9. Power to the people

1 Herbert J. Hovenkamp, ‘The Classical Corporation in American Legal Thought’, Georgetown Law Journal, 1988, Vol. 76, No. 4, 1593‒1690.

2 See Section 124A, ‘Petition for winding up on the grounds of public interest’, Insolvency Act 1986.

3 Ronald Coase, ‘The Problem of Social Cost’, The Journal of Law & Economics, 1960, Vol. III, October, 1‒44.

4 Andrew G. Haldane, ‘Who Owns A Company?’, speech at the University of Edinburgh Corporate Finance Conference, 22 May 2015.

5 Nell Abernathy, ‘Rejecting the Theory of the Firm: Why the “ Free-Market ” Economy is a Myth and How to Rebuild Public Power’, The Roosevelt Institute Issue Brief, 26 February 2019.

6 Andrew Johnston, ‘Governing Externalities: The Potential of Reflexive Corporate Social Responsibility’, Centre for Business Research, University of Cambridge, Working Paper No. 436, September 2012.

7 Michael C. Jensen, ‘Value maximization, stakeholder theory and the corporate objective function’ in J. Andriof et al. (eds), Unfolding Stakeholder Thinking, Greenleaf Publishing, 2002, pp. 65‒84.

8 Eric Lipton, ‘Trump Rollbacks Target Offshore Rules “ Written With Human Blood ”’, New York Times, 10 March 2018.

9 Rick Alexander, Benefit Corporation Law and Governance: Pursuing Profit with Purpose, Berrett-Koehler Publishers, 2017.

10 John Kenneth Galbraith, American Capitalism: The concept of countervailing power, Houghton Mifflin, 1952.

11 Anand Giridharadas, Winners Take All: The Elite Charade of Changing the World, Allen Lane, 2018.

12 https://www.pukkaherbs.com/our-mission/pukkas-mission-council/ (accessed January 2020).

13https://www.divinechocolate.com/inside-divine (accessed January 2020).

14https://www.aviva.com/social-purpose/good-governance/ (accessed January 2020).

15https://www.toastale.com/equity-for-good/ (accessed January 2020).

16https://cib.bnpparibas.com/sustain/danone-s-positive-incentive-financing-strategy_a-3–2238.html (accessed January 2020).

17 Sigurt Vitols, ‘Prospects for trade unions in the evolving European system of corporate governance’, European Trade Union Institute for Research, Education and Health and Safety, Brussels, November 2015, cited in Laurie Macfarlane, ‘Why Wealth Is Determined More by Power Than Productivity’, Open Democracy, 30 September 2018.

18 Gary Gorton and Frank A. Schmid, ‘Capital, Labor, and the Firm: A Study of German Codetermination’, Journal of the European Economic Association, 13 December 2010.

19 European Commission investigation case number AT.407178 – Car Emissions. See also Matthew Bodie, ‘Worker participation, sustainability, and the puzzle of the Volkswagen emissions scandal’, in Beate Sjåfjell and Christopher M. Bruner (eds), Cambridge Handbook of Corporate Law, Corporate Governance and Sustainability, Cambridge University Press, 2019, Chapter 18.

20 Kent Greenfield, ‘Sticking the Landing: Making the Most of the “ Stakeholder Moment ”’, European Business Law Review, 2015, Vol. 26, No. 1, 147‒71.

21 See Christopher Zara, ‘Coca-Cola Company (KO) Busted for “ Greenwashing ”: PlantBottle Marketing Exaggerated Environmental Benefits, Says Consumer Report’, International Business Times, 3 September 2013.

22 Serena Ng, ‘Laundry Detergent from Jessica Alba’s Honest Co. Contains Ingredient It Pledged to Avoid’, Wall Street Journal, 10 March 2016.

23 Andrew R. Keay and Hao Zhang, ‘An Analysis of Enlightened Shareholder Value in Light of Ex Post Opportunism and Incomplete Law’, European Company and Financial Law Review, 2011, Vol. 8, No. 4, 445‒75.

24Mathew Lawrence, ‘Corporate Governance Reform: Turning business towards long-term success’, IPPR Commission on Economic Justice discussion paper, July 2017. Attorneys general have the power to bring what is called a quo warranto proceeding to challenge the actions of a corporation and most states have on their statute books a charter revocation law that allows for companies to be challenged in this way.

25 Andrew R. Keay, ‘The Public Enforcement of Directors’ Duties’, Working Paper, University of Leeds, School of Law, 16 January 2013.

26 Andrew Jack and Leslie Hook, ‘UK charities face scrutiny over ethics of investment policies’, Financial Times, 4 March 2019.

27 See here for Audrey Tang’s meetings archive: https://sayit.pdis.nat.gov.tw/speaker/audrey-tang-2 (accessed January 2020).

28 Joe Guinan and Martin O’Neill, ‘From Community Wealth Building to System Change: Local Roots for Economic Transformation’, IPPR Progressive Review, 2019, Vol. 25, No. 2, 382‒92.

29 George Stigler, ‘The Theory of Economic Regulation’, The Bell Journal of Economics and Management Science, 1971, Vol. 2, No. 1, 3‒21.

30 Germán Gutiérrez and Thomas Philippon, ‘The Failure of Free Entry’, NBER Working Paper No. 26001, June 2019.

31 Zephyr Teachout, ‘Corporate Rules and Political Rules: Antitrust as Campaign Finance Reform’, Fordham Law Legal Studies Research Paper No. 2384182, published 25 January 2014.

32 Digital Competition Expert Panel, Unlocking digital competition, report published March 2019, p. 5.