Law Commons^™

The Law And Practice Of Shareholder Inspection Rights: A Comparative Analysis Of China And The United States, Robin H. Huang, Randall S. Thomas

Vanderbilt Journal of Transnational Law

Shareholder inspection rights allow a shareholder to access the relevant documents of the company in which they hold an interest, so as to address the problem of information asymmetry and reduce the agency costs inherent in the corporate structure. While Chinese corporate governance and American corporate governance face different sets of agency cost problems, this Article shows that shareholder inspection rights play an important role in both China and the United States. On the books, while shareholder inspection rights in both countries are broadly similar, there are some important differences on issues such as the proper purpose requirement. The empirical …

Agreement In Principle: A Compromise For Activist Shareholders From The Uk Stewardship Code, David W. Roberts

Vanderbilt Journal of Transnational Law

Equity ownership in the United States and Europe is now highly concentrated in the hands of institutional investors, which gives rise to new problems of agency and corporate governance. These large investment intermediaries, such as mutual funds, specialize in maximizing beneficial owner value based on short-term performance benchmarks but lack the expertise and incentive to actively engage corporate boards on business strategy and governance matters. Instead, institutional investors are "rationally reticent," meaning that they are willing to respond to governance proposals but not to propose them. Activist shareholders may offer an endogenous solution to address "latent activism" in institutional intermediaries …

The Challenges And Risks Of Creating Independent Regulatory Agencies, Mariana M. Prado

Vanderbilt Journal of Transnational Law

Between 1996 and 2002, the Brazilian government established independent regulatory agencies (IRAs) for electricity, telecommunications, oil, gas, and other infrastructure sectors as part of a very ambitious privatization program. Following the formulas advocated internationally, Brazilian IRAs have institutional guarantees of independence, such as fixed and staggered terms of office for commissioners, congressional approval of presidential nominations, and alternative sources of funds to ensure their financial autonomy. This Article analyzes the design of IRAs in Brazil and asks whether their institutional guarantees of independence were effective in insulating them from the political sphere. The Author's general conclusion is that these guarantees--typical …

Special Project--Feast Or Famine: Issues, Problems, And Procedures Relating To Massive Relief Efforts With A Focus On The African Crisis, Peggy F. Brandenburg, Susan N. Burgess, Scott N. Greenspun, Sharon M. Janarek, Patrick M. Thomas, Linda L. Kotis

Vanderbilt Journal of Transnational Law

"The profound promise of our era is that for the first time we may have the technical capacity to free mankind from the scourge of hunger. Therefore, today we must proclaim a bold objective--that within a decade no child will go to bed hungry, that no family will fear for its next day's bread, and that no human being's future and capacities will be stunted by malnutrition."

One decade later, the ongoing drought and famine in Ethiopia, Chad, Mozambique and other African countries cruelly portray the failure of that promise. Each year, millions of dollars worth of aid, much of …

The Extraterritorial Application Of Nepa Under Executive Order 12,114, Sue D. Sheridan

Vanderbilt Journal of Transnational Law

On January 5, 1977, President Carter issued Executive Order No. 12,1142 (Executive Order) describing the scope of United States federal agencies' obligations to consider the environmental consequences of proposed agency actions abroad. In so doing, Carter purported to establish the sole legal authority governing agency response to the concern for the global environment. Moreover, the Executive Order was intended to resolve a heated debate over the extraterritorial applicability of the National Environmental Policy Act [NEPA] which had concerned federal agencies, courts, Congress, and the Executive Branch during three successive administrations.

The controversy focused on whether NEPA's requirement that an environmental …

Foreign Nationals And Agencies Of Foreign Governments As Persons Under The Freedom Of Information Act: A Question Of Constitutionality, Lloyd F. Leroy

Vanderbilt Journal of Transnational Law

This note will first examine the FOIA as it is juxtaposed against the President's power in the area of foreign affairs. Particular attention in this area will be directed to the expressed congressional purpose for passage of the FOLA and the President's role as sole voice of the nation in international relations. Next, the conflicting interests will be highlighted by means of a hypothetical fact situation in which the FOIA dictates disclosure of information which the President feels must be withheld because of foreign policy considerations. Finally, this note will propose some solutions to both the practical problems presented and …