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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
Private Equity Liability Under European Law
On July 12, 2018, the General Court of the European Union dismissed Goldman Sachs’s appeal of a decision finding it jointly and severally liable for the cartel conduct of a portfolio company held by funds controlled by Goldman Sachs. The General Court confirmed that the presumption that a parent company “exercises decisive influence” over a […]
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Posted in International Corporate Governance & Regulation, Mergers & Acquisitions, Practitioner Publications, Private Equity
Tagged Acquisition agreements, Antitrust, Europe, European Commission, Goldman Sachs, International governance, Liability standards, Mergers & acquisitions, Private equity
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The Regulation of Proxy Advisors
Recently, the Senate Committee on Banking, Housing and Urban Affairs held a hearing on various legislative proposals aimed at improving corporate governance, including the Corporate Governance Reform and Transparency Act, H.R. 4015, that would regulate the activities of proxy advisory firms like Institutional Shareholder Services (ISS) and Glass Lewis. This hearing is the latest step in […]
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Posted in Corporate Elections & Voting, Institutional Investors, Legislative & Regulatory Developments, Practitioner Publications, Securities Regulation
Tagged Corporate Governance Reform and Transparency Act, Glass Lewis, Institutional Investors, Institutional voting, ISS, No-action letters, Pension funds, Proxy advisors, SEC, Securities regulation, US House, US Senate
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SEC Liability for Social Media Violations
On July 10, 2018, the Securities and Exchange Commission (the “SEC”) reaffirmed the application of the securities laws to social media use. Specifically, the SEC published five settlement orders (the “Settlements”) arising from alleged violations of the Investment Advisers Act of 1940, as amended (“Advisers Act”), and Rule 206(4)-1(a)(1) thereunder (the “Testimonial Rule”). Notably, the […]
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Posted in Practitioner Publications, Securities Litigation & Enforcement, Securities Regulation
Tagged Information environment, Investment advisers, Investment Advisers Act, Reputation, SEC, SEC enforcement, Securities enforcement, Securities regulation, Social media
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Weekly Roundup: July 27-August 2
IPO Governance Survey 2018 Posted by Michael Kaplan, Joseph Hall and Sophia Hudson, Davis Polk & Wardwell LLP, on Friday, July 27, 2018 Tags: Boards of Directors, Capital formation, Controlling shareholders, Dual-class stock, IPOs, Listing standards, Securities regulation, Shareholder voting, Small firms Gender Diversity and Board Quotas Posted by David A. Katz and Laura A. McIntosh, Wachtell, Lipton, Rosen & Katz, on Friday, July 27, 2018 […]
Click here to read the complete postShareholder Proposal Developments During the 2018 Proxy Season
As discussed in further detail below, based on the results of the 2018 proxy season, there are several key takeaways to consider for the coming year: Shareholder proposals continue to be used by certain shareholders and to demand significant time and attention. Although the overall number of shareholder proposals submitted decreased 5% to 788, the […]
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Posted in Boards of Directors, Corporate Elections & Voting, Practitioner Publications
Tagged Boards of Directors, ESG, No-action letters, Proxy season, Proxy voting, Rule 14a-8, SEC, Securities regulation, Shareholder proposals, Shareholder voting
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Partial Disclosures and the Corwin Doctrine
On July 9, 2018, the Delaware Supreme Court held in Morrison v. Berry that Corwin business judgment review will not apply to stockholder-approved transactions when “partial and elliptical” disclosures leave stockholders less than fully informed. This decision, which reversed a dismissal by the Court of Chancery, serves as a court-described “cautionary reminder” that disclosures to […]
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Posted in Boards of Directors, Corporate Elections & Voting, Court Cases, Mergers & Acquisitions, Practitioner Publications, Securities Litigation & Enforcement
Tagged Boards of Directors, Books and records, Business judgment rule, Corwin, Delaware cases, Delaware law, DGCL Section 220, Discovery, Merger litigation, Mergers & acquisitions, Shareholder suits, Shareholder voting
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Dissecting C-Suite Gender Pay Disparity
April 10th marked Equal Pay Day 2018 in the United States. This particular date was chosen to highlight the occasion because it represents the amount of time—approximately 100 days into 2018—women must work to achieve the same pay that men earned in 2017. To further shed light on this topic, Equilar examined the gender pay equity ratio […]
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Posted in Accounting & Disclosure, Executive Compensation, Practitioner Publications
Tagged Compensation disclosure, Compensation ratios, Diversity, Executive Compensation, Management
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Statement Announcing SEC Staff Roundtable on the Proxy Process
Shareholder engagement is a hallmark of our public capital markets, and the proxy process is a fundamental component of that engagement. In 2010, the Commission issued a concept release seeking public comment on whether the U.S. proxy system as a whole operates with the accuracy, reliability, transparency, accountability, and integrity that shareholders and companies should […]
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Posted in Boards of Directors, Corporate Elections & Voting, Practitioner Publications, Regulators Materials, Securities Regulation
Tagged Boards of Directors, Proxy advisors, Proxy voting, Securities regulation, Shareholder proposals, Shareholder voting, Transparency
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What’s in a Name? Regulation Best Interest v. Fiduciary
Thank you for that kind introduction. I am excited to be with a group of people who play such a vital role in helping to provide peace of mind to workers planning for and heading into retirement. The Commission also has a role to play in helping to enhance retirement security for Americans. I want […]
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Posted in Practitioner Publications, Securities Regulation, Speeches & Testimony
Tagged Broker-dealers, Conflicts of interest, Duty of care, Duty of loyalty, Fiduciary duties, FINRA, Form ADV, Form CRS, Governance standards, Investment advisers, Investor protection, Retail investors, SEC, Securities regulation
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The Evolution of Corporate Cash
The large increase in corporate cash balances in recent years has garnered much attention in both the academic literature and popular press. Several explanations for this apparent shift in corporate policies have been proposed, including increased riskiness of corporate cash flows, a change in the nature of firms’ assets or the nature of firms going […]
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Posted in Academic Research, Accounting & Disclosure, Empirical Research
Tagged Capital allocation, Cash flows, Cash reserves, IPOs, Liquidity
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