International Humanitarian Law Commons^™

Shareholder Expression In A Time Of Heightened Political Tension, Aaron A. Dhir

Seattle University Law Review

In this article, I provide context for my forthcoming research project on shareholder proposals and racial equity audits. Since the murder of George Floyd in May of 2020, progressive shareholder actors have increasingly used the proposal mechanism to advance diversity, equity, inclusion, and justice-related goals. These proposals have frequently gone beyond requesting the usual corporate fare of diversity trainings, intersectionality workshops, affinity groups, etc. Instead, a more ambitious type of proposal asks corporate America to conduct racial equity audits, defined as “an independent, objective and holistic analysis of a company’s policies, practices, products, services and efforts to combat systemic racism …

Corporate Governance Speech, Sarah C. Haan

Seattle University Law Review

The State has always regulated the intra-firm communications that make corporate governance possible, most commonly by mandating disclosures of information by a corporation to its shareholders. Some such laws are labeled “securities regulation,” but securities regulation is a broad category that extends to speech by actors who are outside the corporate enterprise as well. Also, the conventional securities regulation category does not capture all such laws; other examples, including informationforcing mandates, can be found in state corporate law. This Article uses the term “corporate governance speech” to describe the communications among shareholders, directors, and officers through which corporate governance is …

Dark Accounting Matter, Colleen Honigsberg

Seattle University Law Review

Physicists calculate that approximately 85% of the matter in the universe is composed of “dark matter” that “does not absorb, reflect, or emit electromagnetic radiation and is therefore difficult to detect.” The S&P 500 currently trades at a price-to-book value of 4.2, suggesting that book value accounts for less than 20% of the S&P 500’s market value. The remaining 80% appears nowhere in these firms’ balance sheets—it is invisible to contemporary accounting techniques and constitutes “dark accounting matter.”

Some “dark accounting matter” is composed of factors commonly described as components of “ESG.” Human capital, for example, is an intangible asset …

The Employees’ Dilemma: Balancing Internal Reporting, Whistleblowing, And Insider Trading Risks, Geeyoung Min

Seattle University Law Review

The Essay examines how recent developments in insider trading regulations and whistleblower reward programs can lead to unintended and counterproductive results of discouraging employees from using internal reporting channels within corporate compliance programs. While the presence of a robust and well-functioning corporate compliance program is a critical factor both in mitigating the level of public enforcement actions against companies and in protecting corporate managers from liability in private litigation, these programs often provide little incentive for employees to report potential misconduct internally.

Corporate compliance programs are designed to promote the upward information flow within the company, which is essential for …

How The Antidiscrimination Law Of Commercial Transactions Really Works, Helen Norton

Seattle University Law Review

A variety of businesses now cite 303 Creative when seeking First Amendment protection for their refusal to serve certain customers based on those customers’ protected class status. How this litigation will play out remains to be seen. But future courts need not, and should not, repeat the 303 Creative Court’s misunderstanding of how the antidiscrimination law of commercial transactions actually works.

Part I of this Essay explains the Court’s longstanding understanding of the antidiscrimination law of commercial transactions, and then describes the Court’s failure to engage with this precedent in 303 Creative. Part II then identifies the 303 Creative decision’s …

Understanding The Big Three’S Wavering Support Of Environmental And Social Shareholder Proposals, Jeff Schwartz, Jefferson Jensen

Seattle University Law Review

Because of their substantial equity portfolios, BlackRock, Vanguard, and State Street (the Big 3) are central players in corporate governance. It is, therefore, critical to understand how they vote. One puzzle is that their support for shareholder proposals on environmental and social matters appears to waiver. In 2020, for instance, BlackRock supported 11.1% of environmental proposals at S&P 500 firms. In 2021, it seemingly reversed course, supporting 55.2%. It then flipped again, supporting 32.1% in 2022. Such statistics suggest that the Big 3 are constantly changing their views on these topics. This Article seeks to better understand whether this is …

Volume 48 Masthead, Seattle University Law Review

Seattle University Law Review

Volume 48 Masthead

The Public Order Of The Arctic: Problems And Prospects, Charles H. Norchi

Ocean and Coastal Law Journal

No abstract provided.

Unclos And The Law Of Occupation: On The Rights And Duties Of Occupying States In Maritime Areas, Louis Mcdonough Monroy

International Law Studies

As of today, the framework of ocean governance of coastal maritime areas created by the United Nations Convention on the Law of the Sea (UNCLOS) is well understood and accepted by the international community. However, there are large and important areas of ocean space around the world that are subject to a more nuanced framework of interrelated norms. These are maritime areas that have come under the effective control of occupying States, often through the use of force. As such, the legal framework applicable to these maritime areas is that of the law of occupation. Nevertheless, because of the specificities …

Annotated Supplement To The Commander's Handbook On The Law Of Naval Operations

International Law Studies

The Commander’s Handbook on the Law of Naval Operations is used in the United States and throughout the world as a restatement of U.S. doctrinal law positions on matters affecting the operations of the U.S. Navy, the U.S. Marine Corps, and the U.S. Coast Guard. Judge advocates and legal advisers have occasion to conduct deeper research to identify the context and source of the rules reflected in the Commander’s Handbook. Responding to this need, an Annotated Supplement to The Commander’s Handbook was produced in 1997 and published as volume 73 of International Law Studies. In the intervening decades, …

Chapter 4: Safeguarding U.S. National Interests In The Maritime Environment

International Law Studies

The Commander’s Handbook on the Law of Naval Operations is used in the United States and throughout the world as a restatement of U.S. doctrinal law positions on matters affecting the operations of the U.S. Navy, the U.S. Marine Corps, and the U.S. Coast Guard. Judge advocates and legal advisers have occasion to conduct deeper research to identify the context and source of the rules reflected in the Commander’s Handbook. Responding to this need, an Annotated Supplement to The Commander’s Handbook was produced in 1997 and published as volume 73 of International Law Studies. In the intervening decades, …

Chapter 1: Legal Divisions Of The Oceans And Airspace

International Law Studies

The Commander’s Handbook on the Law of Naval Operations is used in the United States and throughout the world as a restatement of U.S. doctrinal law positions on matters affecting the operations of the U.S. Navy, the U.S. Marine Corps, and the U.S. Coast Guard. Judge advocates and legal advisers have occasion to conduct deeper research to identify the context and source of the rules reflected in the Commander’s Handbook. Responding to this need, an Annotated Supplement to The Commander’s Handbook was produced in 1997 and published as volume 73 of International Law Studies. In the intervening decades, …

Chapter 3: Protection Of Persons And Property At Sea And Maritime Law Enforcement

International Law Studies

The Commander’s Handbook on the Law of Naval Operations is used in the United States and throughout the world as a restatement of U.S. doctrinal law positions on matters affecting the operations of the U.S. Navy, the U.S. Marine Corps, and the U.S. Coast Guard. Judge advocates and legal advisers have occasion to conduct deeper research to identify the context and source of the rules reflected in the Commander’s Handbook. Responding to this need, an Annotated Supplement to The Commander’s Handbook was produced in 1997 and published as volume 73 of International Law Studies. In the intervening decades, …

Chapter 2: International Status And Navigation Of Military Vessels And Military Aircraft

International Law Studies

The Commander’s Handbook on the Law of Naval Operations is used in the United States and throughout the world as a restatement of U.S. doctrinal law positions on matters affecting the operations of the U.S. Navy, the U.S. Marine Corps, and the U.S. Coast Guard. Judge advocates and legal advisers have occasion to conduct deeper research to identify the context and source of the rules reflected in the Commander’s Handbook. Responding to this need, an Annotated Supplement to The Commander’s Handbook was produced in 1997 and published as volume 73 of International Law Studies. In the intervening decades, …

Chapter 12: Deception During Armed Conflict

International Law Studies

The Commander’s Handbook on the Law of Naval Operations is used in the United States and throughout the world as a restatement of U.S. doctrinal law positions on matters affecting the operations of the U.S. Navy, the U.S. Marine Corps, and the U.S. Coast Guard. Judge advocates and legal advisers have occasion to conduct deeper research to identify the context and source of the rules reflected in the Commander’s Handbook. Responding to this need, an Annotated Supplement to The Commander’s Handbook was produced in 1997 and published as volume 73 of International Law Studies. In the intervening decades, …

Chapter 10: Chemical, Biological, Radiological, And Nuclear Weapons

International Law Studies

The Commander’s Handbook on the Law of Naval Operations is used in the United States and throughout the world as a restatement of U.S. doctrinal law positions on matters affecting the operations of the U.S. Navy, the U.S. Marine Corps, and the U.S. Coast Guard. Judge advocates and legal advisers have occasion to conduct deeper research to identify the context and source of the rules reflected in the Commander’s Handbook. Responding to this need, an Annotated Supplement to The Commander’s Handbook was produced in 1997 and published as volume 73 of International Law Studies. In the intervening decades, …

Chapter 8: The Law Of Targeting

International Law Studies

The Commander’s Handbook on the Law of Naval Operations is used in the United States and throughout the world as a restatement of U.S. doctrinal law positions on matters affecting the operations of the U.S. Navy, the U.S. Marine Corps, and the U.S. Coast Guard. Judge advocates and legal advisers have occasion to conduct deeper research to identify the context and source of the rules reflected in the Commander’s Handbook. Responding to this need, an Annotated Supplement to The Commander’s Handbook was produced in 1997 and published as volume 73 of International Law Studies. In the intervening decades, …

Chapter 5: Principles And Sources Of The Law Of Armed Conflict

International Law Studies

The Commander’s Handbook on the Law of Naval Operations is used in the United States and throughout the world as a restatement of U.S. doctrinal law positions on matters affecting the operations of the U.S. Navy, the U.S. Marine Corps, and the U.S. Coast Guard. Judge advocates and legal advisers have occasion to conduct deeper research to identify the context and source of the rules reflected in the Commander’s Handbook. Responding to this need, an Annotated Supplement to The Commander’s Handbook was produced in 1997 and published as volume 73 of International Law Studies. In the intervening decades, …

Chapter 6: Adherence And Enforcement

International Law Studies

The Commander’s Handbook on the Law of Naval Operations is used in the United States and throughout the world as a restatement of U.S. doctrinal law positions on matters affecting the operations of the U.S. Navy, the U.S. Marine Corps, and the U.S. Coast Guard. Judge advocates and legal advisers have occasion to conduct deeper research to identify the context and source of the rules reflected in the Commander’s Handbook. Responding to this need, an Annotated Supplement to The Commander’s Handbook was produced in 1997 and published as volume 73 of International Law Studies. In the intervening decades, …

Chapter 11: Treatment Of Detained Persons

International Law Studies

The Commander’s Handbook on the Law of Naval Operations is used in the United States and throughout the world as a restatement of U.S. doctrinal law positions on matters affecting the operations of the U.S. Navy, the U.S. Marine Corps, and the U.S. Coast Guard. Judge advocates and legal advisers have occasion to conduct deeper research to identify the context and source of the rules reflected in the Commander’s Handbook. Responding to this need, an Annotated Supplement to The Commander’s Handbook was produced in 1997 and published as volume 73 of International Law Studies. In the intervening decades, …

Chapter 9: Conventional Weapons And Weapons Systems

International Law Studies

The Commander’s Handbook on the Law of Naval Operations is used in the United States and throughout the world as a restatement of U.S. doctrinal law positions on matters affecting the operations of the U.S. Navy, the U.S. Marine Corps, and the U.S. Coast Guard. Judge advocates and legal advisers have occasion to conduct deeper research to identify the context and source of the rules reflected in the Commander’s Handbook. Responding to this need, an Annotated Supplement to The Commander’s Handbook was produced in 1997 and published as volume 73 of International Law Studies. In the intervening decades, …

Chapter 7: The Law Of Neutrality

International Law Studies

The Commander’s Handbook on the Law of Naval Operations is used in the United States and throughout the world as a restatement of U.S. doctrinal law positions on matters affecting the operations of the U.S. Navy, the U.S. Marine Corps, and the U.S. Coast Guard. Judge advocates and legal advisers have occasion to conduct deeper research to identify the context and source of the rules reflected in the Commander’s Handbook. Responding to this need, an Annotated Supplement to The Commander’s Handbook was produced in 1997 and published as volume 73 of International Law Studies. In the intervening decades, …

A History Of Corporate Law Federalism In The Twentieth Century, William W. Bratton

Seattle University Law Review

This Article describes the emergence of corporate law federalism across a long twentieth century. The period begins with New Jersey’s successful initiation of charter competition in 1888 and ends with the enactment of the Sarbanes-Oxley Act in 2002. The federalism in question describes the interrelation of state and federal regulation of corporate internal affairs. This Article takes a positive approach, pursuing no normative bottom line. It makes six observations: (1) the federalism describes a division of subject matter, with internal affairs regulated by the states and securities issuance and trading regulated by the federal government; (2) the federalism is an …

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 …

Henderson And The Objective Observer Standard: The Future Of Race-Conscious Standards Post-Students For Fair Admissions, Gabriela Dionisio

Seattle University Law Review

On June 29, 2023, the Supreme Court of the United States decided Students for Fair Admissions v. President & Fellows of Harvard College, which struck down race-conscious admissions policies. Within just a year after its ruling, Students for Fair Admissions has already had a sweeping impact, reaching beyond higher education. Although the Supreme Court did not indicate whether Students for Fair Admissions applies to sectors beyond higher education, law firms, and other employers have already modified their diversity policies and initiatives, erasing race and company diversity considerations. Given those dramatic changes, there is growing fear that Students for Fair Admissions …

Same Crime, Different Time: Sentencing Disparities In The Deep South & A Path Forward Under The Fourteenth Amendment, Hailey M. Donovan

Seattle University Law Review

The United States has the highest incarceration rate of any country in the world. The American obsession with crime and punishment can be tracked over the last half-century, as the nation’s incarceration rate has risen astronomically. Since 1970, the number of incarcerated people in the United States has increased more than sevenfold to over 2.3 million, outpacing both crime and population growth considerably. While the rise itself is undoubtedly bleak, a more troubling truth lies just below the surface. Not all states contribute equally to American mass incarceration. Rather, states have vastly different incarceration rates. Unlike at the federal level, …

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 …

Securities Regulation And Administrative Deference In The Roberts Court, Eric C. Chaffee

Seattle University Law Review

In A History of Securities Law in the Supreme Court, A.C. Pritchard and Robert B. Thompson write, “Securities law offers an illuminating window into the Supreme Court’s administrative law jurisprudence over the last century. The securities cases provide one of the most accessible illustrations of key transitions of American law.” A main reason for this is that the U.S. Securities and Exchange Commission (SEC) is a bellwether among administrative agencies, and as a result, A History of Securities Law in the Supreme Court is a history of administrative law in the Supreme Court of the United States as well.

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 …

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 …