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Program on Corporate Governance Advisory Board
- William Ackman
- Peter Atkins
- David Bell
- Kerry E. Berchem
- Richard Brand
- Daniel Burch
- Paul Choi
- Jesse Cohn
- Arthur B. Crozier Christine Davine
- Renata J. Ferrari
- John Finley
- Andrew Freedman
- Ray Garcia
- Byron Georgiou
- Joseph Hall
- Jason M. Halper
- Paul Hilal
- Carl Icahn William P. Mills
- David Millstone
- Theodore Mirvis
- Philip Richter
- Elina Tetelbaum
- Sebastian Tiller
- Marc Trevino Jonathan Watkins
- Steven J. Williams
- Daniel Wolf
HLS Faculty & Senior Fellows
Author Archives: Harvard Law School Forum on Corporate Governance and Financial Regulation
U.K. and EU Regulators Move Ahead on ESG Disclosures and Benchmarks
Amid the ongoing push for standardized, comparable and decision-useful ESG disclosures, regulators in the United Kingdom and the European Union have proposed additional disclosures and benchmarks to promote sustainable economic activity. The United Kingdom’s Financial Conduct Authority (FCA) has published a consultation paper proposing that certain U.K. issuers make climate change disclosures consistent with the […]
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Posted in Accounting & Disclosure, ESG, Institutional Investors, International Corporate Governance & Regulation, Practitioner Publications
Tagged Climate change, Disclosure, Environmental disclosure, ESG, EU, Institutional Investors, International governance, Sustainability, UK
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Re-Thinking Long-Term Performance Plan Periods Within the Context of COVID-19
Introduction On March 23, Pay Governance released a Viewpoint article discussing COVID-19’s impact on executive compensation programs. The article—“Everything Should Be On The Table”—outlined several high-level initial considerations that should be “on the table” as possible responses to the disruption caused by COVID-19. It is still too early to understand the full impact, financial and […]
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Posted in Accounting & Disclosure, Executive Compensation, Institutional Investors, Practitioner Publications
Tagged COVID-19, Equity-based compensation, Executive Compensation, Executive performance, Firm performance, Institutional Investors, Institutional voting, Long-Term value, Pay for performance
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Federal District Court Dismissal of Challenge to Board Diversity Statute
A federal district court this week dismissed a shareholder plaintiff’s attempt to invalidate the nation’s first law mandating gender diversity on corporate boards. Meland v. Padilla, No. 2:19-cv-02288-JAM-AC (E.D. Ca. Apr. 20, 2020). In September 2018, California enacted legislation requiring any public company with its principal executive offices in the state to “have a minimum of one […]
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Posted in Boards of Directors, Court Cases, Practitioner Publications
Tagged Board composition, Boards of Directors, California, Derivative actions, Diversity, Shareholder suits, State law, U.S. federal courts
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The Rise of the Aggressive Poison Pill
I. Background The general purpose of a shareholder rights plan or “poison pill” is to deter and mitigate the time pressures of non-negotiated, hostile takeover attempts made at unfair or inadequate prices, or by coercive or unfair tactics. Rights plans have been around for quite some time. Rights plans generally give the adopting corporation’s stockholders […]
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Posted in Boards of Directors, Mergers & Acquisitions, Practitioner Publications
Tagged Boards of Directors, Hedge funds, Hostile takeover, Mergers & acquisitions, Poison pills, Shareholder activism
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A Look at the Data Behind Recent Poison Pill Adoptions
A number of commentators have written in recent weeks about a growing trend of issuers of all shapes and sizes adopting shareholder rights plans (“poison pills”). Some even tout the benefits, from a fiduciary duty perspective, of adopting these rights plans now while still a “clear day” (i.e., before a specific hostile threat has emerged)—a […]
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Posted in Boards of Directors, Institutional Investors, Mergers & Acquisitions, Practitioner Publications
Tagged COVID-19, Hostile takeover, Mergers & acquisitions, Poison pills, Proxy advisors, Shareholder activism, Takeover defenses
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Weekly Roundup: April 17–23, 2020
Inspection of PCAOB-Registered Chinese Auditor Posted by Jeffrey P. Mahoney, Council of Institutional Investors, on Friday, April 17, 2020 Tags: Accounting, Accounting irregularities, Accounting standards, Audits, Foreign firms, International governance, PCAOB, Securities enforcement Is a Replacement for Your Short-Term Incentive Plan Right for You? Posted by Steve Pakela and Brian Scheiring, Pay Governance LLC, on Friday, April 17, 2020 Tags: Compensation disclosure, COVID-19, Equity-based compensation, Executive Compensation, Firm performance, Incentives, Management, Pay for […]
Click here to read the complete postThe Evolution of Trust in the Era of Stakeholder Capitalism
Enduring and sustainable corporate success hinges on trust. But trust is hard won and easily lost. This series of articles will explore the evolving “Trust Continuum” and how organizations can meet new expectations in the era of stakeholder capitalism —not only of their shareholders and investors but all stakeholders—and build long-term trust based on purposeful, […]
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Posted in ESG, Institutional Investors, Practitioner Publications
Tagged Climate change, Corporate culture, Engagement, ESG, Institutional Investors, Long-Term value, Shareholder value, Stakeholders, Sustainability
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Congressional Securities Trading
In March 2020, as millions of Americans—a record number of them newly jobless—locked themselves indoors to help fight an accelerating pandemic, they learned that two U.S. Senators had been warned about COVID-19 in a secret briefing and then proceeded to cash in their shares in the nick of time. The stocks Sens. Richard Burr and […]
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Posted in Academic Research, Accounting & Disclosure, Securities Litigation & Enforcement, Securities Regulation
Tagged Disclosure, Information asymmetries, Inside information, Insider trading, Rule 10b-5-1, Securities enforcement, Securities regulation, US House, US Senate
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What to Say on Your Next Earnings Call in the Time of COVID-19: Providing Insights, Disclosing Scenarios and Managing Risks
Upcoming first quarter earnings calls may be the most scrutinized in modern corporate history. How to handle these calls in light of the unprecedented social and economic impacts of COVID-19 is a question confronting every company that has not yet announced. Investors, the SEC and other stakeholders are clamoring for insight into what this extraordinary […]
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Posted in Accounting & Disclosure, Practitioner Publications, Securities Litigation & Enforcement, Securities Regulation
Tagged Accounting, COVID-19, Earnings announcements, Earnings disclosure, Financial reporting, Firm performance, Securities litigation, Securities regulation, Shareholder value
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Bebchuk & Hirst Article on Index Funds Selected as One of 2019’s Best Corporate and Securities Articles
According to an announcement by Georgetown Professor Robert Thompson, a Program on Corporate Governance study by Lucian Bebchuk and Scott Hirst, Index Funds and the Future of Corporate Governance: Theory, Evidence, and Policy, was selected in the annual poll of corporate and securities law professors as one of the ten best corporate and securities articles of 2019. The […]
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Posted in Program News & Events
Tagged Program on Corporate Governance
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