Corporate governance expert Bob Monks has been publishing a series ofessaysreflecting his usual wisdom and thought-provoking analysis,entitled The Appearance of Reality. The piece reproduced below, on globalization and the corporation seems particularly relevant to Japan given the issues it is now facing.
Month: June 2011
Corporate Governance Pioneer Bob Monks’ “Aha” Moment
Long-time corporate governance pioneer and famous authorBob Monks' Aha moment came decades ago, in an experience that he describes in this video:
http://www.ragm.com/blog/Corporate-Governance-Aha-Moment
Listening to Bob, onecannot help but wonder whether the recent crisis in Fukushima will be a similar moment for many Japanese citizens.
TSE Issues its “White Paper on Corporate Governance 2011”
Recently the Tokyo Stock Exchangereleased itsTSE Listed Companies White Paper on Corporate Governance 2011. Itis available for downloading at the TSE website at this link: http://bit.ly/k0Smkj.
Supreme Court Decides Who Is the ‘Maker’ of a Statement Under Section 10(b)
On June 13, in a 5-4 decision, the U.S. Supreme Court narrowed the circumstances under which a defendant can be held liable in a private action under Rule 10b-5 for “making” a false or misleading statement. The decision held that an investment adviser did not “make” statements contained in prospectuses of the adviser’s mutual fund clients, even though the adviser may have assisted the mutual funds in preparing the statements.
Colonial First State Global Asset Management’s Third Responsible Investment Report
Colonial First State Global Asset Management's third Responsible Investment Report 2009, based on its responses to the United Nations Principles for Responsible Investment (PRI) Reporting & Assessment survey submitted in mid-2010:
ACGA’s Submission to Hong Kong Exchange
From ACGA's web site: In mid-April, ACGA submitted our response to the December 17, 2010 Hong Kong Exchanges and Clearing Limited (HKEx) consultation paper on proposed changes to the Code on Corporate Governance Practices and certain Listing Rules related to corporate governance.
ACGA analysed and offered responses on nine issues:
TEPCO’s Proxy Statement
We have uploaded TEPCO's proxy statement to the Japanese Data Library. Please see BDTI's Japanese Discussion Forum entry if you are interested to view and download it.
Two Papers from Professor Curtis Milhaupt of Columbia Law School
Professor Curtis Milhaupt has submitted two fascinating papers to BDTI,oneof which may present guidance for Japan:
The Evolution of Hostile Takeover Reigimes in Developed and Emerging Markets
http://bdti.mastertree.jp/f/x3kuo5ry
Economically Benevolent Dictators: Lessons for Developing Economies
New Publications from Deloitte
These timely documents were uploaded to our Data Libary.
Evaluating the Tone at the Top: Practical Suggestions for Auidt Committees http://bdti.mastertree.jp/f/w0tn1fd5
Is Fair Value Changing? FASB and IASB Issue Substantially Converged Requirements for Fair Value Measurement and Disclosure http://bdti.mastertree.jp/f/owi5j69x
Reports by Paul, Hastings, Janofsky & Walker LLP
The recent publications from Paul Hastingswere uploaded to ourData Library.
UK Securities Law Update Q1 2011 http://bdti.mastertree.jp/f/yvrpd9ib
Delaware Chancery Court Rules that a Reverse Triangular Merger May Constitue an Assignment by Operation of Law http://bdti.mastertree.jp/f/ua3c012w