Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 2 of 2
Full-Text Articles in Law
The Dialectical Regulation Of Rule 14a-8: Intersystemic Governance In Corporate Law, Robert B. Ahdieh
The Dialectical Regulation Of Rule 14a-8: Intersystemic Governance In Corporate Law, Robert B. Ahdieh
Faculty Scholarship
In recent years, Rule 14a-8 of the Securities Exchange Act - first adopted more than sixty years ago to increase shareholder participation in corporate governance - has been the subject of a flurry of litigation, scholarly analysis, and SEC rulemaking. Most recently, following several years of debate, the SEC issued a significant clarification of the rule, reversing the Second Circuit's hotly contested interpretation of it in AFSCME v. AIG. For the most part, the debates surrounding Rule 14a-8 - including in the latter case - have focused on the scope of the rule's exceptions. This paper, selected for reprinting in …
Solving The ‘Initiatory Construction’ Puzzle (And Improving Direct Democracy) By Appropriate Refocusing On Sponsor Intent, Glenn Smith
Faculty Scholarship
This Article synthesizes and critiques a dozen years of scholarship about judicial construction of legislation passed by voter initiative. The Article then makes a comprehensive case for an alternative approach: an appropriately enhanced focus on the intent of initiative sponsors. More specifically, the Article validates, through analysis of recent California decisions, a longstanding scholarly consensus that the prevailing judicial search for "the intent of the voters" is seriously flawed. The Article provides the first synthesis to date of reform proposals offered by "initiatory-construction" scholars; the discussion contends that these proposals collectively fail four key evaluation criteria. Building on the 2003 …