The role of the Board, societal responsibility and climate change

This chapter makes a passionate plea for a different approach to the corporation’s objectives. It argues that a fundamental reset is required: a duty of societal responsibility should be imposed on the board of the corporation. Alluding to changes taking place already in law, including in the Dutch Code of Corporate Governance 2022 edition, the chapter pleads for a specific duty for the board to commit the corporation to being a responsible corporate citizen in society. This call fits well in the context of the companies having to adjust to climate change and to adapt to ESG reporting requirements.