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

How Important is Private Enforcement for Corporate Law?

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Thursday, April 30, 2009

It is often assumed that strong securities markets require good legal protection of minority shareholders. This implies both “good” law — principally corporate and securities law — and enforcement, yet there has been little empirical analysis of enforcement. In our paper entitled Private Enforcement of Corporate Law: An Empirical Comparison of the UK and US, […]

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Compensation Proposals in 2009 Proxy Season

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, April 29, 2009

With the hammering that many stocks took last fall, and the intensifying scrutiny and criticism of executive pay in financial services and other industries, it’s probably not surprising that the number of compensation-related shareholder proposals appears to be up this proxy season. While it’s far too soon to predict the outcome of this season’s voting, […]

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Shenanigan’s Wake

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Tuesday, April 28, 2009

The regulatory oversight framework is broken. The SEC failed to regulate credit default swaps, loosened broker-dealer leverage restrictions at just the wrong time and failed to regulate dark-debt driven hedge fund activities. The Federal Reserve failed to impose reserve requirements on syndicators of collateralized loan or credit obligations. All that will change now. Importantly, in […]

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Posted in Boards of Directors, Financial Crisis, Practitioner Publications | Tagged , , | 2 Comments

Executive Compensation Under TARP

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Tuesday, April 28, 2009

On Feb. 17, 2009, President Barack Obama signed into law the American Recovery and Reinvestment Act of 2009 (ARRA). Title VII, Section 7001 of ARRA amends Section 111 of the Emergency Economic Stabilization Act of 2008 (EESA) as enacted Oct. 3, 2008. Section 111 contains restrictions on executive compensation applicable to institutions receiving financial assistance […]

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Posted in Boards of Directors, Executive Compensation, Financial Crisis, Financial Regulation, Legislative & Regulatory Developments, Practitioner Publications | Tagged , , , , | 1 Comment

The Impact of Governance Reform

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Monday, April 27, 2009

Corporate governance systems are designed to ensure investors receive a return on their investment. Using cross country analysis, the governance literature has demonstrated that stronger governance systems lead to more efficient allocations of capital resources, which in turn spurs economic growth and increases the likelihood of investors receiving a return. What is less clear is […]

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Posted in Comparative Corporate Governance & Regulation, Empirical Research, Financial Regulation, Legislative & Regulatory Developments | Tagged , , , | Comments Off on The Impact of Governance Reform

Shareholder Proxy Access for Director Elections

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Sunday, April 26, 2009

Shareholder proxy access for the election of directors is about to arrive. Directors of public companies, shareholder activists and shareholders generally soon will be dealing with an important new set of issues and dynamics associated with the election of directors and the management of the board process. This memorandum is intended to provide a briefing […]

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Recent Developments in D&O Insurance

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Saturday, April 25, 2009

Federal and state courts have recently issued noteworthy decisions yielding important lessons about directors and officers liability insurance policies. This column examines decisions addressing: (i) the interaction of an application severability clause in a primary policy (addressing to what extent one insured’s knowledge of application misrepresentations can be imputed to other insureds) with a “prior […]

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Public and Private Enforcement of Securities Laws

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, April 24, 2009

Public and Private Enforcement of Securities Laws: Resource-Based Evidence, which Howell Jackson and I just revised, is in the pipeline for publication in the Journal of Financial Economics. (We posted an earlier version of Enforcement to this Forum (available here) about a year ago after we presented it at the Law and Economics Seminar here […]

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The Elusive Quest For Global Governance Standards

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Thursday, April 23, 2009

Editor’s Note: This post is by Lucian Bebchuk of Harvard Law School. The Harvard Law School Program on Corporate Governance recently issued The Elusive Quest for Global Governance Standards, a discussion paper I co-authored with Professor Assaf Hamdani. The paper is scheduled for publication in the University of Pennsylvania Law Review. Our slides from a […]

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Posted in Boards of Directors, Comparative Corporate Governance & Regulation, Corporate Elections & Voting, Executive Compensation, HLS Research, International Corporate Governance & Regulation | Tagged , , | 1 Comment

The Debate Over Federal Insurance Regulation

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, April 22, 2009

In March 2008, the Paulson Treasury issued its Blueprint for a Modernized Financial Regulatory Structure, in which Treasury recommended the establishment of a federal insurance regulatory structure to provide for the creation of an optional federal charter. The Financial Services Roundtable has endorsed the concept of a national insurance regulator, noting that “just as the […]

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