Dr. Michael James Boland from the School of Law & Criminology recently wrote about the UK's new National Wealth Fund for the Oxford Business Law Blog. The purpose of the UK fund is to invest in infrastructure, renewable energy, and green technologies using public as well as private investment. Dr. Boland argues that the fund's effectiveness would be strengthened if it was legally obliged to prioritise environmental, social, and governance (ESG) considerations in its investment calculus. As it stands, the ESG imperative of the fund is an ambition. However, if this ambition were made a legal requirement as it is in Norway where a similar fund exists, then it would arguably gain greater legitimacy in the eyes of investors. Dr. Boland also recommends that ESG assessments for the purposes of the fund should be delegated to an independent body of experts as Norway has done in respect of its fund. This would arguably reduce the risk of ESG decision-making in relation to the fund being influenced by shifting political priorities at a time when ESG has become a political football. Dr. Boland's piece can be accessed here.
Dr. Boland also spoke at a symposium organised by the University of Sussex on the theme of 'The Future of Business'. Dr. Boland's paper considered recent amendments to the law on reckless trading in Ireland brought about by the Employment (Collective Redundancies & Miscellaneous Provisions) and Companies (Amendment) Act 2024 which commenced in July of this year. The amendments, which bring Ireland's reckless trading regime in line with the UK's, introduce a largely objective test for reckless trading whereas before the test had involved subjective and objective elements. Dr. Boland observed that while the amended regime is not a panacea, it does address the challenges that hampered the original regime and gives effect to reforms that scholars in the area have for a long time been calling for.