Crisis, Rescue and Corporate Social Responsibility Under American Corporate 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

18 Pages Posted: 24 Jun 2010 Last revised: 22 Sep 2015

Robert J. Rhee

University of Florida - Levin College of Law

Date Written: 2010

Abstract

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, M14

Suggested Citation

Rhee, Robert J., Crisis, Rescue and Corporate Social Responsibility Under American Corporate Law (2010). 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. Available at SSRN: https://ssrn.com/abstract=1628618

Robert J. Rhee (Contact Author)

University of Florida - Levin College of Law ( email )

P.O. Box 117625
Gainesville, FL 32611-7625
United States

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