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Is the rule of law outdated? Watch today's #MorningMusing to find out what the rule of law is and how it could be outdated.

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Transcript:
Is the rule of law outdated? Hello, this is Reinhard von Hennigs. And the lawyer in me of course cries out loud, no, it does not outdated. Well, what is the rule of law? Some of you may ask yourself. It is the authority that law in a society is valid for everybody. All members of society are subject to the same principles, including the government, and everybody has equal treatment under the legal codes and processes.

Why is it outdated then? In many countries in the world, the rule of law is not applicable because of corruption and because of local issues related to the local jurisdiction, therefore many companies, many companies that have publicly traded focus on environmental, social, and governance issues. Also known as E S G. What internal rules does the company have in place in the ESG world where companies need to follow the E S G movement in order to be publicly attractive, in order to be traded in stock exchanges. So in a way, those self-made rules, which are not necessarily self-made because they reflect a certain standard of society play a higher role than the rule of law.

The world justice project. Indicated in their rule of law index, that the rule of law is declining, but the ESG movement is improving. So by contrast those two concepts, while the rule of law, may be weak, it is best for you as a company to look into compliance programs, to make you attractive to your investors, but also a good compliance program in the world of E S G may help you if it comes down to any governmental regulatory and other investigative work.

So in the end, the rule of law may not be dead, but it may be substituted by a system. Whereas society has a self-regulatory approach rather than the rule of law.

#454, January 2022, rule of law, stock exchange, compliance, corruption, environmental.

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