NZ took the lead on director duties reform. Why are we set on giving it up?

Opinion: Company directors are subject to duties which include the requirement that a director must act in good faith and in the best interests of their company. They must exercise due care, diligence and skill, they should not cause their company to trade recklessly, and so on.
Increasingly, directors’ duties are receiving attention in the context of environmental, social and governance (ESG) considerations. For instance, in the United Kingdom a shareholder of Shell Plc, the petrochemical company, was unsuccessful in suing the board of directors for breach of duty based on the company’s failure to adopt a strategy consistent with the Paris Climate Agreement.