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Abstract: English
Environmental sustainability is one of the greatest challenges of this century. It depends on both compliance with environmental protection laws and its integration into directors’ decision-making beyond these laws. In this regard, the duty to promote the company’s success stipulates in the Companies Act 2006 that directors, who are protected by Business Judgment Rule, shall consider their companies’ environmental impacts. Since the stakeholders’ interests are regarded as a means to increase shareholder value, directors may pursue their companies’ environmental sustainability through a business case. The latest changes to the UK Corporate Governance Code 2018 further encourage directors to consider environmental sustainability in their business decisions. They may also link environmental sustainability to mandatory and voluntary disclosures through publishing their companies’ achievements. As a result, directors have broad discretion to pursue environmental sustainability beyond environmental protection laws. However, evidence shows that directors frequently neglect this discretion, the environmental sustainability’s resulting business case and that they even cause environmental damages to increase (the short-term) shareholder value. This is due to the social norm of shareholder primacy, which is now exacerbated by Brexit’s and the Ukraine war’s unclear economic impacts as well as the ongoing COVID-19 pandemic. In this regard, the current approach of the UK’s company law in the predominant form of narrative reporting laws is insufficient because of the resulting greenwashing possibilities. This paper’s main argument is thus that changes to the current legal framework for directors’ decision-making are needed to achieve more environmental sustainability. Accordingly, a new principle for the UK Corporate Governance Code 2018 could lead to a greater consideration of environmental sustainability in directors’ decision-making and increased shareholder value in times of rising societal awareness of climate change and a growing trend towards environmental activist shareholders.
Abstract English
The world is increasingly characterized by global and national disasters and crises. To cope with these, social cohesion is indispensable—and this in turn requires that young people are taught how to become responsible citizens. Strengthening students’ personal development and social commitment are therefore key responsibilities of universities. Service-learning is one possibility to integrate these into teaching and learning, however studies on the effectiveness of service-learning in Europe—and especially in Germany—are rare. This paper examines the effects of service-learning, whereby three different study groups are compared. The study includes n=132 bachelor and master students, and shows that the groups’ outcomes hardly differ from one another. It can tentatively be said that there are only minor differences between the formats and that service-learning is equal to more traditional teaching-learning formats, but again is not superior with regard to the variables investigated.
Abstract Deutsch
Die Welt ist zunehmend von globalen und nationalen Katastrophen und Krisen geprägt. Um diese zu bewältigen, ist sozialer Zusammenhalt unabdingbar - der wiederum setzt voraus, dass junge Menschen zu verantwortungsvollen Bürgern erzogen werden. Die Stärkung der Persönlichkeitsentwicklung und des gesellschaftlichen Engagements der Studierenden ist daher eine zentrale Aufgabe der Hochschulen. Service-Learning ist eine Möglichkeit, diese in die Lehre und das Lernen zu integrieren. Studien über die Wirksamkeit von Service-Learning in Europa - und insbesondere in Deutschland - sind jedoch rar. Die vorliegende Arbeit untersucht die Auswirkungen von Service-Learning, wobei drei verschiedene Studiengruppen verglichen werden. Die Studie umfasst n=132 Bachelor- und Master-studenten und zeigt, dass sich die Ergebnisse der Gruppen kaum voneinander unter-scheiden. Die Ergebnisse deuten darauf hin, dass es nur geringe Unterschiede zwischen den Formaten gibt und dass Service-Learning den traditionelleren Lehr-Lern-Formaten gleich-wertig, aber wiederum nicht überlegen ist, was die untersuchten Variablen betrifft.