コーポレート・コントロール・システムの新たなパラダイムとしてのESG要因
ESG factors as a new paradigm for the corporate control system (原題)
A. A. Terentev, E. Vetoshkina
🤖 gxceed AI 要約
日本語
本稿はESG要因をコーポレートガバナンス変革の鍵と位置づけ、CSRD・SEC・ISSB・SASB・GRIなどの規制レビューとMicrosoft、Ørsted、Unilever等の事例分析を通じて検討する。株主中心からステークホルダー均衡型経営への移行、取締役会の役割強化、非財務KPIの報酬連動、二重重要性原則の導入などを整理。利点として資本コスト低減や評判安定性、障壁として基準不統一やScope 3測定問題、グリーンウォッシュを挙げる。
English
This article frames ESG factors as central to transforming corporate control systems, combining institutional and strategic analysis with regulatory review (CSRD, SEC, ISSB, SASB, GRI) and case studies of firms like Microsoft, Ørsted, and Unilever. It traces the shift from shareholder primacy to stakeholder-balanced governance, covering board committees, non-financial KPIs in compensation, and double materiality. Benefits cited include lower cost of capital and reputational stability; barriers include fragmented standards, Scope 3 measurement, and greenwashing risk.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
SSBJ基準の確定と有報でのサステナビリティ開示義務化が進む日本企業にとって、取締役会のESG監督体制や非財務KPI報酬への組み込みは喫緊の経営課題。本稿は欧米規制の整理と先進企業事例を通じ、日本企業が統合報告書や投資家対話で求められるガバナンス設計の参照枠を提供する。
In the global GX context
As ISSB standards are localized (SSBJ in Japan, CSRD in the EU, SEC climate rule in the US), this paper maps how disclosure regimes reshape board oversight, executive incentives, and risk assessment. It offers a comparative governance lens for global readers tracking convergence—and persistent fragmentation—across disclosure infrastructures.
👥 読者別の含意
🔬研究者:ESGの制度論とガバナンス変革を横断的に整理した枠組みとして、実証研究の仮説設計に活用できる。
🏢実務担当者:取締役会へのESG委員会設置、非財務KPIの報酬連動、Scope 3対応など、開示対応と内部統制の設計に直接使える論点を提供する。
🏛政策担当者:基準不統一やグリーンウォッシュが企業のESG統合を阻む要因であることを示し、開示制度設計や監督指針の検討材料となる。
📄 Abstract（原文）
The article considers ESG factors as a key element of the transformation of the corporate control system. The research is based on an interdisciplinary approach, combining institutional and strategic analysis, regulatory review (CSRD, SEC, ISSB, SASB, GRI), and case studies of leading companies (Microsoft, Ørsted, Tesla, Unilever, Danone, Accenture, Novartis, UPS). Special attention is paid to the transition from the traditional shareholder approach to a sustainable management model focused on balancing the interests of all stakeholders. Reasons for the institutionalization of ESG include an increase in the share of ESG assets and a change in investor behavior, stricter disclosure standards, and the introduction of double materiality principles. It shows how ESG affects corporate architecture, including specialized committees, non-financial KPIs in the motivation system, and changes in risk assessment principles. The strengthening of the role of the board of directors and the integration of ESG into strategic planning demonstrates profound organizational changes covering all levels of company management. The benefits of the ESG approach include: increased operational efficiency, reduced cost of capital, increased reputational stability, and attracting talent. ESG promotes innovation, customer loyalty, and market opportunities. It also promotes internal corporate culture, supply chain sustainability, and reduces barriers to entry. Key barriers include lack of unified standards, Scope 3 measurement issues, Greenwashing risks, lack of expertise, and resistance from within companies. Successful cases and failed attempts are analyzed to confirm the role of ESG in strategic sustainability. The conclusion is made regarding the need for systematic, proactive integration of ESG into corporate governance.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://economic-journal.omsu.ru/issues/453/14329.pdffirst seen 2026-09-21 04:55:48
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