2.9.5 Enforceability of good conduct

With regard to CSR it is not an easy task for stakeholders to force a certain conduct upon companies by legal means. Firstly, they will have to establish a substantial interest in order to be able to institute legal proceedings. Secondly, there are few legal norms that impose legal obligations on companies to behave in the way that stakeholders want them to. If stakeholders are not admitted in court, their only other option is to make their wishes known through the press. Private parties such as banks and investors may be able to enforce good corporate conduct if this is contained in the contract requirements.

When it comes to corporate governance, both legislation and the documentation of incorporation confer powers on shareholders which they may use to make the board of directors change a company's corporate structure. This, however, does not imply that in this way they can enforce their view of a good corporate structure. Much depends on what commitments a company has taken on in its annual report. Besides, shareholders may put the pressure on by other means, such as selling off their shares.