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Full-Text Articles in Securities Law
Profiting From Our Pain: Privileged Access To Social Impact Investing, Cary Martin Shelby
Profiting From Our Pain: Privileged Access To Social Impact Investing, Cary Martin Shelby
Scholarly Articles
Social impacting investing has become the latest trend to permeate the financial markets. With massive anticipated funding gaps for sustainable development goals, and a millennial-driven thirst for doing good while doing well, this trend is likely to continue in the coming decades. This burgeoning industry is poised to experience yet an additional boost, since it provides an alternative mechanism for private actors to “profit from our pain,” particularly in the wake of the COVID-19 pandemic and the Black Lives Matter movement.
As to be expected, the law has not sufficiently adapted to this new wave of innovation. Scholars have thus …
The Independent Board As Shield, Gregory H. Shill
The Independent Board As Shield, Gregory H. Shill
Washington and Lee Law Review
The fiduciary duty of loyalty bars CEOs and other executives from managing companies for personal gain. In the modern public corporation, this restriction is reinforced by a pair of institutions: the independent board of directors and the business judgment rule. In isolation, each structure arguably promotes manager fidelity to shareholder interests—but together, they enable manager prioritization. This marks a particularly striking turn for the independent board. Its origin story and raison d’être lie in protecting shareholders from opportunism by managers, but it functions as a shield for managers instead.
Numerous defects in the design and practice of the independent board …