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The current global financial crisis has necessitated a questioning of some of the fundamental theories and assumptions, particularly the free-market theory, on which regulation of business enterprises, including multinational corporations (MNCs), have been based. Specifically, in the area of corporate social responsibility (CSR), this paper explores two crucial issues. The first is the implication for our understanding of the obligations of corporations to CSR in light of the scale of impacts on ordinary citizens, and their role in bailing out failed banks which owed them no direct legal obligations. The second is the continued reliance on a voluntary framework for CSR. Just as the financial crisis resulted from the largely unregulated nature of global financial institutions, this paper demonstrates, through various country examples in the resources sector, that the unregulated nature of CSR obligations on MNCs has had dire effects, comparable to that of the financial crisis, on populations. If corporations have, through personal greed and irresponsibility, evidently failed to effectively regulate themselves even in their core areas of business necessary for their own survival, how much less do we expect of effective self-regulation in the area of CSR?

Accepted for publicationPurpose ? CSR within a purely voluntary context has so far not made meaningful contributions to the problem of corporate environmental and human rights abuses in Africa. The paper therefore aims to improve the effectiveness of CSR in the continent by making companies accountable for the veracity of statements they have voluntarily put out in the public domain. Design/methodology/approach ? The paper adopts the stakeholder and legitimacy theories and information regulation as its framework of analysis. Following a discourse on the developments in and limitations of sustainability, the paper constructs an argument in line with these theories how these reports can still be utilised to make meaningful contribution towards strengthening CSR through accountability for false and misleading statements. Findings ? Corporations have a stake in information in sustainability reports with regard to their corporate image and reputation. Therefore, under the appropriate framework, utilising corporate accountability for false and misleading statements by companies has promise for making CSR more effective. Research limitations/implications ? The main limitations of this research is the political will of national governments in Africa to undertake such an exercise and the relative ability of civil society groups in light of the power of corporations to effectively hold them to account through the models proposed. Originality/value ? The paper is interdisciplinary, drawing upon both management and legal theories. A significant contribution of this research is its pragmatic approach which goes beyond calling for legal platform for CSR by recommending a model for accountability within the existing voluntary CSR framework.authorsversionPeer reviewe

Emeseh, E., Aboah, A., Barmakhshad, H. (2014). Framework for Achieving Sustainability in Investment Decisions: Reflections on Rio+20. Environmental Law Review, 16 (1), 21-41The quest for environmental protection alongside economic development has been one of the prominent themes of political and legal discourse for several decades. This article examines the extent to which the principle of sustainable development (introduced under the Rio Declaration 1992) as a conceptual framework for balancing these competing goals has been integrated within the international investment law regime. It does this by examining decisions of investment tribunals on disputes relating to the legitimacy of government measures on environmental grounds. The analysis evidenced a lack of clear principles and mechanisms for balanced consideration of all competing interests; with the outcome being generally the subordination of environmental concerns to the protections of investors? economic interests under international investment law. This supports criticism that although sustainable development has become one of society?s most sought-after goals, progress towards achieving this has been frustratingly slow. Against this background, the article goes on to determine whether the outcomes from the hugely anticipated Rio+20 Conference provided a framework or mechanisms that could promote sustainability integration in investment arbitrations. The article finds that while the outcome document from the main Rio+20 Conference did not provide such a framework, the Declaration from the Judge?s Conference, which was organised by UNEP and held simultaneously in Rio, provided some principles and mechanisms that, if fleshed out, could contribute towards better integration of sustainability in the investment regime.publishersversionPeer reviewe

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