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The Sustainable Company: a new approach to corporate governance


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The Sustainable Company:

a new approach tocorporate governanceEdited by

Sigurt Vitols and Norbert Kluge

European Trade Union Institute (ETUI)


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Brussels, 2011 Publisher: ETUI aisbl, Brussels

All rights reserved

Print: ETUI Printshop, Brussels

D/2011/10.574/18

ISBN: 978-2-87452-219-2

The ETUI is financially supported by the European Union.

The European Union is not responsible for any use made of the informationcontained in this publication


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5The Sustainable Company: a new approach to corporate governance

Table of contents


Introduction .................................................................................................................................... 7

Sigurt VitolsChapter 1

What is the Sustainable Company? ................................................................................... 15

Laura Horn

Chapter 2

How did we end up here? The rise of shareholder value

in EU corporate governance regulation ........................................................................... 39

Howard GospelChapter 3

Employee representation and the Sustainable Company ......................................... 59

Jan Cremers

Chapter 4

Management and worker involvement: cat and mouse or win-win? .................. 75

Aline Conchon and Jeremy Waddington

Chapter 5Board-level employee representation in Europe:

challenging commonplace prejudices ............................................................................... 91

Andrew Pendleton

Chapter 6

The contribution of employee share ownership

to the Sustainable Company .............................................................................................. 113


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6 The Sustainable Company: a new approach to corporate governance

Rainald Thannisch

Chapter 7

Reorienting management remuneration towards sustainability:

lessons from Germany .......................................................................................................... 127

Ulrich Mckenberger

Chapter 8

Chances and obstacles for international trade union

strategies in the CSR field ................................................................................................... 145

Isabelle Schmann and Peter Wilke

Chapter 9

Towards a sustainable economy: the potential contribution ofinternational framework agreements ............................................................................ 167

Katrin Vitols

Chapter 10

Strengthening cooperation between NGOs and trade unions

in the interests of sustainability ...................................................................................... 185

Gregory Jackson and Anastasia Petraki

Chapter 11How does corporate governance lead to short-termism? ..................................... 199

Andreas Botsch

Chapter 12

Enhancing governance of financial markets through regulation:

a ten point agenda ................................................................................................................. 227

Andrew Watt

Chapter 13Signal change: environmentally sustainable corporate behaviour

requires a change in incentives ........................................................................................ 245

Author biographies ................................................................................................................ 263


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Introduction


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Chapter 1What is the Sustainable Company?

Sigurt Vitols

1. The rise of shareholder value

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4. What are the key elements of the SustainableCompany?

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5. The way forward to the sustainable company:a supportive framework

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Chapter 2How did we end up here? The rise of shareholdervalue in EU corporate governance regulation

Laura Horn

1. Introduction

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FLJLGF MJGHF GJHGJL GNJFF JMLGF HJGJKKK FGGFJ L@JGM@ L@ MF EMLM JGFLGF (F HLKE)

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3.2 From industrial democracy to shareholder democracy

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(15) 2, 246-276.




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Chapter 3Employee representationand the Sustainable Company

Howard Gospel

1. Introduction

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FNKLEFLK F L@ >JE F< @N MEML< FNKLEFLK L@Q EQ GK.AFGL@J JMEFL K L@L EHGQK J FGL JQ FLJKL< FHJLHLGF F< L@L F L@ F< >O JHJKFLLNK LMQ HJLHLJL@J L@F L@ EGJLQ G> EHGQK. @K K HJGE F HJLMJ FJ GEHP EMLFLGF GJFKLGFK. > GMJK, L@K Q L@K LOG JMEFLK GF LOG


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5. The future of the Sustainable Company

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F>LK G> JLJ EHGQ NG >GJ EHJGNF HJ>GJEF FJGE OGJJK F; > I; ;>, 42 (2), 255-281.BMEK, . F< B. J (1998) fCG GMJL L@ >JEg,E>>EHGQ JLHLGFg, F A. FKGF, . GF, , J@FLGFF< D. OF ( H>> > %> $>, P>GJGJ< FNJKLQ JKK, 186-211

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, . F< B. (1897) I; D, GF> %> $>, P>GJGJ< FNJKLQ JKK,167-185.

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Chapter 4Management and worker involvement:cat and mouse or win-win?

Jan Cremers

1. Introduction

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Jan Cremers



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L@ LJEK G> L@K GG, EGJ KMKLF LG GG L L@ GFLJMLGF G>KL, NF FKLLMLGFK< >GJEK G> HJLHLGF?

4. Direct and indirect involvement

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$F


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5. The poverty of the European Commissions thinking

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83/265

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*


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Chapter 5Board-level employee representation in Europe:challenging commonplace prejudices


1. Introduction

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2. The Extent of Board-Level Employee Representationin Europe

2.1 National institutional settings in Europe

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Table 1 Board-level employee representation in the European Economic Area

AT

BE

BG

CY

CZ

DE

DK

EE

ES

FI

FR

GR

HU

IE

IS

IT

LILT

LU

LV

MT

NL

NO

PL

Companies covered Proportion of

BLEReps

1/3

1/3 -1/2

1/3 - 1/2

1/3 (min. 2-3

members)

2-3 members

Based on agree-

ment (max 4)

Min. 2 members

Max. 1/3

1-2 mbrs

D: 1/3

M: by agreement

1/3 (legally)

Min. 3 members,

max. 1/3

Max. 1/3

Max. 1/3

Min. 2-4 mbrsMax. 2/5

Nomination by Selection

mechanism

Appointment

by WC

Vote

Vote

Vote

Appointment

by TU

Vote or

agreement

vote

vote

Appointment

by WC

vote

Vote by emp.

reps

Appointment

by GSM

Vote

Vote

Eligibility

criteria: only

employees?

except TU

seats

No employee

No restrictions

Company

board

structure

D

M

M+D

M

D

D

M+D

D

M

M+D

M+D

M

M+D

M

M

M+D

MM+D

M+D

D

M

D

M

D

State-

owned*

Private

sector

()

Trade

union

Must be

consulted

WC

Agreement w/

board/employer

No legal

procedure

De facto by TU

fractions


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1

L@ 27 EJ LLK HMK GJOQ HJGN L@JGEHFQ F , L@K KLLEFL @FKL@ >JKL HJMJK KF>FLQ

>JGE GMFLJK OL@ FG GJ GO L@JK@GGJ LJJF B HJGNKGF F CK, F< NJQ GO GFK HHQ

Board-level employee representation in Europe: challenging commonplace prejudices


* including privatised companies

C = company / TU = trade union / WC = works council or elected workplace representatives / W = workers

M = monistic structure (board of directors) / D = dualistic structure (supervisory board and management board)

M+D = companies can choose one model or the other

GSM = General Shareholder Meeting

mbrs = members

Source: Kluge (2005: 170), updated by Conchon in 2010.

PT

RO

SE

SI

SK

GB

Companies covered Proportion of

BLEReps

C articles of

association

2-3 mbrs

D: 1/3 1/2

M: 1-3 mbrs

Min. 1/3

Max. 1/2

Nomination by Selection

mechanism

Vote

Several

options

Appointment

by WC

Vote or

appointment

Eligibility

criteria: only

employees?

Only WC mbrs

Company

board

structure

M

M+D

M

M+D

D

M

State-

owned*

Private

sector

Trade

union

WC

100 or 20% of

employees


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2.2 Assessing the extent of BLER: identification of employeerepresentatives in eleven countries

AFQKF L@ PLFL G> L@ >JEOGJ HJGNJGE FGO


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3. Board-level employee representatives conception: ajudicious combination of economic and socialconsiderations

AK


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5 LFJE GMJ FL JJGE FQKF L@ H GMH< Q L@ LE fK GJGKMJ G> HFLK/JGLGF G> HJGJKL @N LG >F< F PHFLGF >GJ L@KF>FL >JF LOF JF@ F< DFK@ BHKg FKOJK.

Table 5 Most important issues raised at board meetings

Issue raised at board meeting

Adoption or review of accounts and balancesheet [E]

Employment situation/trends [S]

Sale or closure of plants/relocation of

production [E]

Acquisitions or mergers [E]

Investment [E]

Research and development [E]

Health and safety [S]

Taking out loans and credits [E]

Appointment/removal of management

board/executive committee/senior managers

Purchase or sale of subsidiaries [E]

Product market policy [E]

Environmental matters

Profit distribution, dividends or settlement of

losses [E]

Vocational training [S]

Increase/reduction in the companys share

capital [E]

Industrial relations [S]

Appointment/removal of auditors

Gender policy/promotion of women [S]

Remuneration/compensation of senior

managers

Danish representatives

%

82.8

61.4

60.9

34.9

34.4

29.3

27.9

24.7

23.7

23.3

18.1

17.2

14.9

13.5

13.0

11.2

6.5

2.8

2.3

French representatives

%

86.5

49.0

12.5

37.5

45.8

38.5

17.7

14.6

11.5

27.1

30.2

13.5

28.1

11.5

6.3

31.3

3.1

10.4

16.7

Note: each respondent could tick up to five categories, hence the percentage figures add up to more than 100

per cent.[S] indicates a social issue and [E] an economic issue.


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11. fOF L@ KGGFKLJMLGFg (GJ, 2003: 121).


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4. Conclusion

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CJLFQ, HJM


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References

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$FNKLEFLK Q EHGQK K LELGF >GJ K; > B E, 93 (4), 641-651.

CNG, ., C. FM, . BGHNGN, . G> >GJ G>> HMLGFK G> L@ MJGHFCGEEMFLK.

CJQ, . (1990)E > E>. > >;,> > > > > 15 E>>, GF


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GJF HJ 01/9, N L: @LLH://OOO.EH>. BGJ DJLGJKg, B J>; > >>;>, (46) 2, 245-278.#GHL, . . F< .C. QFK (2004)B> ">; E>.

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Chapter 6The contribution of employee share ownershipto the Sustainable Company

Andrew Pendleton

1. Introduction

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2. The nature, character, and incidence of employeeshare ownership

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3. Benefits to employees and companies

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2002 F< EHGQ K@J@G 3 HJ FL GJ EGJ G>GEHFQ KLG. FFJ L . (2009) >F< L@L L@ HJKF G>EHGQ K@J@GFJEK OL@ KF>FL EHGQ KL F GOFJK@H MFJEK F< L@J OGJJKEQ F >JGE L@ HHLGF G> L@K J@LK. AL@GM@ L@J F KG KGE >LN FFL GFLJMLGF LG L@ MKLF CGEHFQ. @J @K F

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CGEEKKGF G> L@ MJGHF CGEEMFLK (2002) C>< C> C>;, E> %;>; C> F > %>> > E F;

%>, BJMKKK: CGEEKKGF G> L@ MJGHF CGEEMFLK.CGJ, . F< . MQ (2001) fLG GHLGF HFK >GJ FGF-PMLN

EHGQKg,J>; > F; E>>FG (2004) fF EHGQK@JK LG JMLFL EHGQK: JF GEgK PHJFg,J>;> F; E>> > EF; %> E>, BJMKKK: MJGHF GFGE F; > F;

A;, 41 (3), 485-510.

FFJ, ., . FKGF F< . PF (2009) fEHGQ GOFJK@H,GJ< JHJKFLLGF, F< GJHGJL >FF HGKg, FMJQ 10,2009, 21KL AMKLJKF FF F< BFF CGF>JF 2008 HJ,N L: @LLH://KKJF.GE/KLJL=1259609.

#, B. F< . MJH@Q (2002) fLG GHLGFK >GJ MF; > A> E>> > %>

$>, P>GJGJ< FNJKLQ JKK, 338-357.JJ, . F< C. L (2008)E;> > -A A;;-E

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F OGJHK OL@ >FFHJLHLGF: NJGE L@ GJH $F J>;, 28, 103-119.

F L@ >LGJK KKGL< OL@ HJLHLGFF< GFLJMLGFK F N AK GM JF HFKg, B J>; >

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*>, DMF: MJGHF GMFGJ L@ $EHJGNEFL G> NFF< GJF CGF< F< . GJF (1991) fEHGQ GOFJK@H:

GFHLM EG HJGKK F< >>LKg, A "MJ; >

I; ;>, 43, 469-488.FMHL, ., . @L>< F< . (2007) fEHGQ K@J

GOFJK@H F< HJ>GJEF: G; J>; > H "


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Chapter 7Reorienting management remuneration towardssustainability: lessons from Germany

Rainald Thannisch

1. Introduction

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