involvement. When key corporate executives become committed to values, the
regulations associated with those values become a codification of conscience rather than
obstacles to circumvent. The machinations and maneuverings described earlier will
thereby be supplanted by thoughtful concern about all the implications of ones actions.
Moreover, commitment-driven actions are likely to benefit the environment over and
above what the law requires. For example, while a particular regulation might permit a
certain amount of toxic effluents, businesses committed to environmental protection
may avoid harmful emissions altogether.
Instilling a genuine sense of commitment through education and shareholder
action is not just a better approach in theory, it is also less costly overall than a
compliance-driven approach. Regulatory systems inherently call for legislative
committees, investigations and enforcement agencies, all of which adds to the tax
burden of the citizens whom these regulations are designed to protect. Also, delays
typically associated with bureaucratic regulation may thwart the purpose of the
regulations, since environmental problems can quickly become very grave.
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