The article focuses on corporate social bonds, which are commonly defined as debt securities whose proceeds are used to finance projects or ventures at favourable conditions, in order to achieve positive social outcomes or to address specific social issues. Social bonds belong to the family of sustainable finance currently developing on international financial markets, especially in the European Union, and where a recent interest has also emerged at the political level. Although in March 2018 the European Commission published its Action Plan on Financing Sustainable Growth, at the moment of writing there is no specific EU legal framework for social bonds. The absence of a precise definition of social bonds and the uncertainty around the remedies for non-compliance of promised ‘social’ obligations entail serious risks of ‘socialwashing’ (i.e., the misappropriation of an increasingly attractive label).Through an analysis of the contractual design of social bonds, and the identification of different types of social bonds, the article identifies potential legal ‘Achilles heels’ of social bonds and suggests possible contractual remedies to ensure that both issuers and beneficiaries comply with their duties in terms of social impact achievement. Finally, the article suggests a European Union intervention in developing a ‘goal-oriented’ definition for social bonds.

中文翻译：

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企业社会债券：法律分析

本文重点介绍公司社会债券，通常被定义为债务证券，其收益用于在有利条件下为项目或企业融资，以实现积极的社会成果或解决特定的社会问题。社会纽带属于目前在国际金融市场上发展的可持续金融大家庭，特别是在欧洲联盟，最近在政治层面上也出现了人们的兴趣。尽管欧盟委员会于2018年3月发布了《为可持续增长融资的行动计划》，但在撰写本文时，尚无针对社会纽带的具体欧盟法律框架。缺乏对社会纽带的精确定义以及对未履行承诺的“社会”义务的补救措施的不确定性，带来了“社会清洗”的严重风险（即，通过对社会债券的合同设计进行分析，并识别不同类型的社会债券，本文确定了社会债券的潜在法律``致命弱点''，并提出了可能的合同补救措施以确保发行人和受益人在履行社会影响方面都遵守其职责。最后，文章建议欧洲联盟介入，为社会纽带制定“目标导向”的定义。该文章指出了潜在的法律上的社会纽带“致命弱点”，并提出了可能的合同补救措施，以确保发行人和受益人在履行社会影响方面都履行其职责。最后，文章建议欧洲联盟介入，为社会纽带制定“目标导向”的定义。该文章指出了潜在的法律上的社会纽带“致命弱点”，并提出了可能的合同补救措施，以确保发行人和受益人在履行社会影响方面都履行其职责。最后，文章建议欧洲联盟介入，为社会纽带制定“目标导向”的定义。