Business Commons^™

Esg Ratings: A Blind Spot For U.S. Securities Regulation, Alexander Coley

Northwestern Journal of International Law & Business

Providers of “Environmental, Social, and Governance” (ESG) ratings have emerged as prominent informational intermediaries in the sustainable finance ecosystem. The key players are familiar names such as Moody’s, Morningstar, MSCI and S&P. In recent years, investors, financial markets observers and academics have raised serious doubts about the value and integrity of ESG ratings, pointing to lack of reliability and comparability and risks of conflicts of interest and abuse, including the potential for “greenwashing.”

ESG ratings are now in the crosshairs of financial regulators, particularly, in Europe. However, the regulatory discourse has failed to contend with risks arising from the use …

An Innovative Framework: Evaluating The New German Business Stabilization And Restructuring Law (Starug), Andreas Rauch

Northwestern Journal of International Law & Business

This comment examines the restructuring framework, restrukturierungsgesetz (“StaRUG”), and argues that this new law represents an effective—albeit radical—departure from Germany’s previous, conservative insolvency regime. Passed in response to a 2019 EU Directive aimed at modernizing restructuring law Union-wide, and integrated into the German legal system against the backdrop of the COVID-19 pandemic, StaRUG and its ancillary reforms in other areas of German law create a restructuring proceeding that places a premium on a debtor’s continued business operations. Thus, in a striking shift from the traditional German approach to business distress, which strongly emphasized creditor rights, the new StaRUG focuses on …

Married To Sustainability: The Sdg Wedding Cake Framework As A Tool For Strategic Corporate Social Responsibility, Jacob Aubrecht

Northwestern Journal of International Law & Business

If anything can be said about the future, it is that nothing is certain. In this acceleratingly dynamic reality, stability and certainty are among the greatest assets a leader can have. The opportunity to secure long term stability is something that few would pass up. Broadly speaking, corporate leaders must be acutely aware of global market forces, government regulation, and their own power in the marketplace to create cogent predictions about the future.

This paper is designed for the burgeoning corporate leader that is looking to craft their strategic position on corporate social responsibility (CSR), or the savvy one looking …