ESG, BINDING AND CORPORATE RESPONSIBILITY: REFLECTIONS FROM PL 572/2022

Abstract

This study aims to assess whether Bill No. 572/2022 establishes mechanisms capable of promoting corporate responsibility in business activities and whether the normative text contributes to advancing the ESG (Environmental, Social, and Governance) agenda, particularly concerning Human Rights and Business guidelines. The hypothesis investigated suggests that the Bill lacks enforcement mechanisms, potentially weakening the corporate accountability agenda. Given this scenario, the research explores how ESG instruments can support the objectives of the Bill. The analysis highlights the need for clear, objective rules and addresses the challenges to the effectiveness of the proposed text, emphasizing the importance of a link between regulation and regulated self-regulation. By examining these elements, the study seeks to contribute to the discussion on the challenges posed by Bill No. 572/2022 and its role in fostering business practices that respect human rights and promote corporate integrity. To this end, a predominantly deductive approach is employed, using the theoretical framework developed by Teubner (1985 and 2020).