The paper analyzes the relationship between sustainability and corporate governance in large stock corporations in light of recent European regulatory initiatives, with particular focus on the Corporate Sustainability Due Diligence Directive (CSDD). After distinguishing between corporate sustainability and systemic sustainability, the paper examines the main strategies through which the European Union aims to steer the market towards ESG objectives: transparency obligations, indirect internalisation of costs through the banking system, and the introduction of organisational due diligence obligations. The analysis critically examines the gradual shift from a ‘sustainability-as-a-constraint’ model, based on external limits to economic activity, to a ‘sustainability-as-a-goal’ model, which assigns directors the task of balancing economic purposes and social values. The paper highlights the systemic risks arising from this latter approach, including the dilution of directors’ accountability standards, the democratic deficit involved in selecting competing and prioritizing competing interests, and the potential compression of shareholders’ proprietary rights.
University of Siena, Italy - ORCID: 0000-0001-9573-3802
Chapter Title
Interessi e valori nella grande società azionaria: la corporate sustainability due diligence directive (CSDD) e l’approccio europeo al capitalismo sostenibile
Authors
Iacopo Donati
Language
Italian
DOI
10.36253/979-12-215-1090-4.11
Peer Reviewed
Publication Year
2026
Copyright Information
© 2026 Author(s)
Content License
Metadata License
Book Title
Il contenzioso climatico nazionale e internazionale: questioni aperte e nuove tendenze
Book Subtitle
Atti del Convegno tenutosi presso il Dipartimento di Giurisprudenza dell’Università degli Studi di Siena l'11 novembre 2024
Editors
Ornella Feraci
Peer Reviewed
Number of Pages
166
Publication Year
2026
Copyright Information
© 2026 Author(s)
Content License
Metadata License
Publisher Name
Firenze University Press, USiena Press
DOI
10.36253/979-12-215-1090-4
ISBN Print
979-12-215-1089-8
eISBN (pdf)
979-12-215-1090-4
eISBN (epub)
979-12-215-1091-1
Series Title
Strumenti del Dipartimento di Giurisprudenza di Siena
Series ISSN
3035-5656
Series E-ISSN
3035-5842