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Say on Pay Myths
(From Bainbridge.com) I just read a very important paper, challenging the mythology that has grown up around say on pay.Larcker, David F., McCall, Allan L., Ormazabal, Gaizka and Tayan, Brian, Ten Myths of 'Say on Pay' (June 28, 2012). Available at SSRN: http://ssrn.com/abstract=2094704
The NY Times published a nice little contrarian piece discussing the perceived negative effects of putting shareholders first. http://dealbook.nytimes.com/2012/06/27/challenging-the-long-held-belief-in-shareholder-value/
In a new book, Columbia Professor Bruce Kogut discusses how network science reveals the small worlds and clubs behind the exercise of corporate governance. The research does not seem to cover Japan, but seems very pertinent for considering the evolution of governance here.
(Interview with Professor Rogut, taken from http://www4.gsb.columbia.edu/ideasatwork/feature/7228753 )
The following entry appeared as part of Harvard Law SchoolForum on Corporate Governance and Financial Regulation
“Red-Top”Corporate Governance Alerts for Japan? (Thoughts After the “Director Boot Camp)
By Nolan Haskovec June 2012
This report by Deloitte and the Society of Corporate Secretaries and Governance Professionals suggests that the vast majority of U.S boards conduct training and orientation sessions for their directors, or reimburse them for outside programs. See pages 53 and 54.
Abstract. This article reviews shareholder activism by hedge funds. We first describe the nature and characteristics of hedge fund activism, including the objectives, tactics, and choices of target companies. We then analyze possible value creation brought about by activist hedge funds, both for shareholders in the target companies and for investors in the hedge funds. […]
From Deloitte's 5/2012 Audit Committee Brief –
This is an excellent three-part series of videos of presentations made at the Stanford Rock Center on Corporate Governance, on the topic of shareholder activisn and how it has changed a lot in the last 15 years. The series provided a very up-to-date overview of proxy fights, PR wars and activist defense.