corporate law

“ESG and Corporate Sustainability: Global Perspectives on Regulatory Reform,” October 16 Georgia Journal of International and Comparative Law annual conference

This year’s annual conference of the Georgia Journal of International and Comparative Law will address “ESG and Corporate Sustainability: Global Perspectives on Regulatory Reform.” Featured will be a keynote discussion by Jill E. Fisch, the Saul A. Fox Distinguished Professor of Business Law and Co-Director of the Institute for Law and Economics at the University of Pennsylvania Carey Law School, as well as panels including more than a dozen experts from around the world.

The daylong conference will take place on Monday, October 16, in the Larry Walker Room of Dean Rusk Hall at the University of Georgia School of Law.

Sponsoring along with GJICL, a student-edited journal established more than 50 years ago, is the law school’s Dean Rusk International Law Center. GJICL Editor in Chief, 3L Jack Schlafly, worked with Professor Christopher M. Bruner, who is the Stembler Family Distinguished Professor in Business Law and a newly appointed Faculty Co-Director of the Dean Rusk International Law Center; Center staff Sarah Quinn, Interim Director; Catrina Martin, Global Practice Preparation Assistant; and with the GJICL’s Faculty Advisor, Professor Harlan Grant Cohen, who is Gabriel M. Wilner/UGA Foundation Professor in International Law and one of the Center’s Faculty Co-Directors.

Below is the concept note of the conference:

We live in an era marked by complex and interconnected environmental, social, and economic crises, including climate change and various forms of destabilizing inequalities. Efforts to grapple with these realities are rapidly evolving and taking shape through a host of private and public institutions, both domestically and internationally, and an array of novel reform efforts aim to curb harmful corporate practices that have contributed to such crises.

Global asset managers have increasingly prioritized “environmental, social, and governance” (ESG) factors – emphasizing their relation to investment risk and investment return – and have taken up existing tools available to them through corporate law, securities regulation, and capital market structures to push for change. Meanwhile, various types of domestic regulatory reforms have been adopted, or are under consideration, in jurisdictions around the world to promote “corporate sustainability,” understood to include environmental, social, and economic dimensions. Some reform initiatives focus on disclosure, reflecting confidence that investors, consumers, and other constituencies armed with sufficient information could differentiate between sustainable and unsustainable companies, and that these private actors would effectively reward the former and punish the latter. Other reform initiatives take more direct aim at decision-making incentives of managers and investors alike, through corporate governance structures creating novel – and potentially powerful – liability regimes intended to force both domestic and multinational businesses to internalize costs that would otherwise be externalized to society and the environment. At the same time, a host of international organizations have sought to promote ESG and corporate sustainability through a range of global standard-setting and coordination efforts.

This symposium will grapple with the array of ESG and corporate sustainability initiatives taking shape today, mapping this rapidly evolving global landscape and engaging with the host of complex international and comparative legal challenges they raise. Speakers offering a diverse range of doctrinal, institutional, and jurisdictional perspectives will tackle these issues through presentations and panel discussions focusing on capital market developments, corporate governance reform initiatives, and efforts to constrain multinational businesses.

The day’s events are as follows:

9:00-9:15am | Welcome Messages

Peter B. “Bo” Rutledge, Dean and Talmadge Chair of Law, University of Georgia School of Law

Sarah Quinn, Interim Director, Dean Rusk International Law Center

9:15-10:30am | Panel 1: ESG and Sustainable Finance

  • George S. Georgiev, Associate Professor of Law, Emory University School of Law
  • Virginia Harper Ho, Professor of Law, City University of Hong Kong (Zoom)
  • Stephen Park, Associate Professor of Business Law and Satell Fellow in Corporate Social Responsibility, University of Connecticut School of Business
  • Anne Tucker, Professor of Law, Georgia State University College of Law
  • Moderator: Usha Rodrigues, University Professor and M.E. Kilpatrick Chair of Corporate Finance and Securities Law, University of Georgia School of Law

10:30-10:45am | Break

10:45-12:00pm | Panel 2: Corporate Law, Corporate Governance and Sustainability

  • Matthew T. Bodie, Robins Kaplan Professor of Law, University of Minnesota Law School
  • Andrew Johnston, Professor of Company Law and Corporate Governance, University of Warwick School of Law (UK) (Zoom)
  • Lindsay Sain Jones, Assistant Professor, University of Georgia Terry College of Business 
  • Omari Scott Simmons, Professor of Law, George Washington University Law School 
  • Moderator: Christopher M. Bruner, Stembler Family Distinguished Professor in Business Law and Faculty Co-Director of the Dean Rusk International Law Center, University of Georgia School of Law

12:00-1:00pm | Lunch

1:00-2:15pm | Panel 3: Multinational Corporations and Global Value Chains

  • Sarah Dadush, Professor of Law, Rutgers Law School (Zoom)
  • David Hess, Professor of Business Law and Business Ethics, University of Michigan Stephen M. Ross School of Business
  • Kish Parella, Class of 1960 Professor of Ethics and Law, Washington and Lee University School of Law (Zoom)
  • Jaakko Salminen, Associate Senior Lecturer, Department of Law, Lund University (Sweden) (Zoom)
  • Moderator: Harlan G. Cohen, Gabriel M. Wilner/UGA Foundation Professor in International Law and Faculty Co-Director of the Dean Rusk International Law Center, University of Georgia School of Law

2:15-2:30pm | Break

2:30-2:35pm | Keynote Introduction

Christopher M. Bruner, Stembler Family Distinguished Professor in Business Law and Faculty Co-Director of the Dean Rusk International Law Center, University of Georgia School of Law

2:35-3:15pm | Keynote Address

Jill E. Fisch, Saul A. Fox Distinguished Professor of Business Law and Co-Director of the Institute for Law and Economics, University of Pennsylvania Carey Law School

3:15 | Closing Remarks

Jack Schlafly, Editor in Chief, Georgia Journal of International and Comparative Law

Georgia Law Professor Bruner comments on Princeton symposium in Bermuda’s daily newspaper

Christopher Bruner, the Stembler Family Distinguished Professor in Business Law here at the University of Georgia School of Law, was quoted earlier this month in The Royal Gazette, a daily newspaper based in Hamilton, Bermuda. The article reported on participation by Bruner and others in Princeton University’s Law, Identity, and Economic Development in the Post-Colonial Era symposium held during April. (prior post)

Entitled “Bermudians join discussions on regional economic development,” the article cited Bruner’s 2016 Oxford University Press book, Re-Imagining Offshore Finance: Market Dominant Small Jurisdictions in a Globalising Financial World. It then reported Bruner’s comments respecting the significance of issues that the Princeton conference explored:

“Small jurisdictions around the world – including in the Northern Atlantic and Caribbean regions – are at the front lines of a range of global environmental and economic challenges.

“Now more than ever, it is critical that we explore sustainable economic development models available to small jurisdictions, as well as the lessons that all jurisdictions can learn from their experiences.”

Georgia Law Professor Christopher Bruner presents on corporate sustainability at seminar in London

Christopher M. Bruner, the Stembler Family Distinguished Professor in Business Law here at the University of Georgia School of Law, presented his book, The Corporation as Technology: Re-Calibrating Corporate Governance for a Sustainable Future (Oxford University Press 2022) earlier this month in London, United Kingdom.

The seminar was hosted by the University of Notre Dame’s London Global Gateway and co-sponsored by the University College London Centre for Commercial Law.

Georgia Law Professor Bruner presents at University of Macerata in Italy

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Christopher M. Bruner, the Stembler Family Distinguished Professor in Business Law here at the University of Georgia School of Law, spoke at a 2-day conference last week at the University of Macerata in Italy.

“Business Risk, Financial Markets, and Sustainable Companies” was the title of the presentation by Bruner, a scholar of corporate law, corporate governance, comparative law, and sustainability, whose most recent book is The Corporation as Technology: Re-Calibrating Corporate Governance for a Sustainable Future (OUP 2022) (prior posts).

The conference, titled The Prism of Sustainability, was supported by the Erasmus+ Programme of the European Union.

Georgia Law Professor Christopher Bruner presents on corporate sustainability disclosure in joint Minnesota-Dublin seminar

Christopher M. Bruner, the Stembler Family Distinguished Professor in Business Law here at the University of Georgia School of Law, recently took part in a seminar session on corporate sustainability disclosures, presented online for students at the University of Minnesota Law School and University College Dublin Sutherland School of Law.

“Sustainability Disclosure Around the World” was the title of the presentation by Bruner, a scholar of corporate law, corporate governance, comparative law, and sustainability, whose most recent book is The Corporation as Technology: Re-Calibrating Corporate Governance for a Sustainable Future (OUP 2022) (prior posts).

Joining Bruner in presenting the seminar were Professor Brett McDonnell, Dorsey & Whitney Chair in Law at Minnesota Law, and Xiaoyu Gu, who is a Managing Director at AB CarVal, a global alternative investment management firm. Professor Claire Hill, who is James L. Krusemark Chair in Law at Minnesota Law, and Professor Joe McGrath, of University College Dublin Law, convened the event.

Georgia Law Professor Usha Rodrigues quoted in Agence France-Presse article on challenge to “empire of Indian tycoon”

Georgia Law Professor Usha Rodrigues was quoted in an Agence France-Presse article about claims levied against against the Adani Group, led by Gautam Adani of India.

Author of the article, entitled “A US corporate scourge deflates the empire of Indian tycoon Adani,” is AFP’s Thomas Urbain. Published on January 31, the item was reprinted in several global media.

Rodrigues, a corporate law expert who is University Professor and M.E. Kilpatrick Chair of Corporate Finance & Securities Law here at the University of Georgia School of Law, is also serving as our university’s Interim Vice Provost for Academic Affairs.

Georgia Law Professor Christopher Bruner appointed Research Member of European Corporate Governance Institute

Christopher M. Bruner, the Stembler Family Distinguished Professor in Business Law here at the University of Georgia School of Law, has been appointed a Research Member of the prestigious European Corporate Governance Institute, known as ECGI.

As described on its website, the Brussels-based “ECGI is an international scientific non-profit association providing a forum for debate and dialogue between academics, legislators and practitioners, focusing on major corporate governance issues.” Its “global network of practitioner, academic and institutional members” is “appointed on the basis of their significant contribution to the field of corporate governance study.” EGCI’s press release on today’s new appointments is available here.

In addition to fostering research collaboration among its members, ECGI disseminates scholarship, hosts international events, and spearheads initiatives, including its ongoing project on “Responsible Capitalism.”

Bruner (prior posts) is a scholar of corporate law, corporate governance, comparative law, and sustainability. His books include The Corporation as Technology: Re-Calibrating Corporate Governance for a Sustainable Future (OUP 2022), The Cambridge Handbook of Corporate Law, Corporate Governance and Sustainability (co-edited with Beate Sjåfjell) (CUP 2019), Re-Imagining Offshore Finance: Market-Dominant Small Jurisdictions in a Globalizing Financial World (OUP 2016), and Corporate Governance in the Common-Law World: The Political Foundations of Shareholder Power (CUP 2013).

Georgia Law Professor Christopher Bruner presents on corporate risk and sustainability at the University of Oslo

Christopher M. Bruner, the Stembler Family Distinguished Professor in Business Law here at the University of Georgia School of Law, presented on “Corporate Risk, Shareholder Liability, and the Role of Intermediaries” as part of a “Corporate Law, Corporate Governance and Sustainability” panel at a conference last month at the University of Oslo Faculty of Law in Norway.

Bruner also moderated another session and participated in an invitation-only research-collaboration workshop.

Entitled “The Risks of Unsustainability Conference,” the University of Oslo gathering brought together “academics from various fields to discuss how a research-based concept of risks of sustainability can be placed at the centre of law and policy, in business and finance, to contribute to ensuring a safe and just space for all living beings on this planet,” with the goal of “generat[ing] holistic inclusion of the risks of unsustainability at a systemic level, and unlock[ing] the potential of new modalities of sustainability law.”

In addition to Norway and the United States, the conference welcomed scholars based in Denmark, Italy, the Netherlands, Poland, Sweden, and the United Kingdom.

Georgia Law Professor Laura Phillips-Sawyer’s book, “American Fair Trade,” featured on German radio broadcast

Featured recently in a broadcast on a German public radio station was Georgia Law Professor  Laura Phillips-Sawyer, author of American Fair Trade: Proprietary Capitalism, Corporatism, and the ‘New Competition,’ 1890-1940 (Cambridge University Press 2019).

The Deutschland Rundfunk Kultur broadcast by Caspar Dohmen – entitled “Aufstieg und Zerschlagung des Rockefeller-Konzerns,” or “Rise and breakup of the Rockefeller corporation” – profiled John D. Rockefeller (1839-1937), an American magnate of the so-called Gilded Age, and, in Dohmen’s words, “the first billionaire.”

Rockefeller, along with Henry M. Flagler and others, founded Standard Oil Co., a corporation that figured in precedent-setting U.S. Supreme Court antitrust litigation. This history figures in to Phillips-Sawyer’s book, and she is quoted at length in the broadcast. Some examples:

“The Gilded Age was a time of massive technological change. … There were new big players, but also horizontal mergers where different manufacturers got together and said: Let’s solve the problem of price competition by coordinating and either fixing prices or dividing markets. Partly they were looking for stability in this time of rapid technological change. …”

“If you look at Standard Oil and what Rockefeller and Flagler and his house attorney S.C. Dodd did: A lot of it was creative destruction and smart business strategy! … The oil company also built up a fleet of tankers, first for rail and later for road. … [T]hey made all sorts of innovations that were beneficial to consumers. But then there were moments when they crossed a line and tried to crush their competitors. This is when we need police, surveillance and regulation. You have to enforce the law to keep a market functioning.”

“It took a long time for the case law to change to allow the federal government to intervene in interstate commerce. … A great deal of uncertainty remained about the answer to this question until the New Deal period in the 1930s.”

Georgia Law Professor Bruner serves as commentator at University of Oslo launch of book on business and sustainability

Christopher M. Bruner, the Stembler Family Distinguished Professor in Business Law here at the University of Georgia School of Law, served as a commentator Thursday at a book launch hosted by the Faculty of Law at the University of Oslo, Norway.

The book, Innovating Business for Sustainability: Regulatory Approaches in the Anthropocene (Elgar 2022) is an essay collection edited by Professors Beate Sjåfjell, University of Oslo, Carol Liao, University of British Columbia in Canada, and Aikaterini Argyrou, Nyenrode Business University in the Netherlands. All three co-editors took part in the online launch event. Professor Cecilia Bailliet of the University of Oslo served as commentator along with Georgia Law Professor Bruner.

In a published item regarding the book – which is the second publication under the auspices of Daughters of Themis: International Network of Female Business Scholars – Bruner has written:

“There is growing recognition that the interconnected global crises we face require urgent reforms to the conduct of business, yet the nature and extent of such reforms remain hotly debated. This essential volume compellingly argues that we must embed the concept of sustainability at the very heart of corporate law, and the authors’ expert analyses challenge us to rethink prevailing regulatory approaches in light of the gendered nature of existing structures and the complexity of social-ecological systems.”