“the 2014 Reform of the Companies Act and the 2015 Japanese Corporate Governance Code introduced ‘comply or explain’ rules regarding appointment of one outside director or two independent directors, respectively” https://t.co/eu5X0CLvZz #corpgov
— Stefan Padfield (@ProfPadfield) November 23, 2018
the mandatory bid rule “requires anyone who obtains more than a certain percentage of shares in a public company to make a tender offer to all the shareholders of that company at a price no lower than a statutory benchmark” https://t.co/nFsKO371Z6 #corpgov
— Stefan Padfield (@ProfPadfield) November 23, 2018
“Our agency-costs analysis shows that index funds have strong incentives to (i) under-invest in stewardship, and (ii) defer excessively to the preferences and positions of corporate managers.” https://t.co/cUbAaA84vs #corpgov
— Stefan Padfield (@ProfPadfield) November 23, 2018
“the 7th Cir. ruled … that certain types of injunctions requiring firms to clean up previously released toxic chemicals were not dischargeable in bankruptcy…. companies … responded by reducing the volume of toxic chemicals they release” https://t.co/LeAC8qPILN #corpgov
— Stefan Padfield (@ProfPadfield) November 23, 2018
“The leading decisions of the antiregulatory First Amendment often associate free speech with a vision of market efficiency; but … closer to their heart is antistatist fear of entrenchment by elected officials, interest groups, and bureaucrats.” 118 Colum. L. Rev. 2161 #corpgov
— Stefan Padfield (@ProfPadfield) November 25, 2018