Incorporating Purpose: The New Legal Foundations for the Corporation and its Management

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Blanche Segrestin (MINES Paris − PSL University) Kevin Levillain (MINES Paris − PSL University)

Incorporating Purpose

The New Legal Foundations for the Corporation and its Management

Blanche Segrestin (MINES Paris − PSL University), Kevin Levillain (MINES Paris − PSL University), Armand Hatchuel (MINES Paris − PSL University)

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English

Cambridge University Press
06 March 2025

Corporate governance & responsibilities

Series: Elements in Corporate Governance

In this Element, emerging legal forms of purpose-driven corporations are analyzed, revealing two important insights. First, within the traditional corporate law, a purpose is neither protected nor enforceable over time. While companies can have goals beyond profit, these are controlled by shareholders, who also appoint corporate managers. To protect social or environmental ambitions, especially during shareholder changes, a legal commitment from the company is essential. Second, these new legal forms highlight the need to redefine the corporation's legal foundations. In an era when management decisions impact entire populations and the planet, the law inadequately conceptualizes the conditions necessary for responsible management. The Element argues that embedding a purpose in the constitution of corporations can provide these new legal foundations. Ultimately, the Element suggests that purpose provides a unified theoretical framework for understanding the variety of corporate legal forms and for discussing their respective potentials and limitations in holding corporations accountable in the face of upcoming transitions.

By: Blanche Segrestin (MINES Paris − PSL University), Kevin Levillain (MINES Paris − PSL University), Armand Hatchuel (MINES Paris − PSL University)
Imprint: Cambridge University Press
Country of Publication: United Kingdom
Dimensions: Height: 229mm, Width: 152mm, Spine: 6mm
Weight: 249g
ISBN: 9781009623490
ISBN 10: 1009623494
Series: Elements in Corporate Governance
Pages: 76
Publication Date: 06 March 2025
Audience: General/trade , ELT Advanced
Format: Hardback
Publisher's Status: Active

1. Corporate purpose: can we rely on corporate leaders?; 2. Why corporate purpose needs law: the missing legal grounds of corporate purpose; 3. Revisiting the legal foundations of the business corporation; 4. Purpose-driven corporations: a renewed landscape of alternative governance structures; 5. Conclusion: the corporation and the collective interest; References.