3CL Seminar: 'Fiduciary Duty and Corporate Externalities: Rethinking Directors' Climate Obligations'

Speaker: Professor Ernest Lim (National University of Singapore)

This presentation explores the external dimension of directors’ duties—whether directors can and should address climate impacts and other externalities even absent financial benefits to the company’s shareholders—in contrast to the shareholder value maximisation focus. Its significance stems from universal investors, the EU due diligence regime, and high emitting SOEs. I examine three arguments: UK nature clauses are constrained by shareholder primacy; US shareholder preference claims are undermined by financially driven activism; and SOE directors’ duties can align with state ownership (as shown in China).

3CL runs the 3CL Travers Smith Lunchtime Seminar Series, featuring leading academics from the Faculty, and high-profile practitioners.

All seminars take place in B16 in person from 1pm to 2pm if not indicated otherwise. A sandwich lunch is available for all participants from 12:30pm just outside of B16.

Enquiries to: 3cl@law.cam.ac.uk