CBFL Seminar Series: ESG as a Case-Study in Legal Uncertainty by Professor Iain MacNeil

Professor Iain MacNeil presented a seminar on 15 February  2024, with the Centre for Banking & Finance Law.

The rise of ESG as a focal point in corporate and financial law in recent years has highlighted the presence of legal uncertainty and the risks associated with it. Fiduciary duty as a general principle governs decision-making both for corporate directors and financial intermediaries, but the specific requirements of the law differ in each context. Moreover, the broad framing of fiduciary duty in each domain poses challenges for mapping it on to ESG. In this seminar, we will explore the nature and implications of legal uncertainty in this context. There are two main objectives: one is to assess the extent of legal uncertainty and its implications; the other is to take stock of actions by various actors to mitigate legal uncertainty and to determine whether further action is required. While the analysis is framed primarily by reference to the law and practice in the UK, much of the reasoning will be relevant for all common law jurisdictions.