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Full-Text Articles in Law
Art Deaccessions And The Limits Of Fiduciary Duty, Sue Chen
Art Deaccessions And The Limits Of Fiduciary Duty, Sue Chen
Duke Law Student Papers Series
Art deaccessions prompt lawsuits against museums, and some commentators advocate using the stricter trust standard of care, instead of the prevailing corporate standard (business judgment rule), to evaluate the conduct of non‑profit museum boards. This Article explores the consequences of adopting the trust standard by applying it to previously unavailable deaccession policies of prominent art museums. It finds that so long as museum boards adhere to these policies, their decisions would satisfy the trust standard. This outcome illustrates an important limitation of fiduciary law: the trust standard evaluates procedural care but cannot assess deaccessions on their merits. Yet this limitation, …
Guests At The Table?: Independent Directors In Family-Influenced Public Companies, Deborah A. Demott
Guests At The Table?: Independent Directors In Family-Influenced Public Companies, Deborah A. Demott
Faculty Scholarship
No abstract provided.
Conflicts And Financial Collapse: The Problem Of Secondary-Management Agency Costs, Steven L. Schwarcz
Conflicts And Financial Collapse: The Problem Of Secondary-Management Agency Costs, Steven L. Schwarcz
Faculty Scholarship
Corporate governance scholarship has long focused on conflicts of interest between firms and their top executive officers. This Essay contends that increasing leverage and financial complexity make it important for scholars to also focus on conflicts of interest between firms and their secondary managers.
A Response To The Critics Of Corporate Criminal Liability, Sara Sun Beale
A Response To The Critics Of Corporate Criminal Liability, Sara Sun Beale
Faculty Scholarship
This essay responds to critics of corporate liability and to the claim that elimination or limitation of such liability should be a priority for law reform. It discusses four points. First, imposing criminal liability on corporations makes sense, because corporations are not mere “fictional” entities. Rather, corporations are very real – and enormously powerful – actors whose conduct often causes very significant harms both to individuals and to society as a whole. Second, in evaluating the priorities for law reform it is critical to recognize that most of the problems with corporate liability are endemic to U.S. criminal law, rather …