11 September 2012 – Kenneth McPhail, ?Professor of Accounting at La Trobe University, warns in The Conversation on the dangers of rising food prices in order to meet demands for bio fuels.
He points to Malaysian annual reports that celebrate rising food and fuel prices as good for palm oil shareholder interests, in a model of corporate governance that prioritises shareholders.
“The fuel versus food debate challenges the way we have legally set up companies and the priority given to shareholders’ proprietary rights,” McPhail says.
“It shows we need to change how we think about the governance and accountability of corporations and stresses the inadequacy of voluntary bilateral agreements that encourage corporations to communicate how they address their human rights impacts. However, above all it highlights the need to innovate new models of the corporation and corporate value generation.” Read the whole story