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

The Global Sustainability Footprint of Sovereign Wealth Funds

Over the last 15 years and especially around the time of the financial crisis, interest in and attention to the investment policies of sovereign wealth funds (SWFs) have grown. According to the SWF Institute, global assets under management by SWFs have exceeded $8 trillion, and the Norway Government Pension Fund Global manages over $1 trillion […]

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The 2020 Boardroom Agenda

Introduction The role of the board of directors and its committees is rapidly and constantly expanding. New matters seem to arise all the time, and the board is viewed, in the court of public opinion if not in courts of law, as being responsible for everything the company does or does not do. As both […]

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Recent Developments in Charges of Insider Trading

In a recent decision, the Second Circuit in United States v. Blaszczak may have made the prosecution of insider trading significantly easier by ruling that the government is not required to prove that an insider received any “personal benefit” in exchange for sharing material, nonpublic information with a trader when the crime is charged under […]

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Sinclair Broadcast: Designation of a Special Litigation Committee

Several decisions in 2019 addressed special litigation committees (“SLCs”), including one out of the U.S. District Court for the District of Maryland. In that federal case, Judge Catherine Blake considered technical and policy issues around the designation of such a committee by the board of directors of Sinclair Broadcast Group, Inc. (“Sinclair Broadcast”) in connection […]

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2020 Global and Regional Corporate Governance Trends

Introduction and Background For the first time, in 2020, we see the focus on the “E” and the “S” of environment, social and governance (ESG) as the leading trend globally, including in the United States, where it traditionally has not received as much attention by boards. Indeed, many of the key global trends for 2020, […]

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BlackRock Nudges Companies Toward a Common Standard (SASB + TCFD)

A common concern among companies, investors, asset managers and other stakeholders considering voluntary ESG-related disclosures is the lack of a uniform standard that would permit reliable and consistent comparability. In yesterday’s annual letter to CEOs, BlackRock’s Chairman and Chief Executive Officer Larry Fink advocated for standardized and accelerated sustainability disclosures and endorsed both the industry-specific […]

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Sustainability as New Standard for Investing

Dear Client, Since BlackRock’s founding in 1988, we have worked to anticipate our clients’ needs to help you manage risk and achieve your investment goals. As those needs have evolved, so too has our approach, but it has always been grounded in our fiduciary commitment to you. Over the past few years, more and more […]

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Testimony by PCAOB Chairman William D. Duhnke before the House Committee on Financial Services

Chairman Sherman, Ranking Member Huizenga, and distinguished members of the subcommittee, thank you for the opportunity to appear before you today to discuss the important work of the Public Company Accounting Oversight Board (PCAOB). I joined our five-member board in early 2018, along with four other new board members. Not since the PCAOB was first […]

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Weekly Roundup: January 10-16, 2020

Debt-Equity Conflict and the Incidence of Secured Credit Posted by Barry E. Adler (New York University) and Vedran Capkun (HEC Paris), on Friday, January 10, 2020 Tags: Bankruptcy, Debt, Debtor-creditor law, Distressed companies CalSTRS Green Initiative Task Force Annual Report Posted by Kirsty Jenkinson, California State Teachers’ Retirement System, on Friday, January 10, 2020 Tags: Boards of Directors, CalSTRS, Climate change, Environmental disclosure, ESG, Institutional Investors, Pension funds, Proxy […]

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A Fundamental Reshaping of Finance

Dear CEO, As an asset manager, BlackRock invests on behalf of others, and I am writing to you as an advisor and fiduciary to these clients. The money we manage is not our own. It belongs to people in dozens of countries trying to finance long-term goals like retirement. And we have a deep responsibility […]

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