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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
Compensation Peer Groups
In our forthcoming Journal of Financial Economics paper entitled “Inside the black box: the role and composition of compensation peer groups” we investigate how much compensation peer groups explain observed variation in CEO compensation and what determines the composition of these groups. Effective December 15, 2006, the SEC required that firms disclose “Whether the registrant […]
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Posted in Academic Research, Empirical Research, Executive Compensation
Tagged Compensation ratios, Executive Compensation
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SEC Must Constrain Abusive Short Selling
The repeated abuse of short selling over the past eighteen months has led to the destruction of businesses, cost countless numbers of jobs and created systematic risk in the global economy. Though some have asserted that short selling aids liquidity and price discovery in the market, the possibility of such functions should not be used […]
Click here to read the complete postProxy Access Proposed Rules Published by SEC
On June 10, 2009, the SEC published a proxy access rule proposal for public comment. The Commission’s release, entitled “Facilitating Shareholder Director Nominations,” gives concrete form to the broad objectives the Commission outlined at its May 20, 2009 open meeting (at which it approved publication of the rule by three votes to two). As expected, […]
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Posted in Corporate Elections & Voting, Legislative & Regulatory Developments, Mergers & Acquisitions, Practitioner Publications, Securities Regulation
Tagged Director nominations, Georgeson, Proxy access, Rule 14a-11, Rule 14a-8, SEC
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A New Foundation for Financial Regulation?
In our memorandum, available here, we describe the Obama Administration’s White Paper on Financial Regulatory Reform. The White Paper is just the beginning of what is likely to be a legislative, regulatory and ideological marathon, despite the Administration’s best efforts to achieve domestic political support before its publication. It is far less revolutionary than some […]
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Posted in Financial Crisis, Financial Regulation, Practitioner Publications, Securities Regulation
Tagged CFTC, Consumer protection, Financial reform, Financial regulation, SEC
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CFO Incentives Post-SOX
In our forthcoming Journal of Accounting Research paper, CFO Fiduciary Responsibilities and Annual Bonus Incentives, we examine how firms evaluate and compensate their CFOs. In addition to participating in decision making much like other senior executives, CFOs also have fiduciary responsibilities for reporting firms’ financial results and safeguarding the integrity of financial reporting. Although other […]
Click here to read the complete postDutch decision has implications for global class actions
Summary In an important development for class action suits in the United States and internationally, the Amsterdam Court of Appeals recently upheld a settlement between Royal Dutch Shell and a group of more than 150 institutional investors from 17 European countries, Canada, and Australia. The proposed settlement originally emerged in 2007 after Royal Dutch Shell […]
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Posted in Court Cases, International Corporate Governance & Regulation, Legislative & Regulatory Developments, Practitioner Publications
Tagged Class actions, Foreign squared/cubed, Morrison v. National Australia Bank Ltd., Royal Dutch Shell
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Improving the Role of the Securities Regulators in a Changing Global Financial System
Good morning. And, thank you Hans [Hoogervorst, Chairman, Authority for the Financial Markets, Netherland, and Vice Chair of the IOSCO Technical Committee] for that kind introduction. I’m delighted to be speaking with you today — even though it’s after 2:00 in the morning here in Washington. But, the way I see it, investor protection doesn’t […]
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Posted in Financial Crisis, Financial Regulation, Practitioner Publications, Regulators Materials, Securities Regulation, Speeches & Testimony
Tagged Financial reform, Financial regulation, Investor protection, SEC, Systemic risk, Transparency
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My Last ExxonMobil Annual Meeting
Walking to the Myerson Symphony Center past the various galleries, statues and plantings in the Arts District of downtown Dallas during the last week of May is a contemplative experience for me. As a Boston Irishman, I cannot but remember the fate of Jack Kennedy in this seemingly gentle, indeed beautiful, city. Living now year […]
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Posted in Boards of Directors, Corporate Elections & Voting, Practitioner Publications
Tagged ExxonMobil, Shareholder proposals
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Business Networks
Business connections can mitigate agency conflicts by facilitating efficient information transfers, but can also be channels for inefficient favoritism. In my forthcoming Journal of Finance paper Business Networks, Corporate Governance, and Contracting in the Mutual Fund Industry, I analyze the extent to which these effects are present in the mutual fund industry, and measure their […]
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Posted in Academic Research, Boards of Directors, Empirical Research, Financial Regulation
Tagged Financial advisers, Fund managers, Mutual funds, Social networks
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