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The Importance of National, Regional Laws and Globally Enforceable International Agreements: The Case of Port Talbot and the XL Pipeline Project
Abstract
As well as highlighting the importance of effectively engaging different actors and implementing and enforcing rules, principles and standards, at various levels, this chapter contrasts the pyramids of regulatory and punitive strategies, Nestle's pyramid of Shared Value, and Carroll's pyramid of Corporate Social Responsibility in deriving an optimal mix of how regulation should be applied. In deriving such a regulatory mix and recommendation, acknowledgement is accorded to Ayres and Braithwaite's argument that “the greatest challenge facing regulatory design is not to be found at the apex of the pyramid of regulatory strategies – where a variety of well-tested punitive strategies exist – nor at the base of the pyramid, where there is experience of successes and failures of the free market, but that the need for innovation is at the intermediate levels of the pyramid of regulatory strategies. In so doing, the Enforced Self-Regulation Model which involves and incorporates the role of governments in self-regulation, is implemented in recommending desired regulatory designs.
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