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eBook details

• Title: Reflections on a Visit to Leo Strine's Peaceable Kingdom (Response to Article by Leo E. Strine Jr. In This Issue, P. 1)
• Author : The Journal of Corporation Law
• Release Date : January 22, 2007
• Genre: Business & Personal Finance,Books,
• Pages : * pages
• Size : 283 KB

Description

Management and activist shareholders have engaged in a tug-of-war for leverage over corporate decisions for the last decade or more. Most recently, each contestant seeks to strengthen its position by advocating for changes in the way directors are chosen. With the Securities Exchange Commission (SEC) currently vetting two competing proposals concerning shareholder board nominations and elections, and an active debate on how much "say" shareholders should have on CEO pay, Vice Chancellor Strine's contribution to the debate is timely. Vice Chancellor Strine is one of the most insightful judges writing today. For example, he pithily describes short-term investors, such as activist hedge funds, as "transients on short-term visas" in contrast to "long-term citizen" investors. (1) He argues that, based on their relative commitments to the corporate enterprise, the current governance structure inappropriately allocates control, giving short-termers undeserved influence.

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