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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
Financing Year in Review: A Robust Recovery
Booming debt markets throughout 2021 helped drive a record-breaking year of deal-making activity. Borrowers across industries, geographies and credit ratings maintained access to financing on historically attractive terms. We mark the New Year by looking at developments driven by the roaring debt markets, and considering what lies ahead as the calendar turns. The Financing Markets […]
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Posted in Banking & Financial Institutions, Financial Regulation, Practitioner Publications, Securities Regulation
Tagged Banks, Covenants, Cryptocurrency, Debt, Debt contracts, Financial institutions, Financial regulation, Leveraged acquisitions, LIBOR
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Corporate Purpose and Stakeholder Fairness Through the Lens of Behavioral Economics: Legal Implications
“ESG” (the acronym for “Environmental, Social and Governance”) is a term that either inspires a transformative feeling of hope or a cynical roll of the eyes. For some, ESG, and similar concepts including “stakeholder governance” or “stakeholder capitalism”, is merely an “illusory promise” that will ultimately harm stakeholder groups rather than help safeguard their interests […]
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Posted in Academic Research, Corporate Social Responsibility, ESG, Institutional Investors
Tagged Business Roundtable, Corporate purpose, Corporate Social Responsibility, ESG, Institutional Investors, Shareholder primacy, Stakeholders
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An Essay on the Fed and the U.S. Treasury: Lender of Last Resort and Fiscal Policy
My recent article, An Essay on The Fed and the U.S. Treasury: Lender of Last Resort and Fiscal Policy, in the Harvard Journal of Law and Public Policy explores the evolution of my thinking on risky emergency lending, focusing primarily on non-banks. Like the famous 19th century British economist Ricardo, who recognized his views on […]
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Posted in Academic Research, Bankruptcy & Financial Distress, Financial Crisis, Financial Regulation
Tagged Banks, Federal Reserve, Financial crisis, Financial institutions, Financial regulation, Moral hazard, Risk, Systemic risk, Treasury Department
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Board Practices Quarterly: Diversity, Equity, Inclusion: One Year Later
This post revisits topics raised in our earlier post, published in October 2020, that explored how companies and boards were responding to events of that year surrounding systemic racism and racial inequality. Specifically, we explore how practices pertaining to diversity, equity, and inclusion (DEI) have changed in the past year in areas such as reporting, […]
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Posted in Accounting & Disclosure, Boards of Directors, ESG, Practitioner Publications
Tagged Board composition, Board dynamics, Boards of Directors, Diversity, ESG, Incentives, Surveys
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ISS Proxy Voting Guidelines 2022: Compensation and Diversity Updates
ISS recently published its 2022 policy updates, which will go into effect for annual meetings held on or after February 1, 2022 (and, in some instances, February 1, 2023). This post discusses key updates made to ISS’ compensation and Environmental, Social and Governance (ESG) voting policies. Executive Compensation-Related Update Burn Rate For stock plan valuations, […]
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Posted in Boards of Directors, Corporate Elections & Voting, ESG, Institutional Investors, Practitioner Publications
Tagged Accountability, Board composition, Boards of Directors, Climate change, ESG, Institutional Investors, Institutional Shareholder Services Inc., Proxy advisors, Say on climate, Shareholder voting
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ISS 2022 U.S. Policy Updates
On December 7, 2021, Institutional Shareholder Services (ISS) published updates to its U.S. benchmark proxy voting policies. Unless specified otherwise, the new policies are applicable to all U.S. company meetings held on or after February 1, 2022. This year, ISS’s key policy updates relate to the issues of board composition and board accountability. The policy […]
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Posted in Boards of Directors, Corporate Elections & Voting, ESG, Institutional Investors, Practitioner Publications
Tagged Board composition, Climate change, Diversity, ESG, Executive Compensation, Institutional Investors, Proxy advisors, Say on climate, Shareholder voting, Sustainability
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