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

DOL Proposed Investment/Proxy ERISA Regulations

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Monday, December 13, 2021

The U.S. Department of Labor (the “DOL”) on October 14, 2021, released a new Proposed Regulation (the “Proposed Regulation”) generally relating to the prudence and loyalty duties under the fiduciary rules of the Employee Retirement Income Security Act of 1974 (“ERISA”) and to the voting of proxies. The Proposed Reg ulation is the latest attempt […]

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Stocks for the Long Run? Evidence from a Broad Sample of Developed Markets

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Monday, December 13, 2021

Prior research suggests that investing in stocks is an extremely attractive option for investors and institutions with long holding periods. For example, Mehra and Prescott (1985) demonstrate that the historical equity premium in the United States (U.S.) is quite large, and Siegel (2014) documents that long-term losses from diversified stock market investments in the U.S. […]

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Directors Challenged to Respond to New DOJ Corporate Fraud Initiative

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Monday, December 13, 2021

The US Department of Justice’s (DOJ’s) new policy on corporate fraud enforcement and individual accountability is a significant development around risk, and corporate directors should be aware. As Deputy Attorney General Lisa O. Monaco announced on October 28, the new policy represents a return to the stricter enforcement posture of the administration of Barack H. Obama. […]

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Silicon Valley and S&P 100: A Comparison of 2021 Proxy Season Results

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Sunday, December 12, 2021

In the 2021 proxy season, 143 of the technology and life sciences companies included in the Fenwick – Bloomberg Law Silicon Valley 150 List (SV 150) and 99 of the companies in the Standard & Poor’s 100 (S&P 100) held annual meetings that typically included voting for the election of directors, ratifying the selection of auditors of […]

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Damages Awards Based on Controller’s Reliance on Outside Counsel’s Legal Opinion

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Saturday, December 11, 2021

In Bandera Master Fund LP v. Boardwalk Pipeline Partners, LP (Nov. 12, 2021), the Delaware Court of Chancery ordered the general partner (the “General Partner”) of Boardwalk Pipeline Partners (the “Partnership”) to pay the former limited partners $690 million in damages (plus pre- and post-judgment interest, and costs) in connection with the General Partner’s $1.56 […]

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SPACs Face Legislative Scrutiny

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Saturday, December 11, 2021

Two pieces of legislation aimed at imposing additional regulations on special purpose acquisition companies (“SPACs”) were recently introduced in the US House of Representatives.  H.R. 5910, the “Holding SPACs Accountable Act of 2021,” sponsored by Rep. Michael San Nicolas (D-GU), and H.R. 5913, the “Protecting Investors from Excessive SPACs Fees Act of 2021,” sponsored by […]

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Remarks by Chair Gensler Before the Healthy Markets Association Conference

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, December 10, 2021

Thank you for the kind introduction, Ty [Gellasch]. It’s great to be with the Healthy Markets Association. As is customary, I’d like to note that my views are my own, and I am not speaking on behalf of my fellow Commissioners or the staff. I’d like to start by discussing an overarching principle I consider […]

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No More Old Boys’ Club: Institutional Investors’ Fiduciary Duty to Advance Board Gender Diversity

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, December 10, 2021

State Street Global Advisors (“SSGA”), one of Wall Street’s “Big Three” asset managers, has very recently been featured in the news for adopting a new policy where its recruiters will need to seek a diversity panel’s approval if they want to hire a white male management candidate over a woman or an ethnic minority. SSGA […]

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Weekly Roundup: December 3–9, 2021

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, December 10, 2021

Revisiting the SEC’s Proxy Advisor Rule Posted by Paul Rose and Christopher J. Walker (The Ohio State University), on Friday, December 3, 2021 Tags: Institutional Investors, Proxy advisors, Proxy voting, SEC, SEC enforcement, Securities enforcement, Securities regulation Statement by Chair Gensler on Holding Foreign Companies Accountable Act Posted by Gary Gensler, U.S. Securities and Exchange Commission, on Friday, December 3, 2021 Tags: Accounting standards, Foreign issuers, Holding […]

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What 2022 Has in Store for Finance Professionals

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Thursday, December 9, 2021

Key Takeaways 2022 will be marked by far-reaching regulatory developments and voluntary commitments in the finance sector. The current focus on Net Zero commitments will extend to include consideration of biodiversity risks. The market will see an ever-widening range of new ESG strategies and approaches, will broaden geographically and thematically, and see new participants helping […]

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