgs.).
Cooperation and Conflict the Nordic Way. [s.l.]: De Gruyter, 2015,
p. 96–117.
THOMAS, Randall S.; VAN DER ELST, Christoph. Say on pay around
the world. Washington University Law Review, v. 92, p. 653–731, 2015.
VENTURA, Livia. The social enterprise movement and the birth
of hybrid organisational forms as policy response to the growing
demand for firm altruism. In: PETER, Henry; VASSEROT, Carlos
Vargas; SILVA, Jaime Alcalde (Orgs.). The International Handbook
of Social Enterprise Law: benefit corporations and other purpose
driven companies. Switzerland: Springer International Publishing,
, p. 9–25.
WELLS, Harwell. “Corporation law is dead”: heroic managerialism,
legal change, and the puzzle of corporation law at the height of the
American century. University of Pennsylvania Journal of Business
Law, v. 15, n. 2, p. 305–356, 2013.
YAZBEK, Otavio; DUARTE, Anelise Paschoal Garcia. O dever de
diligência dos membros do conselho de administração e o atendimento
a demandas ESG - uma nova fronteira? In: LYRA, Zora; WELLISCH,
JULYA SOTTO MAYOR; FRANCO, Julia Damazio (Orgs.). ESG nos
mercados financeiro e de capitais. São Paulo: Quartier Latin, 2024,
p. 491–521.
Publicado
Edição
Seção
Licença
Copyright (c) 2025 Sheila C. Neder Cerezetti, Gabriela de Oliveira Junqueira

Este trabalho está licenciado sob uma licença Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.