Słowa kluczowe
corporate governance
stakeholder engagement
ESG integration
regulatory compliance
Jak cytować
Liczba wyświetleń: 50
Liczba pobrań: 4
Abstrakt
The integration of environmental, social, and governance (ESG) principles into corporate governance has evolved from a niche concern to a fundamental business strategy. This paper examines the critical role of governance structures in embedding ESG considerations into corporate decision-making. The study aims to assess existing regulatory frameworks, highlight the challenges companies face in ESG adoption, and evaluate best practices that drive sustainable corporate governance. Using a comprehensive literature review and case-based analysis, this research identifies the effectiveness of board-level oversight, the role of supervisory bodies, and the impact of emerging regulations. Findings indicate that robust governance mechanisms enhance ESG integration, yet companies continue to struggle with inconsistent reporting standards, regulatory fragmentation, and balancing stakeholder interests. These insights contribute to the ongoing discourse on sustainable business practices and corporate accountability.
Bibliografia
Argyris, C., & Schön, D. A. (1997). Organizational learning: A theory of action perspective. Reis: Revista Española de Investigaciones Sociológicas, 77/78 (Monográfico sobre la Formación y las Organizaciones), 345–348. DOI: https://doi.org/10.2307/40183951
Barnes, S. (2025, January). Does ESG stand a chance in the Trump 2.0 era? International Banker. https://internationalbanker.com/finance/does-esg-stand-a-chance-in-the-trump-2-0-era/
Barry, E. (2022, 19 May). Why Tesla CEO Elon Musk is calling ESG a ‘scam’. Time. https://time.com/6180638/tesla-esg-index-musk/
Benn, S., Dunphy, D., & Griffiths, A. (2014). Organizational change for corporate sustainability. Routledge. DOI: https://doi.org/10.4324/9781315819181
Berle, A. A., & Means, G. C. (1932). The modern corporation and private property. Harcourt, Brace & World.
Bolanle, A. O., Oluwarotimi, W. S., Olatunji, M. O., Oluwafemi, A. S., Peter, A. I., Emile, R. C., Ashraf, D., Adebayo, F. A., & Ferdinand, A. K. (2020). Big data, analytics and artificial intelligence for sustainability. Scientific African, 9, e00551. DOI: https://doi.org/10.1016/j.sciaf.2020.e00551
Cadbury, A. (1992). Report of the Committee on the Financial Aspects of Corporate Governance [The Cadbury Report]. Gee. https://www.icaew.com/technical/corporate-governance/codes-and-reports/cadbury-report#subheading-70bb08ba-6b2f-421e-bf24-b9cba6410d70
CFA Institute. (2019). ESG integration in Asia Pacific: Markets, practices, and data. Retrieved 20 December 2024, from https://rpc.cfainstitute.org/-/media/documents/survey/esg-integration-apac.pdf
Christensen, L. J., Mackey, A., & Whetten, D. (2014). Taking responsibility for corporate social responsibility: The role of leaders in creating, implementing, sustaining, or avoiding socially responsible firm behaviors. Academy of Management Perspectives, 28(2), 164–178. DOI: https://doi.org/10.5465/amp.2012.0047
Clark, G. L., Feiner, A., & Viehs, M. (2015). From the stockholder to the stakeholder: How sustainability can drive financial outperformance. University of Oxford and Arabesque Partners. Retrieved 20 December 2024, from https://arabesque.com/research/From_the_stockholder_to_the_stakeholder_web.pdf DOI: https://doi.org/10.2139/ssrn.2508281
Clifford Chance. (2024, 9 December). What the new Trump administration could mean for ESG. Retrieved 20 December 2024, from https://www.cliffordchance.com/briefings/2024/12/what--the-new-trump-administration-could-mean-for-esg.html
Conenello, G. H., Montag, B. S., Pascarella, M. M., & Sarpal, C. M. (2025, 4 February). Trump administration rolling back consideration of environmental justice in federal decision-making.
K&L Gates. Retrieved 20 December 2024, from https://www.klgates.com/Trump-Administration-Rolling-Back-Consideration-of-Environmental-Justice-in-Federal-Decision-Making-2-4-2025
Deegan, C. (2002). The legitimising effect of social and environmental disclosures – A theoretical foundation. Accounting, Auditing & Accountability Journal, 15(3), 282–311. DOI: https://doi.org/10.1108/09513570210435852
Delmas, M. A., & Burbano, V. C. (2011). The drivers of greenwashing. California Management Review, 54(1), 64–87. DOI: https://doi.org/10.1525/cmr.2011.54.1.64
Eccles, R. G., & Klimenko, S. (2019). The investor revolution. Harvard Business Review. Retrieved 20 December 2024, from https://hbr.org/2019/05/the-investor-revolution
Eccles, R. G., & Krzus, M. P. (2010). One report: Integrated reporting for a sustainable strategy. Wiley.
Eccles, R. G., & Serafeim, G. (2013). A tale of two stories: Sustainability and the quarterly earnings call. Journal of Applied Corporate Finance, 25(3), 8–19. Retrieved 20 December 2024, from https://www.hbs.edu/ris/Publication%20Files/JACF%20A%20Tale%20of%20Two%20Stories_f511f187-3656-4aa5-9a83-52988d5b5570.pdf
Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835–2857. DOI: https://doi.org/10.1287/mnsc.2014.1984
Eccles, R. G., Johnstone-Louis, M., Mayer, C., & Stroehle, J. C. (2019). The board’s role in sustainability. Harvard Business Review. Retrieved 20 December 2024, from https://hbr.org/2020/09/the-boards-role-in-sustainability
Edmondson, A. C. (2018). The fearless organization: Creating psychological safety in the workplace for learning, innovation, and growth. Wiley.
European Commission. (2021). Corporate Sustainability Reporting Directive. Retrieved 20 December 2024, from https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/company-reporting-and-auditing/company-reporting/corporate-sustainability-reporting_en
Flammer, C. (2021). Corporate green bonds. Journal of Financial Economics, 142(2), 499–516. DOI: https://doi.org/10.1016/j.jfineco.2021.01.010
Freeman, R. E., Harrison, J. S., & Wicks, A. C. (2007). Front matter. In R. E. Freeman, J. S. Harrison & A. C. Wicks, Managing for stakeholders: Survival, reputation, and success (pp. i–iv). Yale University Press.
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. DOI: https://doi.org/10.1080/20430795.2015.1118917
Giese, G., Lee, L.-E., Melas, D., Nagy, Z., & Nishikawa, L. (2019). Foundations of ESG investing: How ESG affects equity valuation, risk, and performance. The Journal of Portfolio Management, 45(5), 69–83. DOI: https://doi.org/10.3905/jpm.2019.45.5.069
Goodman, M. B., & Hirsch, P. B. (2010). Corporate communication: Strategic adaptation for global practice. Peter Lang.
Hahn, R., & Kühnen, M. (2013). Determinants of sustainability reporting: A review of results, trends, theory, and opportunities in an expanding field of research. Journal of Cleaner Production, 59, 5–21. DOI: https://doi.org/10.1016/j.jclepro.2013.07.005
Henisz, W., & Gray, T. (2013). Calculating the net present value of sustainability initiatives at Newmont’s Ahafo Mine in Ghana (A). Wharton ESG Initiative. Retrieved 20 December 2024, from https://esg.wharton.upenn.edu/wp-content/uploads/2023/08/Ahafo-A_Wharton-ESG-Case-Study.pdf
Henisz, W., & Peelish, N. (2016). Abraaj Group’s integration of ESG policies into the turnaround of K-Electric (A). Wharton ESG Initiative. Retrieved 20 December 2024, from https://esg.wharton.upenn.edu/wp-content/uploads/2023/08/Abraaj-A_Wharton-ESG-Case-Study.pdf
Henisz, W., Koller, T., & Nuttall, R. (2019, November). Five ways that ESG creates value. McKinsey Quarterly. Retrieved 20 December 2024, from https://www.mckinsey.com/~/media/McKinsey/Business%20Functions/Strategy%20and%20Corporate%20Finance/Our%20Insights/Five%20ways%20that%20ESG%20creates%20value/Five-ways-that-ESG-creates-value.ashx
Hoffman, G. (2022, 19 May). Tesla CEO Elon Musk comes out against ESG. Independent Women’s Forum. Retrieved 20 December 2024, from https://www.iwf.org/2022/05/19/tesla-ceo-elon--musk-comes-out-against-esg/
Jan, O. (2019, 25 February). The board and ESG. Harvard Law School Forum on Corporate Governance. Retrieved 20 December 2024, from https://corpgov.law.harvard.edu/2019/02/25/the-board-and-esg/
Kolk, A., & Pinkse, J. (2009). The integration of corporate governance in corporate social responsibility disclosures. Corporate Social Responsibility and Environmental Management, 17, 15–26. DOI: https://doi.org/10.1002/csr.196
KPMG. (2020). The time has come: The KPMG survey of sustainability reporting 2020. KPMG International. Retrieved 20 December 2024, from https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2020/12/the-time-has-come-executive-summary.pdf
KPMG. (2022). Big shifts, small steps survey of sustainability reporting 2022. KPMG International. Retrieved 20 December 2024, from https://assets.kpmg.com/content/dam/kpmg/se/pdf/komm/2022/Global-Survey-of-Sustainability-Reporting-2022.pdf
Kuo, L., Yeh, Ch-Ch., & Yu, H-Ch. (2012). Disclosure of corporate social responsibility and environmental management: Evidence from China. Corporate Social Responsibility and Environmental Management, 19(5), 273–287. DOI: https://doi.org/10.1002/csr.274
Maniora, J. (2017). Is integrated reporting really the superior mechanism for the integration of ethics into the core business model? An empirical analysis. Journal of Business Ethics, 140(4), 755–786. DOI: https://doi.org/10.1007/s10551-015-2874-z
Morsing, M., & Schultz, M. (2006). Corporate social responsibility communication: Stakeholder information, response and involvement strategies. Business Ethics: A European Review, 15(4), 324–338. DOI: https://doi.org/10.1111/j.1467-8608.2006.00460.x
Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization Studies, 24(3), 403–441. DOI: https://doi.org/10.1177/0170840603024003910
Porter, M. E., & Kramer, M. R. (2011). Creating shared value: How to reinvent capitalism and unleash a wave of innovation and growth. Harvard Business Review, 89(1–2), 62–77. Retrieved 20 December 2024, from https://hbr.org/2011/01/the-big-idea-creating-shared-value
PwC. (2022). ESG oversight: The corporate director’s guide. Retrieved 20 December 2024, from https://www.pwc.es/es/publicaciones/consejos-y-buen-gobierno/supervision-esg-guia-consejos-administracion.pdf
SASB. (2018). SASB standards overview. Retrieved 20 December 2024, from https://sasb.ifrs.org/standards/
Senge, P. M. (1990). The fifth discipline: The art and practice of the learning organization. Doubleday.
Siegenbeek van Heukelom, T. (2022, May 20). Is Elon Musk confused about ESG, or does Tesla have a point about impact. Socialsuite. Retrieved 20 December 2024, from https://www.socialsuitehq.com/articles/is-elon-musk-confused-about-esg-or-does-tesla-have-a-point-about-impact
Swiss Federal Council. (2021). Federal Council brings DLT Act fully into force and issues ordinance. Retrieved 20 December 2024, from https://www.admin.ch/gov/en/start/documentation/media--releases.msg-id-84035.html
Task Force on Climate-related Financial Disclosures (TCFD). (2017). Recommendations of the Task Force on Climate-related Financial Disclosures. Retrieved 20 December 2024, from https://www.fsb-tcfd.org/recommendations/
Tricker, R. I. (2015). Corporate governance: Principles, policies, and practices (3rd ed.). Oxford University Press.
U.S. Securities and Exchange Commission. (2024). SEC adopts rules to enhance and standardize climate related disclosures for investors. Retrieved 20 December 2024, from https://www.sec.gov/newsroom/press-releases/2024-31
World Economic Forum. (2020). Measuring stakeholder capitalism: Towards common metrics and consistent reporting of sustainable value creation. Retrieved 20 December 2024, from https://www.weforum.org/publications/measuring-stakeholder-capitalism-towards-common-metrics-and-consistent-reporting-of-sustainable-value-creation/
World Economic Forum. (2024). Stakeholder Metrics Initiative: Over 150 companies implement sustainability reporting metrics. Retrieved 20 December 2024, from https://www.weforum.org/impact/stakeholder-capitalism-reporting-metrics-davos2024/
Licencja
Prawa autorskie (c) 2025 WPiA UAM
Utwór dostępny jest na licencji Creative Commons Uznanie autorstwa 4.0 Międzynarodowe.