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Corporate Social Responsibility

Perspectives for Sustainable Corporate Governance

Catherine Malecki

Corporate social responsibility (CSR) is setting new missions for companies and shining a welcome light on issues such as the behaviour of board members, shared value, the well-being of stakeholders, the protection of vulnerable individuals and the roles played by public opinion and shareholders. This timely book seeks to lay the foundations for a sustainable corporate governance based on the European Commission definition of CSR as ‘the responsibility of enterprises for their impacts on society’. More generally, this sustainable corporate governance responds to some of the pressing challenges of the 21st century, from sustainable finance and climate change to carbon reduction and population growth.
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Chapter 16: Towards responsible investors

Perspectives for Sustainable Corporate Governance

Catherine Malecki

Extract

SRI is bringing about the introduction of codes of best practice as sustainable finance harbours many ambitions linked to global climate issues. In France, the requirement for voting transparency, which was introduced on the basis of recommendations made by Paris Europlace, means that management companies must now specify how they exercise the voting rights attached to financial instruments with regard to non-financial reporting (compliance with social, environmental and quality of governance objectives). The AFG-FIR code, the only one available in this field, is in line with the Grenelle 2 Law. This requirement for compliance leads investors to be active and behave responsibly: we are gradually moving towards a responsible form of shareholder activism thanks to an analysis of all ESG criteria based on different methods (bottom-up approach). Article 173 of the French law on energy transition and green growth of 17 August 2015 (LTECV) is an important step forward towards transparency of how voting rights are exercised in relation to ESG criteria.

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