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

Weekly Roundup: June 10-16, 2022

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, June 17, 2022

Practical Stake Posted by Bruce F. Freed and Karl J. Sandstrom, Center for Political Accountability, on Friday, June 10, 2022 Tags: Accountability, ESG, Lobbying, Political spending, Reputation, Social contract, Stakeholders Remarks by Chair Gensler Before the Investor Advisory Committee Posted by Gary Gensler, U.S. Securities and Exchange Commission, on Friday, June 10, 2022 Tags: Investor protection, Retail investors, Risk disclosure, SEC, Securities fraud, Securities regulation The SEC’s Climate Proposal: Top […]

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Statement by Chair Gensler on Request for Comment on Certain Information Providers Acting as Investment Advisers

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Thursday, June 16, 2022

Today [June 15, 2022], we have issued a request seeking comment on the activities of “information providers”—namely, index providers, model portfolio providers, and pricing service providers—and how our framework for registering and regulating investment advisers should apply to those providers (if at all). I want to encourage market participants to comment. Index providers, model portfolio […]

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Activism Vulnerability Report: Q1 2022

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Thursday, June 16, 2022

Introduction and Market Update This post will present findings from our Activism Vulnerability Screener for the first quarter of 2022 and discuss other notable trends in the world of shareholder activism and engagement. Markets experienced heightened volatility during the quarter, with Russia’s invasion of Ukraine exacerbating already challenging inflation, pandemic, supply chain and oil price […]

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Posted in Boards of Directors, Corporate Elections & Voting, Institutional Investors, Mergers & Acquisitions, Practitioner Publications | Tagged , , , , , | Comments Off on Activism Vulnerability Report: Q1 2022

E&S Shareholder Proposals

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Thursday, June 16, 2022

A manager’s voting record on environmental and social (E&S) shareholder proposals is sometimes equated with a manager’s overall commitment to environmental, social, and governance (ESG) issues. But such an assessment does not consider a manager’s broader stewardship activities and the effectiveness of shareholder proposals at improving portfolio company governance. Dimensional’s stewardship approach includes engagement, proxy […]

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Policy Insights on Executive Compensation

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, June 15, 2022

Executive summary On behalf of the Vanguard funds, we advocate for well-structured executive compensation plans that drive relative pay and performance alignment, are fair to long-term shareholders, and are flexible through uncertain times. We look for compensation programs that drive sustainable value for a company’s investors in a way that links pay with performance relative […]

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Do Equity Markets Care About Income Inequality? Evidence from Pay Ratio Disclosure

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, June 15, 2022

Stagnant middle-class wages but rapidly-increasing incomes by high earners have led to a growing debate about income inequality in the U.S. However, it is largely unknown how U.S. financial markets and shareholders assess the dispersion in pay between a firm’s top executives and rank-and-file employees. Understanding equity markets’ assessment of income inequality is important because […]

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The SEC and Messaging Apps

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, June 15, 2022

The government’s ongoing effort to crack down on the use of ephemeral messaging platforms at financial institutions appears to have entered a new phase. According to press reports, the Securities and Exchange Commission (the “Commission” or the “SEC”) is requiring Wall Street banks to undertake an unprecedented review of dozens of their top executives’ and […]

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Posted in Accounting & Disclosure, Banking & Financial Institutions, Financial Regulation, Practitioner Publications, Securities Litigation & Enforcement, Securities Regulation | Tagged , , , , , , , , , | Comments Off on The SEC and Messaging Apps

Socially Responsible Divestment

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Tuesday, June 14, 2022

Responsible investing is becoming increasingly mainstream. In 2006, the United Nations established the Principles for Responsible Investment (“UN PRI”), a commitment to invest responsibly, which was signed by 63 investors managing a total of $6.5 trillion. By the end of 2021, this had grown to 4,375 investors, representing $121 trillion. Blanket exclusion of “brown” industries, […]

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Diversity, Experience, and Effectiveness in Board Composition

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Tuesday, June 14, 2022

Investor and regulator focus on board composition and practices has evolved significantly over the past 20 years. In the wake of the Enron and WorldCom collapses, these stakeholders initially focused on strengthening board independence and oversight. After the financial crisis of 2008, that gave way to a greater focus on whether boards have the right […]

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California Bill Would Prohibit Settlement Agreements Keeping Certain Information Secret

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Tuesday, June 14, 2022

The California Senate will soon consider a bill prohibiting settlement agreements that prevent disclosing information about defective products or environmental hazards. The Public Right To Know Act of 2022, SB 1149, would impact actions involving a “defective product or environmental hazard that poses a danger to public health or safety.” The bill would, if passed, […]

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