Recent corporate financial scandals involving Enron, Worldcom, Arthur Andersen, and others have led to the passage of significant legislation effecting, inter alia, corporate financial disclosure. These recent financial reporting scandals raise red flags concerning corporate accountability generally. This is an appropriate time to reconsider corporate accountability for environmental protection. Additionally, environmental challenges continue in the form of climate change. Industry and government continue to fail to achieve corporate self-regulation. One radical proposal recently surfacing is to revoke corporate charters for environmental violations.
The environment, particularly climate changes, is still a major global concern. At the World Economic Forum, both business and government leaders voted climate change the greatest challenge facing the world at the beginning of the century. Indeed, recent statistics show that pollution of air, water and land has been increasing in many areas.
Mitchell F. Crusto is a former law clerk to the Hon. John Minor Wisdom, U.S. Court of Appeals for the Fifth Circuit. He is currently a Professor at Loyola University New Orleans School of Law and a Visiting Professor at Vermont Law School. Formerly, Member, President William J. Clinton's Transition Team for U.S. Environmental Protection Agency; Senior Manager, Arthur Andersen's Worldwide Environmental Management Consulting Group; Director, Corporate Environmental Policy, Monsanto Corporation; Member, Industry Working Group, Environmental Management Principles, American Standards; Associate Deputy Administrator, Finance, Investment, and Procurement, U.S. Small Business Administration, 1989-1991, President George W. Bush Appointee. Yale Law School, J.D. 1981; Oxford University, England, B.A. 1980, M.A. 1985; Yale University, B.A. 1975. Special thanks to those who have contributed to this Article, including the faculty, research assistants, administrative assistants, students, and staff at the Loyola University School of Law and at Vermont Law School. The author gratefully thanks the research assistance provided through the generosity of the Alfred T. Bonomo Sr. Family and the Rosario Sarah LaNasa Memorial Fund. A version of this Article was originally published at 63 La. L. Rev. 175 (2003), and is reprinted with permission.
