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Program on Corporate Governance Advisory Board
- Peter Atkins
- David Bell
- Kerry E. Berchem
- Richard Brand
- Daniel Burch
- Paul Choi
- Jesse Cohn
- Arthur B. Crozier Christine Davine
- Renata J. Ferrari
- Andrew Freedman
- Ray Garcia
- Byron Georgiou
- Joseph Hall
- Jason M. Halper William P. Mills
- David Millstone
- Theodore Mirvis
- Philip Richter
- Elina Tetelbaum
- Sebastian Tiller
- Marc Trevino Jonathan Watkins
- Steven J. Williams
HLS Faculty & Senior Fellows
Author Archives: Harvard Law School Forum on Corporate Governance and Financial Regulation
Developments in Unfair Prejudice Litigation
Introduction Companies—both public and private, and in multiple sectors—continue to grapple with the challenges of today’s economic climate. Nuanced, complex and consequential (perhaps even existential) decisions must often be made under significant time pressures. As a result, the interests and views of shareholders—particularly minority shareholders—may not always receive the attention they deserve, or require. Increasingly, […]
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Posted in Boards of Directors, International Corporate Governance & Regulation, Practitioner Publications, Securities Litigation & Enforcement
Tagged Boards of Directors, Derivative suits, Fiduciary duties, International governance, Management, Minority shareholders, Securities litigation, Shareholder suits, UK
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The Proposed SEC Climate Disclosure Rule: A Comment from Former SEC Chairmen and Commissioners
This post is based on a comment letter submitted to the SEC regarding the Proposed SEC Climate Disclosure Rule by Chairman Richard C. Breeden, Chairman Harvey L. Pitt, Commissioner Philip R. Lochner, Jr. Commissioner Richard Y. Roberts, and Commissioner Paul S. Atkins. Below is the text of the letter with minor adjustments to eliminate the […]
Click here to read the complete postWeekly Roundup: June 24-30, 2022
The Lessons Behind Women’s Gains in Board Leadership Posted by Molly Stutzman, JUST Capital, on Friday, June 24, 2022 Tags: Board composition, Boards of Directors, Diversity, Engagement, ESG, Institutional Investors It Pays For Companies To Leave Russia Posted by Jeffrey A. Sonnenfeld (Yale School of Management), on Friday, June 24, 2022 Tags: Corporate Social Responsibility, International governance, Reputation, Risk, Risk management, Russia, Ukraine Avoiding “Entire Fairness” Review in Claims against […]
Click here to read the complete postThe Impact of Technology on Climate Oversight: What Board Directors Need to Know
Corporate boards are experiencing the impact of climate change on multiple fronts. Mounting pressure from regulators, investors, shareholders, consumers, and their workforce is forcing companies to rethink their carbon emissions. Worsening droughts, fires, floods, and storms have prioritized the need to focus on the health of our communities and ecosystems. Beyond social responsibility, there’s also […]
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Posted in Accounting & Disclosure, Boards of Directors, ESG, Practitioner Publications
Tagged Artificial intelligence, Blockchain, Boards of Directors, Climate change, ESG, Risk oversight, Sustainability
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Value Creation in Shareholder Activism
In our new paper, Value Creation in Shareholder Activism, we measure value creation by activist investors via structural estimation of a model of the choice between passive investment and activism. Our estimates imply that average returns following activist intent announcements consist of 74.8% expected value creation, or treatment, 13.4% stock picking, and 11.8% sample selection […]
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Posted in Academic Research, Accounting & Disclosure, Empirical Research, Institutional Investors
Tagged Disclosure, Hedge funds, Institutional Investors, Market reaction, Ownership, Schedule 13D, Schedule 13G, Shareholder activism
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Disclosure of the Extent to which Firms Invest in their Workforce
This post is based on a petition submitted by The Working Group on Human Capital Accounting Disclosure, pursuant to Rule 192(a). The Working Group on Human Capital Accounting Disclosure respectfully submits this petition pursuant to Rule 192(a) of the Securities Exchange Commission Rules of Practice. We ask that the Commission develop rules to require public […]
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Posted in Academic Research, Accounting & Disclosure, ESG, Securities Regulation
Tagged Accounting, Disclosure, ESG, Human capital, Labor markets, SEC, SEC rulemaking, Securities regulation
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What the Volume and Diversity of Comment Letters to the SEC Say About its Climate Proposal
The Securities and Exchange Commission presents its new climate proposal as a modest evolution in its longstanding rules requiring environmental disclosure. While supporters echo that pitch, most recognize the proposal as a large leap beyond the SEC’s traditional focus on material financial matters. Who has the better of it may be inferred from the breadth […]
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