-
Supported By:
Subscribe or Follow
HLS Faculty & Senior Fellows
Program on Corporate Governance Advisory Board
- Peter Atkins
- David Bell
- Kerry E. Berchem
- Richard Brand
- Daniel Burch
- Paul Choi
- Jesse Cohn
- Arthur B. Crozier
- Renata J. Ferrari
- Andrew Freedman
- Ray Garcia
- Joseph Hall
- Jason M. Halper William P. Mills
- David Millstone
- Theodore Mirvis
- Philip Richter
- Elina Tetelbaum
- Sebastian Tiller
- Marc Trevino
- Steven J. Williams
Author Archives: Harvard Law School Forum on Corporate Governance and Financial Regulation
The Impact of COVID19 on Shareholder Activism
The ultimate impact of the coronavirus (COVID-19) pandemic on shareholder activism remains largely uncertain and comparisons with the surge in activism that followed the 2008 global financial crisis are tempting, but suspect as it remains questionable whether activists can continue to rely on the same forces that were driving activism prior to COVID-19. In any […]
Click here to read the complete post
Posted in Mergers & Acquisitions, Practitioner Publications, Private Equity
Tagged COVID-19, Firm valuation, Hedge funds, Mergers & acquisitions, Private equity, Settlements, Shareholder activism, Target firms
Comments Off on The Impact of COVID19 on Shareholder Activism
Government Ownership in the Post Virus World
Arguably the single most awaited economic event of 2019 was the public listing of the Saudi national oil company, Saudi Aramco, which swiftly became the largest listed company globally, overtaking Apple. Only half a year later, the privatisation of any state-owned company appears unthinkable. Indeed, the privatization mantra that has underpinned liberal economic thinking and […]
Click here to read the complete post
Posted in International Corporate Governance & Regulation, Practitioner Publications
Tagged China, COVID-19, EU, Europe, Institutional Investors, International governance, Ownership
Comments Off on Government Ownership in the Post Virus World
Poison Pills and Coronavirus: Understanding Glass Lewis’ Contextual Policy Approach
Companies around the world are grappling with the substantial challenges of the COVID-19 pandemic, which continues to wreak havoc on our daily lives and the global economy. The financial outlook changes daily, with an unprecedented number of companies impacted by supply chain disruption, suppressed revenues, limited cash flows and sharply depressed stock prices. These dire […]
Click here to read the complete post
Posted in Boards of Directors, Corporate Elections & Voting, Institutional Investors, Mergers & Acquisitions
Tagged Boards of Directors, COVID-19, Institutional Investors, Mergers & acquisitions, Poison pills, Proxy advisors, Shareholder activism, Shareholder voting, Takeover defenses
Comments Off on Poison Pills and Coronavirus: Understanding Glass Lewis’ Contextual Policy Approach
ISS Signals: More Understanding for Poison Pills and Skepticism for Activist Campaigns During the COVID-19 Crisis
In the midst of the COVID-19 pandemic, shareholder rights plans or “poison pills” continue to be a hot topic in Corporate America. As explained in our previous Sidley Update (Should Boards Adopt a Poison Pill in the COVID-19 Crisis?), the combination of high trading volumes and extreme levels of market volatility, along with the use […]
Click here to read the complete post
Posted in Boards of Directors, Institutional Investors, Mergers & Acquisitions, Practitioner Publications
Tagged Boards of Directors, Hostile takeover, Institutional Investors, Institutional Shareholder Services Inc., Mergers & acquisitions, Poison pills, Proxy advisors, Shareholder activism, Takeover defenses
Comments Off on ISS Signals: More Understanding for Poison Pills and Skepticism for Activist Campaigns During the COVID-19 Crisis
The Importance of Disclosure For Investors, Markets and Our Fight Against COVID-19
The SEC’s three part mission—maintain market integrity, facilitate capital formation and protect investors—takes on particular importance in times of economic uncertainty. Disclosure—providing the public with the information necessary to make informed investment decisions—is fundamental to furthering each aspect of our mission. In the coming weeks, our public companies will be issuing earnings releases and conducting […]
Click here to read the complete post
Posted in Accounting & Disclosure, Practitioner Publications, Securities Regulation, Speeches & Testimony
Tagged COVID-19, Disclosure, Financial reporting, Investor protection, SEC, Securities regulation, Transparency
Comments Off on The Importance of Disclosure For Investors, Markets and Our Fight Against COVID-19
Protecting Investors in a Time of Crisis: A Response to Those Who Would Utilize COVID-19 to Eviscerate Investor Protection
We live in troubled times. The current pandemic crisis poses challenges to all of us and more broadly to the system of justice in which we collectively work. But it is precisely at times such as these when ideas like “access to justice” and “investor protection” become more, not less relevant. On March 23, 2020, […]
Click here to read the complete post
Posted in Corporate Elections & Voting, Financial Crisis, Practitioner Publications, Securities Regulation
Tagged COVID-19, Derivative suits, Financial crisis, Investor protection, Misconduct, Shareholder activism, Shareholder rights, Shareholder suits
Comments Off on Protecting Investors in a Time of Crisis: A Response to Those Who Would Utilize COVID-19 to Eviscerate Investor Protection
Weekly Roundup: April 3–9, 2020
SEC–Exempt Offerings Posted by Jonathan Adler, Stacey Song, and Jessica Forbes, Fried, Frank, Harris, Shriver & Jacobson LLP, on Friday, April 3, 2020 Tags: Accredited investors, Capital formation, Disclosure, Equity offerings, Registration exemptions, Regulation D, Rule 506, SEC, Securities regulation Executive Compensation Programs & COVID-19 Posted by Ryan Resch, Becky Huddleston and Andy Goldstein, Willis Towers Watson, on Friday, April 3, 2020 Tags: COVID-19, Executive Compensation, Financial crisis, Long-Term value, Management, Pay […]
Click here to read the complete postA Turn Back to “Poison Pills” in Response to the Coronavirus Pandemic
The Coronavirus pandemic has been both a public health and an economic disaster. Stock prices have declined precipitously. As a result, many companies are turning their attention to whether their corporate governance structures enable them to protect their long-term shareholders from those who may seek to exploit the current situation by amassing a significant position […]
Click here to read the complete post
Posted in Corporate Elections & Voting, Institutional Investors, Practitioner Publications, Securities Regulation
Tagged Institutional Investors, Poison pills, Shareholder rights
Comments Off on A Turn Back to “Poison Pills” in Response to the Coronavirus Pandemic
Are Corporate Payouts Abnormally High in the 2000s?
At the turn of the century, financial economists worried about “disappearing dividends” (Fama and French, 2001). Times have changed. In recent years, the media and politicians have been increasingly concerned about the magnitude of corporate payouts. These concerns are primarily focused on the size of stock buybacks rather than dividend payments. For example, Senator Marco […]
Click here to read the complete post
Posted in Academic Research, Accounting & Disclosure
Tagged Dividends, Firm performance, Payouts, Repurchases, Shareholder value
Comments Off on Are Corporate Payouts Abnormally High in the 2000s?
Annual General Meetings & COVID-19
In response to the COVID-19 pandemic, securities regulators in several countries have published guidance that affords publicly listed companies greater flexibility regarding the type of annual general meeting (AGM) they can hold as well as when it can be held. As of March 31, the total number of meetings postponed or cancelled globally because of […]
Click here to read the complete post
Posted in Boards of Directors, Practitioner Publications, Securities Regulation
Tagged Boards of Directors, COVID-19, SEC, Securities regulation, Shareholder meetings, Virtual meetings
Comments Off on Annual General Meetings & COVID-19