日本経済新聞「株主総会、実のある対話へ法改正 株主提案に上限案」(2018年1月15日)

もう一つの柱である取締役会改革では、社外取締役の設置の義務付けが焦点だ。主に上場会社を対象に義務付ける案と、現行のまま義務付けない案を併記する。義務付けには企業経営の透明性向上に期待する声がある。一方、東京証券取引所の上場企業の9割超が社外取締役を設けており、あえて義務付ける必要はないとの見方もある。

WSJ, Three, Four, Five? How Many Board Seats Are Too Many?

Directors at public companies spend an average of 248 hours a year for each board served, up from nearly 191 hours in 2005, according to surveys by the National Association of Corporate Directors. The tallies cover tasks such as attending meetings, travel and chats with management. “It’s more of a job now,” observed Peter Gleason, the association’s president.

Outsourcing the Board

In this groundbreaking work, Stephen Bainbridge and Todd Henderson change the conversation about corporate governance by examining the origins, roles, and performance of boards with a simple question in mind: why does the law require governance to be delivered through individual board members? While tracing the development of boards from quasi-political bodies through the current “monitoring” role, the authors find the reasons for this requirement to be wanting. Instead, they propose that corporations be permitted to hire other business associations—known as “Board Service Providers” or BSPs—to provide governance services. Just as corporations hire law firms, accounting firms, and consulting firms, so too should they be permitted to hire governance firms, a small change that will dramatically increase board accountability and enable governance to be delivered more efficiently. Outsourcing the Board should be read by academics, policymakers, and those within the corporations that will benefit from this change.

Shareholder Rights Projectについての議論

Harvard大学のShareholder Rights Projectは,期差選任の上場会社を減少させるという成果を短期間で挙げたため,注目される存在だと思います。同プロジェクトの活動の合法性について疑義を表する論文が,スタンフォード大学の教授および現役の連邦証券取引委員会の委員から呈されました。

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