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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
Statement on Proposed Amendments to Public Reporting of Fund Liquidity Information
Today [March 14, 2018], the Commission will consider a proposed rule that would amend the liquidity risk management rules for open-end funds that the Commission adopted in October 2016. Specifically, staff will recommend that the Commission propose amendments to revise the manner in which information about funds’ liquidity risk management practices is provided to investors […]
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Posted in Practitioner Publications, Regulators Materials, Securities Regulation, Speeches & Testimony
Tagged Accounting, Disclosure, Exchange-traded funds, Financial reporting, Investor protection, Liquidity, Mutual funds, Risk management, Securities regulation, Transparency
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Spring Awakening: Notes from This Year’s CII Meeting
The theme I heard most often at the annual spring meeting of the Council of Institutional Investors was ESG: environmental/social/governance risks and investment opportunities. The issues of how best to understand ESG and factor it into assessing investment risk and return and how to respond as investors through proxy voting or engagement came up in […]
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Posted in Accounting & Disclosure, Boards of Directors, Comparative Corporate Governance & Regulation, Corporate Social Responsibility, Institutional Investors, Securities Regulation
Tagged Boards of Directors, Corporate culture, Corporate Social Responsibility, Dual-class stock, Environmental disclosure, ESG, Index funds, Institutional Investors, Pension funds, Risk management, Securities regulation, Shareholder voting, Stewardship
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Overview of Proposed Revisions to the UK Corporate Governance Code
In December 2017, the UK Financial Reporting Council (the “FRC”) proposed revisions to the UK Corporate Governance Code. These revisions will impact companies with a Premium Listing of equity shares in the UK, which are required under the Listing Rules to state in their annual report and accounts how they have applied the Code. The […]
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Posted in Boards of Directors, Corporate Elections & Voting, Executive Compensation, International Corporate Governance & Regulation, Practitioner Publications, Securities Regulation
Tagged Board composition, Board independence, Boards of Directors, Executive Compensation, Institutional Investors, International governance, Securities regulation, Shareholder voting, UK, Whistleblowers
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Remarks to the SEC Investor Advisory Committee
Thank you, Anne (Sheehan), and good morning everyone. I want to extent a special welcome to their first Investor Advisory Committee meeting to Commissioner Robert Jackson and Commissioner Hester Peirce. Hester previously served on, and contributed substantially to, this Committee. Rob and Hester have brought great intellect, energy, and commitment to the Commission. I also […]
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Posted in Practitioner Publications, Regulators Materials, Securities Litigation & Enforcement, Securities Regulation, Speeches & Testimony
Tagged Arbitration, Dual-class stock, Institutional Investors, Investor protection, IPOs, SEC, SEC enforcement, Securities litigation, Securities regulation, Shareholder voting
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Investor Ideology
Understanding the determinants of institutional investor voting has become increasingly important as they own a larger share of the economy. They, not retail investors, cast the determining votes on most proxy ballots, and consequently shape a wide range of corporate governance, social and economic issues. In our paper, Investor Ideology, publicly available on SSRN, we […]
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Posted in Academic Research, Accounting & Disclosure, Boards of Directors, Corporate Elections & Voting, Executive Compensation, Institutional Investors
Tagged BlackRock, Boards of Directors, Environmental disclosure, ESG, Executive Compensation, Glass Lewis, Institutional Investors, Institutional Shareholder Services Inc., Mutual funds, Proxy advisors, Say on pay, Shareholder proposals, Shareholder voting, Vanguard
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The Importance of Conviction in the Face of Litigation Risk
The Delaware Supreme Court in a two-page order summarily affirmed an important appraisal decision, upholding the Delaware Court of Chancery finding that the fair value of SWS Group, Inc. was $6.38 per share—a valuation 19% below the merger price at announcement and 7.8% below the merger price at closing (see our memo of May 31, […]
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Posted in Court Cases, Mergers & Acquisitions, Practitioner Publications, Securities Litigation & Enforcement
Tagged Acquisition premiums, Appraisal rights, Arbitrage, Delaware cases, Delaware law, Fair values, Fairness review, Merger litigation, Mergers & acquisitions, Shareholder suits
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SEC Guidance on Public Company Cybersecurity Disclosures
On February 21, 2018, the Securities and Exchange Commission (SEC) approved an interpretive release updating guidance on public company disclosure and other obligations concerning cybersecurity matters. The interpretive release, titled “Commission Statement and Guidance on Public Company Cybersecurity Disclosures,” Release No. 33-10459 (Guidance), had been scheduled to be considered at an open meeting on February […]
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Posted in Accounting & Disclosure, Boards of Directors, Securities Litigation & Enforcement, Securities Regulation
Tagged Boards of Directors, Cybersecurity, Disclosure, Financial reporting, Insider trading, Materiality, Mergers & acquisitions, Oversight, Regulation FD, Risk, Risk disclosure, SEC, Securities regulation
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The Hidden Power of Compliance
Although corporate wrongdoing can reach an immense scale with disastrous ramifications, holding boards accountable has long been perceived as elusive. Under both state fiduciary duty law and federal securities doctrine, directors and officers are liable only if they were aware of corporate failures or reckless in ignoring them. Since providing evidence of awareness or recklessness […]
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Posted in Academic Research, Accounting & Disclosure, Boards of Directors, Securities Litigation & Enforcement
Tagged Accountability, Board communication, Boards of Directors, Compliance & ethics, Delaware articles, Delaware law, Misconduct, Securities enforcement, Securities litigation
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What a Difference a (Birth) Month Makes: The Relative Age Effect and Fund Manager Performance
The academic literature in finance has focused a lot of attention on how managerial characteristics impact firm performance. One such characteristic that has received considerable study is overconfidence. This is generally thought of as managers being overly optimistic about their own ability or their firm’s prospects. Although there is evidence that managerial overconfidence can benefit […]
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Posted in Academic Research, Institutional Investors
Tagged Human capital, Institutional Investors, Management, Managerial style, Mutual funds, Risk-taking
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SEC and CFTC Testimony on Virtual Currencies: Is More Regulation on the Horizon?
On February 6, 2018, Chairman Clayton of the Securities and Exchange Commission (SEC) and Chairman Giancarlo of the Commodity Futures Trading Commission (CFTC) testified before the Senate Banking Committee (the Committee) on their agencies’ oversight role for virtual currencies. Consistent with his prior statements, Clayton took a strong stance on SEC regulation of Initial Coin […]
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Posted in Financial Regulation, Practitioner Publications, Securities Litigation & Enforcement, Securities Regulation
Tagged Bitcoin, CFTC, Commodities, Cryptocurrency, Financial regulation, Financial technology, ICOs, Investor protection, SEC, SEC enforcement, Securities enforcement, Securities regulation
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