ABSTRACT
This chapter looks at public-private partnerships as hybrid contractual-organisational constructs and proposes to offer a perspective from organisations and governance in order to address well-reviewed areas of governance shortcomings. These shortcomings are commonly a reflection of incentive-driven positions taken by various parties albeit in a long-term relational arrangement. The chapter argues that there are three levels of governance frameworks that can be established for PPPs in order to support their long-term and relational nature so as to promote their success and meeting of public interest objectives. These can be instituted as meta-level soft law incorporated into contracts to different extents, but we propose that it is worthwhile considering a more radical option. The special purpose vehicle for the PPP can be incorporated as a public service corporation so that it is internally disciplined to balance private-sector incentives and the ultimate delivery of public goods and services. Further, the public service corporation can plug into new policy initiatives and investment appetites for sustainable finance, meeting public interest needs in sustainability as well as the contemporary needs and appetites of investors in capital markets for sustainable and responsible products.
