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Michael Bothe

Industrial accidents like the Deepwater Horizon blowout have shown a need for regulatory responses to prevent them. They include outside governmental regulation as well as rules on the internal functioning of industrial enterprises, that is, corporate governance. Flaws in corporate governance have been a cause of major industry disasters. Relevant rules should reflect the social responsibility of enterprises and be the basis for, or expression of, a culture of risk preparedness. Rules of corporate governance for reducing the risk of environmental disasters are necessary to ensure compliance with legislative or industrial standards. They include a comprehensive approach to risk definition, an adequate procedural framework for dealing with risk ranging from early risk awareness to provisions on dealing with the consequences of disasters, as well as appropriate stakeholder participation and transparency.