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No Need To Reinvent The Wheel: The Positive Relationship Between Green Technology And Patient Enforcement, Addison S. Fowler Feb 2024

No Need To Reinvent The Wheel: The Positive Relationship Between Green Technology And Patient Enforcement, Addison S. Fowler

Villanova Environmental Law Journal

No abstract provided.


Shareholder Primacy Versus Shareholder Accountability, William W. Bratton Jan 2024

Shareholder Primacy Versus Shareholder Accountability, William W. Bratton

Seattle University Law Review

When corporations inflict injuries in the course of business, shareholders wielding environmental, social, and governance (“ESG”) principles can, and now sometimes do, intervene to correct the matter. In the emerging fact pattern, corporate social accountability expands out of its historic collectivized frame to become an internal subject matter—a corporate governance topic. As a result, shareholder accountability surfaces as a policy question for the first time. The Big Three index fund managers, BlackRock, Vanguard, and State Street, responded to the accountability question with ESG activism. In so doing, they defected against corporate legal theory’s central tenet, shareholder primacy. Shareholder primacy builds …


Public Primacy In Corporate Law, Dorothy S. Lund Jan 2024

Public Primacy In Corporate Law, Dorothy S. Lund

Seattle University Law Review

This Article explores the malleability of agency theory by showing that it could be used to justify a “public primacy” standard for corporate law that would direct fiduciaries to promote the value of the corporation for the benefit of the public. Employing agency theory to describe the relationship between corporate management and the broader public sheds light on aspects of firm behavior, as well as the nature of state contracting with corporations. It also provides a lodestar for a possible future evolution of corporate law and governance: minimize the agency costs created by the divergence of interests between management and …


Corporate Law In The Global South: Heterodox Stakeholderism, Mariana Pargendler Jan 2024

Corporate Law In The Global South: Heterodox Stakeholderism, Mariana Pargendler

Seattle University Law Review

How do the corporate laws of Global South jurisdictions differ from their Global North counterparts? Prevailing stereotypes depict the corporate laws of developing countries as either antiquated or plagued by problems of enforcement and misfit despite formal convergence. This Article offers a different view by showing how Global South jurisdictions have pioneered heterodox stakeholder approaches in corporate law, such as the erosion of limited liability for purposes of stakeholder protection in Brazil and India, the adoption of mandatory corporate social responsibility in Indonesia and India, and the large-scale program of Black corporate ownership and empowerment in South Africa, among many …


Robo-Voting: Does Delegated Proxy Voting Pose A Challenge For Shareholder Democracy?, John Matsusaka, Chong Shu Jan 2024

Robo-Voting: Does Delegated Proxy Voting Pose A Challenge For Shareholder Democracy?, John Matsusaka, Chong Shu

Seattle University Law Review

Robo-voting is the practice by an investment fund of mechanically voting in corporate elections according to the advice of its proxy advisor— in effect fully delegating its voting decision to its advisor. We examined over 65 million votes cast during the period 2008–2021 by 14,582 mutual funds to describe and quantify the prevalence of robo-voting. Overall, 33% of mutual funds robo-voted in 2021: 22% with ISS, 4% with Glass Lewis, and six percent with the recommendations of the issuer’s management. The fraction of funds that robo-voted increased until around 2013 and then stabilized at the current level. Despite the sizable …


The Esg Information System, Stavros Gadinis, Amelia Miazad Jan 2024

The Esg Information System, Stavros Gadinis, Amelia Miazad

Seattle University Law Review

The mounting focus on ESG has forced internal corporate decision-making into the spotlight. Investors are eager to support companies in innovative “green” technologies and scrutinize companies’ transition plans. Activists are targeting boards whose decisions appear too timid or insufficiently explained. Consumers and employees are incorporating companies sustainability credentials in their purchasing and employment decisions. These actors are asking companies for better information, higher quality reports, and granular data. In response, companies are producing lengthy sustainability reports, adopting ambitious purpose statements, and touting their sustainability credentials. Understandably, concerns about greenwashing and accountability abound, and policymakers are preparing for action.

In this …


Stakeholder Governance On The Ground (And In The Sky), Stephen Johnson, Frank Partnoy Jan 2024

Stakeholder Governance On The Ground (And In The Sky), Stephen Johnson, Frank Partnoy

Seattle University Law Review

Professor Frank Partnoy: This is a marvelous gathering, and it is all due to Chuck O’Kelley and the special gentleness, openness, and creativity that he brings to this symposium. For more than a decade, he has been open to new and creative ways to discuss important issues surrounding business law and Adolf Berle’s legacy. We also are grateful to Dorothy Lund for co-organizing this gathering.

In introducing Stephen Johnson, I am reminded of a previous Berle, where Chuck allowed me some time to present the initial thoughts that led to my book, WAIT: The Art and Science of Delay. Part …


Franchising Law In The United States Between Theory And Practice: Heads Up For Foreign Investors, Radwa Elsaman Jan 2024

Franchising Law In The United States Between Theory And Practice: Heads Up For Foreign Investors, Radwa Elsaman

Touro Law Review

As a dynamic vehicle for fostering investment opportunities, both domestically and internationally, franchising spans a diverse array of industrial sectors, encompassing both goods and services. The United States plays a highly influential role in global franchise industry promotion, with a vast majority of International Franchise Association members representing American companies. Present data underscores that franchising has extended its reach to virtually every sector of the American economy. Notably, the United States stands among just four common law nations that have established dedicated franchise legislation, operating at both state and federal levels. This framework includes provisions for pre-sale disclosure, registration of …


Stakeholder Capitalism’S Greatest Challenge: Reshaping A Public Consensus To Govern A Global Economy, Leo E. Strine Jr., Michael Klain Jan 2024

Stakeholder Capitalism’S Greatest Challenge: Reshaping A Public Consensus To Govern A Global Economy, Leo E. Strine Jr., Michael Klain

Seattle University Law Review

The Berle XIV: Developing a 21st Century Corporate Governance Model Conference asks whether there is a viable 21st Century Stakeholder Governance model. In our conference keynote article, we argue that to answer that question yes requires restoring—to use Berle’s term—a “public consensus” throughout the global economy in favor of the balanced model of New Deal capitalism, within which corporations could operate in a way good for all their stakeholders and society, that Berle himself supported.

The world now faces problems caused in large part by the enormous international power of corporations and the institutional investors who dominate their governance. These …


Delegated Corporate Voting And The Deliberative Franchise, Sarah C. Haan Jan 2024

Delegated Corporate Voting And The Deliberative Franchise, Sarah C. Haan

Seattle University Law Review

Starting in the 1930s with the earliest version of the proxy rules, the Securities and Exchange Commission (SEC) has gradually increased the proportion of “instructed” votes on the shareholder’s proxy card until, for the first time in 2022, it required a fully instructed proxy card. This evolution effectively shifted the exercise of the shareholder’s vote from the shareholders’ meeting to the vote delegation that occurs when the share-holder fills out the proxy card. The point in the electoral process when the binding voting choice is communicated is now the execution of the proxy card (assuming the shareholder completes the card …


A Different Approach To Agency Theory And Implications For Esg, Jonathan Bonham, Amoray Riggs-Cragun Jan 2024

A Different Approach To Agency Theory And Implications For Esg, Jonathan Bonham, Amoray Riggs-Cragun

Seattle University Law Review

In conventional agency theory, the agent is modeled as exerting unobservable “effort” that influences the distribution over outcomes the principal cares about. Recent papers instead allow the agent to choose the entire distribution, an assumption that better describes the extensive and flexible control that CEOs have over firm outcomes. Under this assumption, the optimal contract rewards the agent directly for outcomes the principal cares about, rather than for what those outcomes reveal about the agent’s effort. This article briefly summarizes this new agency model and discusses its implications for contracting on ESG activities.


Stakeholder Governance As Governance By Stakeholders, Brett Mcdonnell Jan 2024

Stakeholder Governance As Governance By Stakeholders, Brett Mcdonnell

Seattle University Law Review

Much debate within corporate governance today centers on the proper role of corporate stakeholders, such as employees, customers, creditors, suppliers, and local communities. Scholars and reformers advocate for greater attention to stakeholder interests under a variety of banners, including ESG, sustainability, corporate social responsibility, and stakeholder governance. So far, that advocacy focuses almost entirely on arguing for an expanded understanding of corporate purpose. It argues that corporate governance should be for various stakeholders, not shareholders alone.

This Article examines and approves of that broadened understanding of corporate purpose. However, it argues that we should understand stakeholder governance as extending well …


The Need For Corporate Guardrails In U.S. Industrial Policy, Lenore Palladino Jan 2024

The Need For Corporate Guardrails In U.S. Industrial Policy, Lenore Palladino

Seattle University Law Review

U.S. politicians are actively “marketcrafting”: the passage of the Bipartisan Infrastructure Law, the CHIPS and Science Act, and the Inflation Reduction Act collectively mark a new moment of robust industrial policy. However, these policies are necessarily layered on top of decades of shareholder primacy in corporate governance, in which corporate and financial leaders have prioritized using corporate profits to increase the wealth of shareholders. The Administration and Congress have an opportunity to use industrial policy to encourage a broader reorientation of U.S. businesses away from extractive shareholder primacy and toward innovation and productivity. This Article examines discrete opportunities within the …


Capitalism Stakeholderism, Christina Parajon Skinner Jan 2024

Capitalism Stakeholderism, Christina Parajon Skinner

Seattle University Law Review

Today’s corporate governance debates are replete with discussion of how best to operationalize so-called stakeholder capitalism—that is, a version of capitalism that considers the interests of employees, communities, suppliers, and the environment alongside (if not before) a company’s shareholders. So much focus has been dedicated to the question of capitalism’s reform that few have questioned a key underlying premise of stakeholder capitalism: that is, that competitive capitalism does not serve these various constituencies and groups. This Essay presents a different view and argues that capitalism is, in fact, the ultimate form of stakeholderism. As such, the Essay urges that the …


Table Of Contents, Seattle University Law Review Jan 2024

Table Of Contents, Seattle University Law Review

Seattle University Law Review

Table of Contents


The Structure Of Corporate Law Revolutions, William Savitt Jan 2024

The Structure Of Corporate Law Revolutions, William Savitt

Seattle University Law Review

Since, call it 1970, corporate law has operated under a dominant conception of governance that identifies profit-maximization for stockholder benefit as the purpose of the corporation. Milton Friedman’s essay The Social Responsibility of Business is to Increase Its Profits, published in September of that year, provides a handy, if admittedly imprecise, marker for the coronation of the shareholder-primacy paradigm. In the decades that followed, corporate law scholars pursued an ever-narrowing research agenda with the purpose and effect of confirming the shareholder-primacy paradigm. Corporate jurisprudence followed a similar path, slowly at first and later accelerating, to discover in the precedents and …


The Limits Of Corporate Governance, Cathy Hwang, Emily Winston Jan 2024

The Limits Of Corporate Governance, Cathy Hwang, Emily Winston

Seattle University Law Review

What is the purpose of the corporation? For decades, the answer was clear: to put shareholders’ interests first. In many cases, this theory of shareholder primacy also became synonymous with the imperative to maximize shareholder wealth. In the world where shareholder primacy was a north star, courts, scholars, and policymakers had relatively little to fight about: most debates were minor skirmishes about exactly how to maximize shareholder wealth.

Part I of this Essay discusses the shortcomings of shareholder primacy and stakeholder governance, arguing that neither of these modes of governance provides an adequate framework for incentivizing corporations to do good. …


The Quick And The Dead (And The Transported), Manushag N. Powell Dec 2023

The Quick And The Dead (And The Transported), Manushag N. Powell

ABO: Interactive Journal for Women in the Arts, 1640-1830

In most nations that still execute prisoners—including the U.S.—it is illegal to execute a pregnant person. In English common law, women have been permitted to “plead the belly” in one form or another since the 14th century, and this fact is sometimes misconstrued by anti-choice and forced-birth advocates as evidence of a long legal tradition of protection for the lives of fetuses. In fact, it is merely evidence of a long history of legal inconsistencies in the ways laws were applied and sentences carried out against women, for whom there were fewer options for clemency than for men. This …


Institutional Liability For Sexual Violence In Prisons Based On Theaided-By-Agency Theory, Tori Klevan Dec 2023

Institutional Liability For Sexual Violence In Prisons Based On Theaided-By-Agency Theory, Tori Klevan

Fordham Law Review

Sexual assault perpetrated by correctional officers in prisons and jails is a pervasive problem in women’s correctional facilities. However, victims who choose to pursue a civil action rarely recover damages for their injuries because our legal system fails to provide adequate options for relief. This failure leaves victims uncompensated and disincentivizes correctional institutions from implementing effective preventative measures. Part of the reason for this failure is that most U.S. courts refuse to hold employers liable for sexual violence committed by their employees. They find that employers cannot be held liable for the tortious conduct of their employees unless the conduct …


An Originalist Approach To Prospective Overruling, John O. Mcginnis, Michael Rappaport Dec 2023

An Originalist Approach To Prospective Overruling, John O. Mcginnis, Michael Rappaport

Notre Dame Law Review

Originalism has become a dominant jurisprudential theory on the Supreme Court. But a large number of precedents are inconsistent with the Constitution’s original meaning and overturning them risks creating enormous disruption to the legal order. This article defends a prospective overruling approach that would harmonize precedent with originalism’s rise and reduce the disruption from overrulings. Under prospective overruling, the Court declares that an existing statute violates the original meaning but will continue to be enforced because declaring it unconstitutional would produce enormous costs; however, future statutes of this type will be voided as unconstitutional. Under our approach, the Court would …


Common Law Statutes, Charles W. Tyler Dec 2023

Common Law Statutes, Charles W. Tyler

Notre Dame Law Review

The defining feature of a “common law statute” is that it resists standard methods of statutory interpretation. The category includes such important federal statutes as the Sherman Act, § 1983, and the Labor Management Relations Act, among others. Despite the manifest significance of common law statutes, existing caselaw and legal scholarship lack a minimally defensible account of how courts should decide cases arising under them. This Article supplies such an account. It argues that judges should decide cases arising under common law statutes by applying rules representing a consensus among American courts today—i.e., rules that jurisdictions generally have in common. …


In The Kingdom Of Saudi Arabia And Ways To Activate Them: Analytical Study, Rakan Fahad Alharbi Dr Nov 2023

In The Kingdom Of Saudi Arabia And Ways To Activate Them: Analytical Study, Rakan Fahad Alharbi Dr

UAEU Law Journal

of Saudi Arabia and Ways to Aactivate Them [Analytical study]”, the researcher adopted the descriptive analytical approach which described the concept and analyze the practice of governance standards. In addition, the researchers used the inductive approach wherein tracking the obstacles that faced the application of finical integrity, compliance, transparency, and disclosure to enhance administrative efficiency and reach the rational decision of the parties concerned with civil associations. The study aimed at clarifying the concept of governance, its importance, and influences in the third sector, the legal foundations on which the governance of civil associations depends on, clarifying the governance standards …


Perlindungan Hukum Bagi Pembeli Terhadap Gugatan Pembatalan Jual Beli Tanah Oleh Para Ahli Waris Penjual, M Waldi Ali Soraya, Lauditta Humaira ,S.H.,M.Kn. Nov 2023

Perlindungan Hukum Bagi Pembeli Terhadap Gugatan Pembatalan Jual Beli Tanah Oleh Para Ahli Waris Penjual, M Waldi Ali Soraya, Lauditta Humaira ,S.H.,M.Kn.

Lex Patrimonium

In the implementation of the Sale and Purchase Binding Agreement Deed, a dispute may occur. For example, if the land being sold is an inheritance. For example, one of the sellers does not approve of the sale and purchase, or the land is sold by someone who is not an heir. Of course the buyer will be disadvantaged. The aim of the research is to find out the legal provisions governing the unilateral cancellation of the PPJB, to explain the determination of unlawful acts and to analyze the legal protection for buyers in land sale and purchase agreements which are …


Perbandingan Rechtsverwerking Sebagai Doktrin Hukum Di Indonesia Dan Doktrin Estoppel Di Amerika Serikat Pada Bidang Hukum Perjanjian, Joseph Noviandri, Togi Marolop Pangaribuan Nov 2023

Perbandingan Rechtsverwerking Sebagai Doktrin Hukum Di Indonesia Dan Doktrin Estoppel Di Amerika Serikat Pada Bidang Hukum Perjanjian, Joseph Noviandri, Togi Marolop Pangaribuan

Lex Patrimonium

This journal discusses the scope of rechtsverwerking as a doctrine known as the ‘waiver of rights’ doctrine. rechtsverwerking refers to a situation where someone possesses a certain right but does not exercise it within a specific period, which may result in the loss of that right. This concept of waiving rights is widely recognized, As exemplified by Article 32 paragraph (2) of Government Regulation No. 24 of 1997 concerning the release of land rights, the application of the rechtsverwerking doctrine should no longer be used as the basis for releasing land rights, as legislation takes precedence over doctrines in the …


Perlindungan Hukum Terhadap Pemegang Perjanjian Pengikatan Jual Beli Atas Tanah Dimana Sertifikat Tanah Berada Dalam Penguasaan Bank (Studi Putusan Nomor 751 Pk/Pdt/2019), Ahmad Raihan Imani Setiawan, Abdul Salam Nov 2023

Perlindungan Hukum Terhadap Pemegang Perjanjian Pengikatan Jual Beli Atas Tanah Dimana Sertifikat Tanah Berada Dalam Penguasaan Bank (Studi Putusan Nomor 751 Pk/Pdt/2019), Ahmad Raihan Imani Setiawan, Abdul Salam

Lex Patrimonium

The dynamic and evolving nature of the law, which also gives rise to complexities in societal issues, requires legal certainty, especially concerning the legal protection for parties involved in a Sale and Purchase Agreement (PPJB). The purpose of this paper is to understand the legal position of the buyer based on a PPJB for land and buildings concerning the land that has been used as collateral by the seller to a bank. Additionally, it aims to determine whether the judge’s considerations were appropriate in providing legal protection to the buyer based on the PPJB, as per the verdict Number 751 …


Modernizing Language In The California Government Claims Act To Enable Consistent Enforcement Of Statutory Sovereign Immunity, Thomas Langtry Oct 2023

Modernizing Language In The California Government Claims Act To Enable Consistent Enforcement Of Statutory Sovereign Immunity, Thomas Langtry

Golden Gate University Law Review

Ideally, sovereign immunity provisions should (1) protect public officials from undue interference with discharge of their duties and (2) hold accountable public officials who act unlawfully. Analytical frameworks and statutes at both the federal and state levels often fail to fulfill these objectives. Federal courts are guided by statutes and objectives that are indirectly relevant to state courts. As a result, states are left to address independently how to address clams of sovereign immunity when plaintiffs file suits alleging torts by public entities and employees. In California, when plaintiffs sue public employees or entities in civil court, the California Government …


Mixing Mathematics And Morality: Precarity And Moral Hazard In Employment Insurance And Personal Insolvency Law, Anna J. Lund Oct 2023

Mixing Mathematics And Morality: Precarity And Moral Hazard In Employment Insurance And Personal Insolvency Law, Anna J. Lund

Dalhousie Law Journal

This article examines how financially precarious Canadians face particular challenges to accessing the benefits of employment insurance and personal insolvency because these two systems include features designed to guard against moral hazard. However, these design features do not adequately account for how an increasing number of Canadians are precariously employed and precariously indebted. This article synthesizes the research on precarious employment in Canada, and uses it to suggest how one might conceptualize precarious indebtedness. It then traces how the Canadian employment insurance and personal insolvency systems treat characteristics of financial precarity as evidence of misconduct. As a result, precariously employed …


Law’S Sexual Infections, Kyle Kirkup Oct 2023

Law’S Sexual Infections, Kyle Kirkup

Dalhousie Law Journal

In 2019, the House of Commons Standing Committee on Justice and Human Rights published its study on the criminalization of HIV non-disclosure in Canada. The report recommended removing HIV non-disclosure from sexual assault laws in Canada. This constituted a welcome development for many HIV advocates. Yet other recommendations proved more controversial. In order to counter the exceptional targeting of HIV, the Committee proposed an offence for the non disclosure of all infectious diseases. This article uses the proposal to develop three arguments. First, the idea of creating an offence for all infectious diseases finds its origins in criminal laws dating …


America’S Two Pastimes: Baseball And Constitutional Law; Review Of Adrian Vermeule, Common Good Constitutionalism, Paul J. Larkin Oct 2023

America’S Two Pastimes: Baseball And Constitutional Law; Review Of Adrian Vermeule, Common Good Constitutionalism, Paul J. Larkin

Catholic University Law Review

For the last 50 years, the two prevailing constitutional interpretation methodologies have been Originalism and Living Constitutionalism. The former treats the Constitution almost like a contract and demands that interpreters focus on the ordinary contemporary understanding its terms would have received when they became law. The latter treats the Constitution as a charter for the structure of a new government that would survive and mature as needed to protect both the nation and its people as new threats to government and civil liberties arise. Professor Adrian Vermeule’s book Common Good Constitutionalism offers a new approach to constitutional interpretation, one that …


Table Of Contents, Seattle University Law Review Oct 2023

Table Of Contents, Seattle University Law Review

Seattle University Law Review

Table of Contents