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So, many observers around the world seem to think that U.S. Investor'Say on Pay' Is a Bust, which is thetitle of this article in Business Week:
– which makes the perfectly logical and factual point that after all the hoopla, The bottom line: Shareholders this year for the first time could vote on executive pay. A majority voted against pay plans at only 32 of 1,998 companies.
May 25, 2011 – In a meeting open to the public, the SEC approved its final rules implementing the whistleblower provisions in Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Here are the final rules, which mandate the payment of large incentive rewards to whistleblowers.
Philip Leslie and Paul Oyer at Stanford GSBhave concluded in this working paper what I think most investment bankers sort of already knew. But it is certainly useful to confirm.
Working paper by David F. Larcker and Anastasia A Zakolyukina at Stanford:We find that answers of deceptive executives have more references to general knowledge, fewer non-extreme positive emotions, and fewer references to shareholders value and value creation. In addition, deceptive CEOs use signicantly fewer self-references, more third person plural and impersonal pronouns, more extreme positive emotions, fewer extreme negative emotions, and fewer certainty and hesitation words.
Professor, Gerald F. Davis Stephen M. Ross School of Business at the University of Michigan, has written a fascinating paper with the above title, available athttp://bit.ly/lQSiit.
Abstract
The following interview appeared as part of GovernanceMetrics International’sFounders’ Forum. GMI is the leading independent provider of global corporate governance and ESG ratings and research. Corporate stakeholders – including leading investors, insurers, auditors, regulators and others – use GovernanceMetrics services to identify and monitor risks related to non-financial measures covering key environmental, social, governance and […]
(The following interview appeared as part of GovernanceMetrics International’sFounders’ Forum. GMI is the leading independent provider of global corporate governance and ESG ratings and research. Corporate stakeholders – including leading investors, insurers, auditors, regulators and others – use GovernanceMetrics services to identify and monitor risks related to non-financial measures covering key environmental, social, governance and […]
Video of Joe Grundfest shedding light on the issuessurrounding diversity on corporate boards, making the point that: The argument and agenda for diversity isbigger and stronger than the argument that is based simply on the statistical data, and that not everything shows up in the stock price.
http://rockcenter.stanford.edu/2010/07/23/joe-grundfest-on-diversity-on-corporate-boards/
Soft Law and the State-Market Relationship at the University of Tokyo, a Global COE Program, publishes the UT Soft Law Review. All full text articles on the recent issue of M&As and the Law is available at its project site:
http://www.gcoe.j.u-tokyo.ac.jp/en/publications/UTsoftlaw3.pdf
Market for Corporate Control in Japan by Kenichi Osugi
Hostile takeovers and Defenses – Implications from Delaware Law UT Soft Law Review, No. 2 is available at the following URL:
http://www.gcoe.j.u-tokyo.ac.jp/en/publications/UTsoftlaw2.pdf