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。



  • Some Thoughts for Boards of Directors in 2014

Wachtell Lipton Rosen & Katzの創立パートナーであり,ニューヨーク大学の理事長でもあるMartin Lipton氏によるSome Thoughts for Boards of Directorsです。


In many respects, the relentless drive to adopt corporate governance mandates seems to have reached a plateau: essentially all of the prescribed “best practices”—including say-on-pay, the dismantling of takeover defenses, majority voting in the election of directors and the declassification of board structures—have been codified in rules and regulations or voluntarily adopted by a majority of S&P 500 companies. Only 11 percent of S&P 500 companies have a classified board, 8 percent have a poison pill and 6 percent have not adopted a majority vote or plurality-vote-plus-resignation standard to elect directors. The activists’ “best practices” of yesterday have become the standard practices of today. While proxy advisors and other stakeholders in the corporate governance industry will undoubtedly continue to propose new mandates, we are currently in a period of relative stasis as compared to the sea change that began with the Sarbanes-Oxley Act and unfolded over the last decade.

via Harvard Law School


 最近は,こればかりという感じですが,Bebchuk教授が書いた論文について,Wachtell Lipton Rosen & KatzのLipton弁護士が反論しています。

 この話題も興味深いのですが,Schedule 13Dの提出期限に関するBebchuk教授とLipton弁護士の議論がより面白いので紹介します。

via The Conference Board, The Conference Board, N.Y. Times Dealbook