Public Benefit Corporation

Beginning on August 1, 2013, the Delaware General Corporation Law will authorize the formation of public benefit corporations. The new provisions will allow entrepreneurs and investors to create for-profit Delaware corporations that are charged with promoting public benefits. These provisions modify the fiduciary duties of directors of PBCs by requiring them to balance such benefits with the economic interests of stockholders. In addition, the new provisions will require public benefit corporations to report to their stockholders with respect to the advancement of such non-stockholder interests.

営利目的の会社だけれど,公共の利益に資することを目的としているという会社が新たに設立できるようになるようです。例として,Revlon義務に服しないという主張があるようです。

via MNA&T, PB.com, TheConglomerate, NewsWorks

UK: Takeover Code – new edition to take effect on 30 September 2013

The Code Committee of the Takeover Panel has announced that a new edition of the City Code on Takeovers and Mergers will take effect on 30 September 2013. The new edition contains changes made in response to the Committee’s consultation last year on profit forecasts, quantified financial benefits and material changes in information (focusing, in particular on rules 27 and 28 of the Code; see here, pdf). The amendments to the Code are contained in Instrument 2013/4 (here, pdf) and further information about the changes is available in the Code Committee’s Response Statement 2012/1 (here, pdf). A copy of the new Code will be published on 30 September.

via Corporate Law & Governance

Conflict Minerals規則に関する訴訟 (1)—SECの勝訴—Nat’l Ass’n of Mfrs. v. SEC, 2013 U.S. Dist. LEXIS 102616 (July 23, 2013)

金融規制改革法の1504(資源採掘発行体(resource extraction issuers)に関する規則)について,先般,SECの規則が無効になったのですが,同法1502(紛争鉱物に関する開示)について,ワシントン特別区合衆国地方裁判所は,正式事実審によらない判決(summary judgment)に基づき,規則を維持し,原告の請求を棄却しました。

Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Securities and Exchange Commission promulgated a rule imposing certain disclosure requirements for companies that use “conflict minerals” originating in and around the Democratic Republic of the Congo (the “Conflict Minerals Rule,” “Final Rule,” or “Rule”). The plaintiffs in this action—the National Association of Manufacturers , the Chamber of Commerce, and Business Roundtable (collectively, “Plaintiffs”)—challenge various aspects of the SEC’s Final Rule as arbitrary and capricious under the Administrative Procedure Act. Plaintiffs also mount a constitutional attack against both the Rule and Dodd-Frank Section 1502, claiming that the disclosures required by the SEC and by Congress run afoul of the First Amendment. Finding no problems with the SEC’s rulemaking and disagreeing that the`conflict minerals” disclosure scheme transgresses the First Amendment, the Court concludes that Plaintiffs’ claims lack merit. Accordingly, … the Court, for the reasons that follow, will DENY Plaintiffs’ Motion for Summary Judgment and will GRANT the Commission’s and Intervenors’ Cross-Motions for Summary Judgment. (citations and footnote omitted)

via S&S, DP&W, GD&C

NYSEの株主総会に関する規則改正(LCM 312.07)

新旧の条文を挙げておきます。

  • 新 312.07 Where Shareholder

Where shareholder approval is a prerequisite to the listing of any additional or new securities of a listed company, or where any matter requires shareholder approval, the minimum vote which will constitute shareholder approval for such purposes is defined as approval by a majority of votes cast on a proposal in a proxy bearing on the particular matter.

Amended: July 11, 2013 (NYSE-2013-47).

  • 旧 312.07 Where Shareholder

Where shareholder approval is a prerequisite to the listing of any additional or new securities of a listed company, the minimum vote which will constitute shareholder approval for listing purposes is defined as approval by a majority of votes cast on a proposal in a proxy bearing on the particular matter__, provided that the total vote cast on the proposal represents over 50% in interest of all securities entitled to vote on the proposal__.

via GD&C, S&C

City of Detroit Chapter 9 (2)—デトロイトの財政破綻

Detroit on Thursday filed the largest-ever municipal bankruptcy in the United States, with an estimated $18.5 billion in debt. Kevyn Orr, the city’s emergency manager, referred to Chapter 9—the bankruptcy statute governing municipal filings—as a “powerful” tool to right Detroit’s ship.

http://www.ritholtz.com/blog/wp-content/uploads/2013/07/chart3.jpg

via N.Y. Times, Washington Post, Bloomberg/Business Week, L.A. Times, WSJ, WSJ, WSJ, Reuters, Reuters, Bloomberg

Submartingale?

証券投資が劣マルチンゲールであるかは,証券投資を行うか否かを決定する際に重要だと思います。

そこで次の2つのグラフを御覧ください。

  • Source: Robert Shiller, author’s calculations. 1-day returns since 1930, via S&P Capital IQ.

http://g.foolcdn.com/editorial/images/50947/market-returns_larger_0613_large.jpg

  • Source: Robert Shiller, author’s calculations.

http://g.foolcdn.com/editorial/images/50947/min_and_max_large.jpg

第一のグラフは,1871年から2012年までのS&P 500の月次のリターンについて,様々保有期間の間で,配当やインフレを調整して,その投資リターンを計算したものです。

第二のグラフは,様々な保有期間毎に,最高のリターンと最低のリターンを求めたものです。

via The Motley Fool