Shareholders' vote on climate and board of directors' reserved powers in France and England
Shareholders who are willing to vote on climate transition plans is a recent and growing trend in many jurisdictions around the world. Under French law, the board of directors determines the corporate strategy. According to the English Companies Act 2006, the directors have to promote the success of the company. Climate-related shareholders' resolutions are therefore challenging the board of directors’ field of responsibility in both jurisdictions. Under the two legal regimes, where the board of directors has a reserved power, shareholders - with some exceptions - cannot interfere. In France, this conflict situation gives rise to important theoretical questions. Comparing the French and English understanding of this situation and the power of shareholders in both countries may reveal the strengths and weaknesses of French law, which could in turn lead to law reform.
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