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The imperfect nature of corporate responsibilities to stakeholders
Lea, David
Lea, David
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PLea.pdf
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In this paper I intend to draw upon Onora O’Neill’s (1996) work, Towards Justice and Virtue: a constructivist account of Practical Reasoning, to address a principal issue of corporate governance, the normative responsibilities of a corporation towards its stakeholders. O’ Neill in her text underlines a number of important points including: the integration of particularist and universalist accounts of morality; the priority of obligations over rights; the importance of the distinction between imperfect and perfect duties; the relation between the virtues and imperfect duties. It is my argument in this paper that applying O’Neill’s analysis of justice and virtue to corporate governance will bring a level of clarity to certain issues that have become the focus of stakeholder theory such as stakeholder rights, the institutionalisation of stakeholder rights, the obligations of the corporation according to the stakeholder model, and the structure of corporate organization.
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