Climate Risk: Enforcement of Corporate and Securities Law in Common Law Asia

35 Pages Posted: 27 May 2022 Last revised: 9 Jun 2022

See all articles by Ernest Lim

Ernest Lim

National University of Singapore (NUS) - Faculty of Law

Umakanth Varottil

National University of Singapore (NUS) - Faculty of Law; European Corporate Governance Institute (ECGI)

Date Written: May 27, 2022

Abstract

The extensive literature on strategic climate litigation focuses mainly on lawsuits brought against private litigants or the state based on breaches of environmental law, tort law, human rights law or public law. Relatively far less has been written about corporate and securities litigation against companies or their directors, let alone in relation to Asia. This paper fills these gaps. It critically examines whether and how the enforcement of corporate law and securities law can be used as a tool to address climate-related risks in three leading common law jurisdictions in Asia – India, Singapore, and Hong Kong. The central argument of this paper is that because of the limitations of private and public enforcement of corporate law, public enforcement of securities law and listing rules is a more effective mechanism in addressing climate risks in the three jurisdictions.

Keywords: Climate change, climate risk, corporate law, securities regulation, directors’ duties, disclosure, enforcement, derivative action, oppression, unfair prejudice

Suggested Citation

Lim, Ernest and Varottil, Umakanth, Climate Risk: Enforcement of Corporate and Securities Law in Common Law Asia (May 27, 2022). NUS Law Working Paper No. 2022/006, Available at SSRN: https://ssrn.com/abstract=4121013 or http://dx.doi.org/10.2139/ssrn.4121013

Ernest Lim

National University of Singapore (NUS) - Faculty of Law ( email )

469G Bukit Timah Road
Eu Tong Sen Building
Singapore, 259776
Singapore

Umakanth Varottil (Contact Author)

National University of Singapore (NUS) - Faculty of Law ( email )

469G Bukit Timah Road
Eu Tong Sen Building
Singapore, 259776
Singapore

European Corporate Governance Institute (ECGI) ( email )

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

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