Recent corporate accounting scandals and the ongoing controversy over executive compensation have refocused the courts, investors and the public on basic principles of fiduciary duty law. In most of the recent high-profile cases, the business judgment rule (BJR) has protected directors and officers from liability despite decision-making that often has raised eyebrows and sometimes lowered stock prices.
The complexities of climate change decision-making may require new applications of the BJR, however, and will test the limits and scope of fiduciary duties of officers and directors as their responses to matters relating to climate change are questioned by stakeholders.
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