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

What is the Law’s Role in a Recession?

The last two years have seen astonishing changes to how public institutions manage the economy in the United States and other developed countries. Like so many recent changes, this began in March 2020, when the world faced not only a public health emergency but also one of the most profound shocks to the global economy […]

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Fortune 500 General Counsel Report

High turnover & an acceleration of seasoned diverse appointments amid an intense business environment In 2021, 59 Fortune 500 companies appointed new General Counsels. Russell Reynolds Associates wanted to study what differentiates those 59 new hires from past appointees. To do so, RRA captured the route to the top of General Counsels in the Fortune […]

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When It Comes to Board Diversity, Regulation Helps But Is No “Silver Bullet”

With more attention to diversity in society, boardrooms are no exception. How to advance diversity, equity, and inclusion on boards is no one-size-fits all approach; however, with increasing attention to this issue, regulations in specific states have attempted to push diversity forward. What is next for advancing board diversity, equity, and inclusion is not set […]

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Decentralized Governance and the Lessons of Corporate Governance

While recent gyrations in cryptoasset markets have focused attention on the future contours of stablecoins, market-making, and impending regulation, another feature of the blockchain landscape is also confronting noteworthy challenges. Specifically, a new breed of business organization has emerged that is defined by its rejection of the centralized, traditional governance structures at the heart of […]

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CEO Pay Proposals Face Growing Investor Disapproval

Key Takeaways Investors rejected CEO compensation proposals through Say-on-Pay votes at a record rate in the 2021 proxy season, even though pay remained flat in FY2020 Proxies filed through early May indicate a strong increase in CEO pay for FY2021 CEO pay proposal support continues to decline in S&P 500 universe For many companies, 2021 […]

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The SEC’s Cyber Disclosures

This post is based on a comment letter on the SEC’s cyber disclosures submitted jointly by me, Shiva Rajgopal, and my co-author, Alex Sharpe. I chair both the Cybersecurity and Board Director programs for Columbia Business School, entitled Leading Cybersecurity at Your Organization and Corporate Governance Program: Developing Exceptional Board Leaders respectively. Alex Sharpe is […]

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Weekly Roundup: May 27-June 2, 2022

Statement by Commissioner Peirce on Proposed Updates to Names Rule Posted by Hester M. Peirce, U.S. Securities and Exchange Commission, on Friday, May 27, 2022 Tags: Asset management, ESG, Institutional Investors, SEC, SEC rulemaking, Securities regulation, Transparency Statement by Chair Gensler on Proposed Updates to Names Rule Posted by Gary Gensler, U.S. Securities and Exchange Commission, on Friday, May 27, 2022 Tags: Asset management, ESG, Institutional Investors, SEC, SEC […]

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Climate Stewardship

Climate change is a key systemic risk, representing both a strategic and business challenge for all companies in our portfolios. Since 2014, we have prioritized climate change as a core theme of our stewardship activities. Voting and Engagement Voting Policy We believe climate change poses a systemic risk to all companies in our portfolios. The […]

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Executive Stock Options and Systemic Risk

Banks’ role in financial intermediation and the provision of other specialized financial services not only places them at the center of many important global financial markets, but also ties their health to that of other financial institutions, industrial firms, and consumers. The vast reach of banks’ activities was made apparent during the financial crisis of […]

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Conducting Effective Board Assessments

Board and committee assessments are a critical part of driving continuous improvement in board performance. A well-executed assessment can help provide real insights into how a board operates and how directors work with one another. It will include both quantitative and qualitative aspects. And it leads to actionable takeaways that can make a real difference. […]

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