Crisis, Rescue and Corporate Social Responsibility Under American Corporate Law
Robert J. Rhee
University of Maryland - Francis King Carey School of Law; University of Florida Levin College of Law
REFRAMING CORPORATE SOCIAL RESPONSIBILITY: LESSONS FROM THE GLOBAL FINANCIAL CRISIS, William Sun et al. eds., Emerald Group Publishing, UK, 2010
U of Maryland Legal Studies Research Paper No. 2010-26
This chapter discusses the legal issues of rescue and corporate social responsibility during times of public crisis. It analyzes a corporate board’s fiduciary duty related to the management of a public crisis and the provision of aid to government and the public. The thesis is that American corporate law adequately provides corporate boards authority to assume broad principles of corporate social responsibility, and that during a public crisis this authority is specially recognized in the enabling statutes of corporate law and should be broadened even further to pursue the public good in exigent circumstances.
Keywords: crisis, rescue, 122(12), bank of american, merrill lynch, fiduciary exemption
JEL Classification: l2, l20, l21, K2, K22, M1, M14Accepted Paper Series
Date posted: June 24, 2010 ; Last revised: July 8, 2010
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