Posted by Victoria Gaytan and Hilary Novik-Sandberg, BlackRock, Inc., on Friday, March 31, 2023 Editor's Note: Victoria Gaytan and Hilary Novik-Sandberg are Vice Presidents at BlackRock Investment Stewardship. This post is based on their BlackRock memorandum. Our Engagement Priorities BlackRock Investment Stewardship’s (BIS) Engagement Priorities [1] reflect the five themes on which we most frequently engage [2] companies, where they are relevant, as these can be a source of material business risk or opportunity. As such, they may impact companies’ ability to deliver the long-term financial r ..read more

Posted by the Harvard Law School Forum on Corporate Governance, on Friday, March 31, 2023 Editor's Note: This roundup contains a collection of the posts published on the Forum during the week of March 24-30, 2023. Internalizing Externalities: Disclosure Regulation for Hydraulic Fracturing, Drilling Activity and Water Quality Posted by Pietro Bonetti (IESE Business School), Christian Leuz (University of Chicago), and Giovanna Michelon (University of Bristol) , on Friday, March 24, 2023 Tags: climate disclosures, climate risk, disclosure mandates, energy production, environmental externalities ..read more

Posted by Caroline San Martin and Bram Houtenbos, Wellington Management, on Thursday, March 30, 2023 Editor's Note: Carolina San Martin is the Director of ESG Research, and Bram Houtenbos is a Governance Policy and Proxy Voting Manager at Wellington Management. This post is based on their Wellington memorandum. Following our annual review of Wellington’s Global Proxy Voting Guidelines, we have made a few notable changes. As always, the updated guidance is intended to help Wellington’s investment teams vote proxies in our clients’ best interests. As the name implies, our Guidelines are not int ..read more

Posted by Pierre Chaigneau (Queens University), Alex Edmans (London Business School), and Daniel Gottlieb (London School of Economics and Political Science) , on Wednesday, March 29, 2023 Editor's Note: Pierre Chaigneau is Associate Professor & Commerce ’77 Fellow of Finance at Queen’s University, Alex Edmans is a Professor of Finance, Academic Director, Centre for Corporate Governance at London Business School, and Daniel Gottlieb is a Professor of Managerial Economics and Strategy at the London School of Economics and Political Science. This post is based on their recent paper. Related r ..read more

Posted by Gail Weinstein, Andrew B. Barkan and Brian Hecht, Fried, Frank, Harris, Shriver & Jacobson LLP, on Wednesday, March 29, 2023 Editor's Note: Gail Weinstein is Senior Counsel, and Andrew B. Barkan and Brian Hecht are Partners at Fried, Frank, Harris, Shriver & Jacobson LLP. This post is based on a Fried Frank memorandum by Ms. Weinstein, Mr. Barkan, Mr. Hecht, Philip Richter, Steven Epstein, and John M. Bibona and is part of the Delaware law series; links to other posts in the series are available here. Related research from the Program on Corporate Governance include ..read more

Posted by Ryan Colucci, Compensation Advisory Partners, on Tuesday, March 28, 2023 Editor's Note: Ryan Colucci is an Associate at Compensation Advisory Partners. This post is based on his CAP memorandum. Related research from the Program on Corporate Governance includes The Growth of Executive Pay by Lucian Bebchuk, and Yaniv Grinstein; Paying for Long-Term Performance (discussed on the Forum here) by Lucian Bebchuk, and Jesse Fried; The CEO Pay Slice (discussed on the Forum here) by Lucian Bebchuk, Martijn Cremers, and Urs Peyer; and Golden Parachutes and the Wealth of Shareholders (discussed ..read more

Posted by Lucian A. Bebchuk (Harvard Law School) , on Monday, March 27, 2023 Editor's Note: Lucian Bebchuk is the James Barr Ames Professor of Law, Economics, and Finance and Director of the Program on Corporate Governance at Harvard Law School. Related research from the Program on Corporate Governance includes Self-Fulfilling Credit Market Freezes by Lucian Bebchuk and Itay Goldstein.    Credit Suisse, one of the world’s largest 30 banks with assets exceeding $500 billion, melted down earlier this month. How this collapse quickly unfolded raises serious questions about th ..read more

Posted by Isaac Mamaysky, Potomac Law Group, on Monday, March 27, 2023 Editor's Note: Isaac Mamaysky is a Partner at Potomac Law Group PLLC. This post is based on his Potomac Law piece. Related research from the Program on Corporate Governance includes The Illusory Promise of Stakeholder Governance (discussed on the Forum here) by Lucian A. Bebchuk and Roberto Tallarita; How Much Do Investors Care about Social Responsibility? (discussed on the Forum here) by Scott Hirst, Kobi Kastiel, and Tamar Kricheli-Katz; Does Enlightened Shareholder Value add Value  ..read more

Posted by Maureen Bujno and Kristen Sullivan, Deloitte & Touche LLP, on Sunday, March 26, 2023 Editor's Note: Maureen Bujno is a Managing Director, and Kristen Sullivan is a Partner and leads Sustainability and ESG at Deloitte & Touche LLP. This post is based on their Deloitte memorandum. Related research from the Program on Corporate Governance includes The Illusory Promise of Stakeholder Governance (discussed on the Forum here) by Lucian A. Bebchuk and Roberto Tallarita; For Whom Corporate Leaders Bargain (discussed on the Forum here) and Stakeholder Capitalism in the Time ..read more

Posted by Pat Tucker and Garrett Muzikowski, FTI Consulting, on Saturday, March 25, 2023 Editor's Note: Pat Tucker is a Senior Managing Director and Garrett Muzikowski is a Director at FTI Consulting. This post is based on their FTI Consulting piece. Related research from the Program on Corporate Governance includes Social Responsibility Resolutions (discussed on the Forum here) by Scott Hirst. Shareholder proposal season is upon us, with companies in the full swing of the SEC no action process and beginning to think about their response strategies. This year will be unlike any other. 2023 is ..read more