Author Archives: Harvard Law School Forum on Corporate Governance and Financial Regulation

Responsible Institutional Investing Around the World

The practice of responsible investing, whereby institutional investors incorporate environmental, social, and governance (ESG) issues into their investment processes, is becoming increasingly important as evidenced by the growth of the Principles for Responsible Investment (PRI) network. Despite the prevalence of PRI signatories in global equity markets (which now manage half of the assets held by […]

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Biden Administration Signals Intention To Be Tougher on Corporate Crime

Biden Forecasting the enforcement priorities of the Department of Justice (DOJ) under a new administration is difficult at best. However, the Biden administration is widely expected to be tougher on corporate crime than its predecessor, consistent with the approach of prior Democratic administrations. If that is the case, the DOJ’s policies and priorities over the […]

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2021 Proxy Season Preview

As we mark a decade of engaging with investors with this year’s proxy season preview, much has changed in the investor landscape, particularly over the past year of the pandemic. Investors want boards to help companies adapt their strategies for a future in which prioritizing stakeholders and considering environmental and social impacts will be critical […]

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Making “Stakeholder Capitalism” Work: Contributions from Business & Human Rights

For the first time in nearly a half-century, leading business associations, corporations, and the corporate law and governance community are seriously proclaiming that maximizing shareholder value is no longer adequate as the primary let alone sole purpose of the listed corporation—that the corporation must also benefit and be accountable to its workers, suppliers, consumers, and […]

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Future-Ready Boards

The competitive landscape in nearly every sector is changing rapidly. You are likely looking for ways to remain relevant and drive your company’s mission while making changes to reflect shifts in society. A future-ready board adds value by augmenting opportunity identification and maintaining its duties to investors and stakeholders. Leadership teams are expected to lead […]

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Does Media Coverage Cause Meritorious Shareholder Litigation? Evidence from the Stock Option Backdating Scandal

Our recent paper uses the Wall Street Journal’s coverage of the stock option backdating scandal to examine whether media coverage causes meritorious shareholder litigation. While the media has a prominent role in covering corporate scandals, it is unclear whether the media coverage itself causes any subsequent litigation because the underlying corporate misconduct and firm characteristics […]

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ESG: The S Is Not for Short

Key Takeaways GameStop is a key example of the risks of short selling. Responsible investors take different approaches to the practice. Some avoid taking part, due to concerns related to values and to market integrity. Some have taken advantage of the tool to further their ESG aims. Increased access for retail investors to sophisticated financial […]

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Uptick in Restructurings May Outlast COVID-19 Pandemic

The COVID-19 pandemic has caused massive disruption across the globe, resulting in a significant uptick in U.S. restructuring activity. According to AACER, a database of U.S. bankruptcy statistics, an estimated 7,128 business bankruptcies were filed in 2020, representing a 29% increase over the same period last year. Although Chapter 11 filings increased in 2020, many […]

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HLS Forum Sets Several New Records in 2020

The operations of the Harvard Law School Forum on Corporate Governance during 2020 set several new records. During this year, in which the Forum published more than 950 posts, the Forum: Attracted more than 200,000 unique readers a month (an increase of 48% compared to 2019). Attracted more than 3.6 million page views (an increase […]

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Corporations Should Reconsider the Value of Their Political Action Committees

The fallout from the storming of the Capitol building on January 6, 2020 by organized groups of militant and militarized Trump supporters at the behest of the President himself has been widespread, and there has been a backlash by corporate America. Scores of major corporations were quick to restrain or press the “pause” button on […]

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