ESG is Here to Stay: Padova Multidisciplinary Summer School on Corporate Sustainability 2024
ESG is Here to Stay: Padova Multidisciplinary Summer School on Corporate Sustainability 2024
From 23 to 27 September 2024, the "Multidisciplinary Summer School on Corporate Sustainability" took place at the University of Padua, addressing a wide range of issues concerning the impact of ESG on the economy and society. The University of Liechtenstein was represented in Padua with lectures by Prof. Dr. Alexandra Butterstein, LL.M., and Prof. Dr. Francesco A. Schurr.
Under the guidance of internationally renowned academics and experts, participants had the opportunity to engage deeply with transnational and interdisciplinary ESG topics, which are closely aligned with the 17 United Nations Sustainable Development Goals.
In her lecture, Prof. Alexandra Butterstein thoroughly examined various questions concerning the fiduciary powers of trustees in the context of trusts. Her presentation addressed the challenges and opportunities arising from the integration of social and environmental aspects into trustees’ investment decisions. Prof. Butterstein emphasized that increasing pressure from new generations of beneficiaries, as well as global challenges such as climate change, call for an expanded interpretation of fiduciary duties—one that incorporates ethical considerations alongside traditional financial objectives. She also provided recommendations and behavioral guidelines, supported by relevant case law, to justify responsible and sustainable decision-making.
Prof. Francesco A. Schurr also delivered a lecture, focusing on the EU Directive 2022/2464 on Corporate Sustainability Reporting (CSRD) and its current practical implications. He explained that the directive strengthens the requirements for reporting on social and environmental matters, aiming to protect both shareholders and stakeholders. Moreover, the CSRD is also relevant for non-EU companies generating more than €150 million in the EU market, highlighting the need for a global approach to sustainability reporting. Prof. Schurr further pointed out the legal risks of greenwashing and recommended strategies for accurate reporting and stronger stakeholder engagement.
The subsequent discussions following the lectures by Prof. Butterstein and Prof. Schurr explored selected aspects of their respective topics in greater depth, including specific features relevant to Liechtenstein. Overall, the University of Padua's Summer School offered participants a valuable opportunity to gain insights into the latest international developments in corporate sustainability and to actively contribute to the exchange of ideas on potential solutions.