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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
The Department of Justice as a Gatekeeper in Whistleblower-Initiated Corporate Fraud Enforcement: Drivers and Consequences
Regulatory agencies in the United States rely on the assistance of whistleblowers to detect corporate fraud. The Department of Justice (DOJ) acts as a gatekeeper, evaluating whistleblower allegations to separate legitimate from frivolous cases. Despite its pivotal role in corporate fraud enforcement, there is sparse evidence on how the DOJ exercises its gatekeeping authority. Also, […]
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Posted in Academic Research, Comparative Corporate Governance & Regulation, Empirical Research, Securities Litigation & Enforcement
Tagged Civil procedure, DOJ, False Claims Act, Fraud Enforcement and Recovery Act, Private enforcement, Public enforcement, Securities enforcement, Securities fraud, Whistleblowers
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Board Practices Quarterly: Diversity, Equity, and Inclusion
The landmark events of 2020 surrounding systemic racism and racial equality have led many companies and their boards to consider their practices related to diversity, equity, and inclusion (DEI). For some, the events present an opportunity to reevaluate and enhance current practices; for others, they may prompt the exploration and implementation of actions and practices […]
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Posted in Accounting & Disclosure, Boards of Directors, ESG, Practitioner Publications
Tagged Board composition, Boards of Directors, Disclosure, Diversity, ESG, Management, Surveys
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On the SEC’s 2010 Enforcement Cooperation Program
Leniency programs can be powerful enforcement tools. For example, the Department of Justice’s Antitrust Leniency Program has been successful in cracking down on cartel activities since 1993. By encouraging violators’ self-reporting and voluntary remediation, regulators can conserve valuable resources and rectify more misconduct than they otherwise would. However, the Securities and Exchange Commission’s (SEC’s) leniency program, which began […]
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Posted in Academic Research, Accounting & Disclosure, Securities Litigation & Enforcement, Securities Regulation
Tagged Deferred prosecution agreements, Management, Misconduct, SEC, SEC enforcement, Securities enforcement, Securities fraud, Securities regulation
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Maintaining Investor Trust: Independent Oversight in the System of Quality Control
“You can’t really know where you are going until you know where you have been.” Thank you, John [Parsons], for the kind introduction. It is a pleasure to have an opportunity to speak to a group of professionals dedicated to protecting the well-being of our teachers, firefighters, policemen, and other local and state workers. It’s […]
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Posted in Accounting & Disclosure, Practitioner Publications, Speeches & Testimony
Tagged Audits, Compliance and disclosure interpretation, Disclosure, External auditors, PCAOB, Stakeholders
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Cross-Border Venture Capital, Technology Flows, and National Security
One of the most contentious issues in public policy regarding U.S. entrepreneurship over the past four years has been the treatment of foreign investors. The military community has highlighted the extent of foreign venture investments in Silicon Valley, particularly from Chinese corporations, individuals, and financial institutions. These analysts have also emphasized that these investments are […]
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Posted in Academic Research, Comparative Corporate Governance & Regulation, Empirical Research, International Corporate Governance & Regulation
Tagged Capital formation, CFIUS, Innovation, International governance, Tech companies, Venture capital firms
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SEC Amends Rules for Whistleblower Program
On September 23, 2020, the SEC voted (by a vote of three to two) to adopt amendments to the rules related to its whistleblower program. The program provides for awards in an amount between 10% and 30% of the monetary sanctions collected in the SEC action based on the whistleblower’s original information. It is widely […]
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Posted in Practitioner Publications, Securities Litigation & Enforcement, Securities Regulation
Tagged Dodd-Frank Act, Misconduct, SEC enforcement, Securities enforcement, Securities regulation, Whistleblowers
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Audit Committee Reporting to Shareholders
For the ninth consecutive year, the EY Center for Board Matters has reviewed voluntary proxy statement disclosures by Fortune 100 companies relating to audit committees, including their oversight of the audit. These disclosures are an important tool for investors and other stakeholders to gain insight into the activities of audit committees, whose role in promoting […]
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Posted in Accounting & Disclosure, Boards of Directors, Institutional Investors, Practitioner Publications
Tagged Accounting, Audit committee, Audits, Boards of Directors, Disclosure, Institutional Investors, Proxy disclosure, Securities regulation
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Promoting Consistency in Corporate Sustainability Reporting
Five framework- and standard-setting institutions announced a joint statement on September 11, 2020 reflecting their collaborative vision to develop a comprehensive global corporate reporting system for disclosing sustainability topics such as climate change, biodiversity, wages and skills. The participants include the Global Reporting Initiative (GRI), CDP (formerly the Carbon Disclosure Project), Climate Disclosure Standards Board (CDSB), International Integrated Reporting […]
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Posted in Accounting & Disclosure, ESG, Practitioner Publications
Tagged Accounting, Accounting standards, Climate change, Environmental disclosure, ESG, SASB, Sustainability
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Proposed Rules Relating to the Reporting Threshold for Institutional Investment Managers
On July 10, 2020, the U.S. Securities and Exchange Commission (the “Commission”) proposed an amendment to Form 13F that would increase the reporting threshold from $100 million to $3.5 billion (the “Proposed Amendment”). We respectfully submit this letter in response to the solicitation by the Commission for comments on the Proposed Amendment. As discussed in […]
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