Formalizing a host of new stakeholder responsibilities would compromise corporate performance and impose unwarranted costs on society. The notion of corporate responsibility is naive because the competitive corporate system is inherently irresponsible. To have corporations fulfill other responsibilities, including those related to the environment, will require radical alternatives to the existing system. There is little national governments can do about this. Realistically, these issues can only be addressed at an international level.
Reform is necessary in order to put taxpayers and businesses on equal footing.
The authors glean some lessons for other governments trying to implement difficult measures.