here’s long been a debate whether corporate governance law should require some duty to the public. The accepted wisdom is not to require such a duty—that corporate profit maximization provides jobs and other public benefits that exceed any harm. This is especially true, the argument goes, because imposing specific regulatory requirements and making certain actions illegal or tortious—what I’ll call “regulating substance,” in contrast to “regulating governance”—can mitigate the harm without unduly impairing corporate wealth production.
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