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Article

Access_open The Norm of Integrity in Corporate Governance Codes: Could It Be Made Enforceable?

Journal The Dovenschmidt Quarterly, Issue 2 2015
Keywords corporate governance, integrity, legal strategies, Goldman Sachs
Authors B.T.M. Steins Bisschop
AbstractAuthor's information

    The faring of Goldman Sachs during the financial crisis of 2008 is discussed against the background of legal instruments that were employed to avoid its failure. This discussion leads to the conclusion that in this case, the limits of classical legal instruments were reached. To further good corporate governance, the legal relevance of the term ‘integrity’ is explored. It is concluded that the legal term of integrity is used universally in corporate governance codes, but is not operational and therefore not enforceable. An attempt is made to redefine this general principle into a more operational term. This is tested in the case of Goldman Sachs’ executive Jon Winkelried. It is assumed that he has violated the standard of integrity but also that there were no enforceable legal means to sanction his behaviour. The conclusion is that the more operational interpretation of the term integrity could, in this case, have resulted in an enforceable legal instrument to sanction behaviour that is contrary to the norm of integrity. This operational term of integrity could aid in the debate on furthering good corporate governance through enforceable legal strategies.


B.T.M. Steins Bisschop
Prof. Dr. Bas T.M. Steins Bisschop holds a chair Corporate Law and Governance at the Faculty of Law of Maastricht University and a chair Corporate Law at Nyenrode Business University. He is partner of a boutique law firm in The Hague, The Netherlands.
Article

Access_open Better Access to Remedy in Company-Community Conflicts in the Field of CSR

A Model for Company-Based Grievance Mechanisms

Journal The Dovenschmidt Quarterly, Issue 4 2013
Keywords CSR, human rights, grievance mechanism, interest-based approach, rights-based approach
Authors Cristina Cedillo
AbstractAuthor's information

    The Special Representative to the UN Secretary-General on human rights and transnational corporations and other business enterprises, John Ruggie, establishes access to remedy as one of the three pillars of the UN ‘Protect, Respect, Remedy’ Framework. In this Framework, Ruggie prescribes that company-based grievance mechanisms can be one effective means of enabling remediation to those potentially being impacted by business enterprises’ activities. This report proposes a model for company-based grievance mechanisms that follow a combination of interest-based and rights-compatible approaches to conflict resolution of all corporate social responsibility issues in company–stakeholder relationships.


Cristina Cedillo
Cristina Cedillo (MA, LLM) participated in the master’s programme in International Business Law and Globalization at the Utrecht University School of Law, Economics and Governance, Utrecht (The Netherlands). The author is very grateful to Serge Bronkhorst and Tineke Lambooy for their guidance and helpful comments on earlier drafts.
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