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The Other Janus And The Future Of Labor’S Capital, David H. Webber
The Other Janus And The Future Of Labor’S Capital, David H. Webber
Faculty Scholarship
Two forms of labor’s capital—union funds and public pension funds—have profoundly reshaped the corporate world. They have successfully advocated for shareholder empowerment initiatives like proxy access, declassified boards, majority voting, say on pay, private fund registration, and the CEO-to-worker pay ratio. They have also served as lead plaintiffs in forty percent of federal securities fraud and Delaware deal class actions. Today, much-discussed reforms like revised shareholder proposal rules and mandatory arbitration threaten two of the main channels by which these shareholders have exercised power. But labor’s capital faces its greatest, even existential, threats from outside corporate law. This Essay addresses …
A Common-Sense Defense Of Janus: Forthcoming Changes In The Public Sector, Maria O'Brien
A Common-Sense Defense Of Janus: Forthcoming Changes In The Public Sector, Maria O'Brien
Faculty Scholarship
Many scholars and others have, for some time now, been calling attention to the alarming growth in post-employment and other benefits for unionized employees in the public sector. 17 A fairly well-understood phenomenon is thought to explain the inability of state and local governments to resist outsized demands from their public unions. As 18 Is and others 19 have argued, the central problem with public sector unions is that they find it easy to capture their employers (taxpayers) in ways that private sector unions cannot. The role played by often eager and feckless elected officials in this process has also …