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Comentario sobre las directivas de sostenibilidad. No basta con simplificarlas: lo lógico es derogarlas

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  • Benito Arruñada

Abstract

El presente Comentario argumenta que ni la CSRD ni la CSDDD logran sus objetivos declarados. Las métricas ESG son inconsistentes; las agencias que las producen están sujetas a conflictos de interés; los fondos “sostenibles” no obtienen mejores resultados ni logran impactos ambientales verificables; y la empresa no dispone de la información ni del mandato necesarios para resolver dilemas sociales complejos. Estas normas, además, generan rentas significativas para consultoras, verificadores y activistas especializados, al tiempo que debilitan los mecanismos de gobierno corporativo y diluyen la responsabilidad directiva.

Suggested Citation

  • Benito Arruñada, 2025. "Comentario sobre las directivas de sostenibilidad. No basta con simplificarlas: lo lógico es derogarlas," Fedea Economy Notes 2025-35, FEDEA.
    • Handle: RePEc:fda:fdafen:2025-35
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    References listed on IDEAS

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    1. Hart, Oliver & Zingales, Luigi, 2017. "Companies Should Maximize Shareholder Welfare Not Market Value," Journal of Law, Finance, and Accounting, now publishers, vol. 2(2), pages 247-275, November.
    2. Raghunandan, Aneesh & Rajgopal, Shiva, 2022. "Do ESG funds make stakeholder-friendly investments?," LSE Research Online Documents on Economics 115234, London School of Economics and Political Science, LSE Library.
    3. Florian Berg & Julian F Kölbel & Roberto Rigobon, 2022. "Aggregate Confusion: The Divergence of ESG Ratings [Corporate social responsibility and firm risk: theory and empirical evidence]," Review of Finance, European Finance Association, vol. 26(6), pages 1315-1344.
    4. Benito Arruñada, 2003. "Specialization and rent-seeking in moral enforcement: The case of confession," Economics Working Papers 653, Department of Economics and Business, Universitat Pompeu Fabra, revised Jul 2009.
    5. Hart, Oliver D. & Zingales, Luigi, 2017. "Companies Should Maximize Shareholder Welfare Not Market Value," Working Papers 267, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
    6. Benito Arruñada, 2010. "Protestants and Catholics: Similar Work Ethic, Different Social Ethic," Economic Journal, Royal Economic Society, vol. 120(547), pages 890-918, September.
    7. Aneesh Raghunandan & Shiva Rajgopal, 2022. "Do ESG funds make stakeholder-friendly investments?," Review of Accounting Studies, Springer, vol. 27(3), pages 822-863, September.
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