The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu The leading online blog in the fields of corporate governance and financial regulation. Mon, 17 Aug 2026 15:05:14 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.10 https://corpgov.law.harvard.edu/wp-content/uploads/2024/02/cropped-photography-4-e1706898544564-1-32x32.png Demanding Transparency in Clawbacks – The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu 32 32 Demanding Transparency in Clawbacks https://corpgov.law.harvard.edu/2013/06/07/demanding-transparency-in-clawbacks/?utm_source=rss&utm_medium=rss&utm_campaign=demanding-transparency-in-clawbacks https://corpgov.law.harvard.edu/2013/06/07/demanding-transparency-in-clawbacks/#comments Fri, 07 Jun 2013 13:24:05 +0000 http://blogs.law.harvard.edu/corpgov/?p=46854?d=20150112115510EST Posted by Noam Noked, co-editor, HLS Forum on Corporate Governance and Financial Regulation, on Friday, June 7, 2013
Editor's Note:

This post comes to us from Elizabeth McGeveran, a consultant on corporate governance matters, member of the External Citizens Advisory Panel at ExxonMobil, and former Senior Vice President for Governance & Sustainable Investment at F&C Asset Management, one of the co-filers of Shareholder Proposal No. 8 in Walmart’s 2013 Proxy Statement.

After the horrifying collapse of a factory in Bangladesh killed over 1,100 workers, companies like H&M are moving to strengthen supplier standards and audits, as they should. We have seen similar responses to other compliance meltdowns in the past. Banks trumpet new checks and balances to help prevent excessive risk taking, massive trading losses and robo-foreclosures. Walmart points to changes in its compliance policies in response to front-page allegations of bribery and corruption in Mexico. Companies are quite happy to tell investors, employees, and the public how such changes will prevent the same problems from recurring.

This public disclosure about change for the future is commendable. But such reforms must be accompanied by measures to hold executives accountable for major compliance failures in the past. And here, beyond the occasional news report that a CEO volunteered to forego a bonus, companies tell us very little.

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