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1 results

  • 12 - Regulatory Accountability

  • from Part III - Evaluation
  • Karen Yeung, University of Birmingham, Sofia Ranchordás, Tilburg University, The Netherlands
  • Book:
    An Introduction to Law and Regulation
    Print publication:
    28 November 2024, pp 357-387

  • Summary

    Chapter 12 discusses accountability in regulation. Accountability is part of a family of concepts that relate to the exercise of power and its abuses. It construes the relationship between regulators and regulatees according to principal-agent theory and explains how accountability can be an important mechanism for requiring answerability, ensuring that agents (regulators) do not drift from the interests of regulatees. The chapter explains that accountability consists of four elements: (i) a duty to explain; (ii) exposure to scrutiny; (iii) a potential ‘sanction’ or a consequence of some kind; and (iv) the possibility of being subject to independent review.