International Trade 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

Pengakuan Hak Masyarakat Adat Dalam Hukum Pengelolaan Sumber Daya Alam: Studi Perbandingan Indonesia–Australia, Farid Al Hadana, Sukarman Sukarman, Farhan Margono, Hamzah Hamzah

Jurnal Hukum & Pembangunan

Meskipun terdapat pengakuan konstitusional di Indonesia dan Australia, hak-hak masyarakat adat dalam tata kelola sumber daya alam masih lemah perlindungannya, terutama karena kerangka kerja Indonesia yang terfragmentasi dan tersentralisasi gagal mewujudkan keadilan lingkungan. Makalah ini membandingkan rezim hukum Indonesia dan Australia terkait tata kelola lahan dan sumber daya masyarakat adat untuk mengidentifikasi bagaimana pengakuan dapat diubah menjadi hak yang dapat ditegakkan dan untuk merumuskan model reformasi yang berorientasi pada keadilan bagi Indonesia. Dengan menggunakan analisis hukum komparatif kualitatif, makalah ini menggabungkan observasi doktrinal terhadap yurisprudensi konstitusional, peraturan-undangan, dan yurisprudensi dengan pemeriksaan dokumen kebijakan dan konflik ilustratif yang melibatkan wilayah masyarakat …

Green Dividends: A Case Study In Green Dividends And The Conditions For Private Ordering Solutions, Anne M. Tucker

Seattle University Law Review

This Essay introduces a novel private ordering solution to facilitate corporate investments in pro-social and environmental initiatives: Green dividends. Green dividends are an optional increase in shareholder dividends that are returned to the company to be reinvested in environmental initiatives or kept by a shareholder.

Green dividends pose an alternative to the current gridlocked debate that corporations can’t, won’t, shouldn’t, and shouldn’t even try to act in pro-social or environmental ways. Turning the common refrains on their head converts each narrative into an element for a successful private ordering solution: authority, accountability, shareholder buy-in, and government- backed enforcement. With Green …

Does Climate Disclosure Work To Reduce Greenhouse Gas Emissions? Emerging Evidence Suggests Cautious Optimism, Cynthia A. Williams

Seattle University Law Review

Significant regulatory resources have been spent developing global, voluntary climate and sustainability disclosure standards, such as the TCFD, TNRD, and ISSB’s Sustainability and Climate Disclosure standards, or domestically required disclosures, such as in the EU and in the U.S. Thus, it is important to evaluate whether this disclosure, particularly voluntary, qualitative disclosure, will have the power to shift the allocation of capital, will have a significant effect on the management of climate risk within firms, and ultimately will reduce climate change risk and biodiversity loss.

In this Article, several interrelated questions will be discussed. First, what does the empirical evidence …

Volume 48 Masthead, Seattle University Law Review

Seattle University Law Review

Volume 48 Masthead

Ius Constituendum Pengaturan Ambang Batas Parlemen Berdasarkan Putusan Mahkamah Konstitusi Nomor 116/Puu-Xxi/2023, Arsyianti Mega Nanda, Erland Ferdinansyah

Jurnal Hukum & Pembangunan

Pemilu merupakan wujud pelaksanaan kedaulatan rakyat di Indonesia yang menganut sistem presidensial dan multipartai. Namun, banyaknya partai memicu instabilitas koalisi dan melemahkan dukungan terhadap presiden. Untuk mengatasi hal ini diterapkan ambang batas parlemen (Parliamentary Threshold). Putusan MK No. 116/PUU-XXI/2023 menyatakan ambang batas 4% konstitusional untuk Pemilu 2024, namun inkonstitusional untuk Pemilu selanjutnya. Putusan ini menegaskan perlunya ambang batas baru yang tidak hanya menyederhanakan sistem kepartaian, tetapi juga menjamin keadilan suara dan proporsionalitas sesuai prinsip kedaulatan rakyat. Penelitian ini menggunakan metode yuridis normatif dengan pendekatan kualitatif-deskriptif. Pengumpulan data dilakukan melalui studi kepustakaan. Kerangka teori yang digunakan dalam penelitian ini meliputi teori …

Analisis Demokrasi Pada Pengisian Jabatan Gubernur Dan Wakil Gubernur Di Daerah Istimewa Yogyakarta, Akbar Ardya Putra, Rosita Candrakirana, Andina Elok Puri Maharani

Jurnal Hukum & Pembangunan

The aim of this research is to analyze the implementation of democracy in the process of filling the governor and deputy governor positions in the Yogyakarta Special Region. This is regulated in the Special Areas Act No. 13/2012. The Act stipulates that the candidates for governor can only be the descendants of the Yogyakarta Sultanate and the candidates for deputy governor can be the descendants of the Duchy of Pakualaman. Following these provisions, there are differences between the special region of Yogyakarta and other regions using general elections to fill regional heads. The results of the study show that the …

Menguak Status Dan Legalitas Rupiah Digital Sebagai Legal Tender (Perspektif Teori Keadilan Bermartabat), Sylvia Setjoatmadja, Jeferson Kameo

Jurnal Hukum & Pembangunan

Digital technology and modern telecommunications have been and will continue to be key factors in the emergence of various innovative products. One such innovative product is digital currency, specifically Central Bank Digital Currency (CBDC). In Indonesia, advancements in digital technology and telecommunications have encouraged the government to issue a CBDC, which will be named Digital Rupiah. The initiative to issue Digital Rupiah also responds to global trends and the public's need for secure, efficient, and sustainable payment instruments.

However, the plan to issue Digital Rupiah is not without challenges, particularly regarding the clarity of its legal status as a lawful …

Digital Constitutionalism: Resistensi Kebebasan Berpendapat Di Indonesia Dalam Hegemoni Algoritma Ruang Digital, Yuniar Prehatini, Linda Noviana Mita Devi

Jurnal Hukum & Pembangunan

Era digital membawa transformasi dalam segala aspek kehidupan. Perkembangan teknologi menghadirkan perkembangan zaman pada sisi positif dan negatif dimana penggunaan ruang digital yang dapat diakses tanpa batasan wilayah. Kebebasan diartikan melalui teknologi dengan adanya akses ruang digital memberikan kemudahan akses kepada siapa pun. Melalui algoritma digital, segala hal baik dari aspek budaya, politik, maupun ekonomi dapat diketahui sehingga hal ini juga dapat menimbulkan keresahan apabila tidak diatur batasan akan keberadaannya. Penelitian ini menggunakan penelitian normatif yang fokus pada analisis terhadap norma, asas, doktrin, dan teori hukum yang berkaitan dengan perlindungan hak asasi manusia di ruang digital. Hasil penulisan ini menunjukkan …

Analisis Klausula Choice Of Forum Dalam Kontrak Standar E-Commerce Di Indonesia: Kajian Berdasarkan Perspektif Perlindungan Konsumen, Sarping Saputra

Jurnal Hukum & Pembangunan

This research discusses choice of forum clauses in standard contracts on the five largest e-commerce platforms in Indonesia, namely Shopee, Tokopedia, Lazada, Bukalapak, and Blibli. The clause stipulates the mechanism and location of dispute resolution that automatically binds consumers when using the platform. In practice, these clauses tend to burden consumers, especially regarding access to fair dispute resolution. This research focuses on the compatibility of the choice of forum clause with the principles of consumer protection regulated in the Consumer Protection Law (UUPK). The results reveal that most e-commerce platforms use exclusive forms of choice of forum clauses, such as …

Dekolonisasi Hukum Perdata Indonesia: Kritik Terhadap Warisan Kolonial Dan Implikasinya Terhadap Pembangunan Hukum Berkeadilan, R. Mustar Lofi

Jurnal Hukum & Pembangunan

Hukum perdata Indonesia hingga kini masih berada di bawah bayang-bayang warisan kolonial, terutama melalui keberlakuan Burgerlijk Wetboek (BW) 1848 yang diwarisi dari Belanda. Meskipun berbagai peraturan baru telah diundangkan, fondasi utama hukum perdata belum sepenuhnya lepas dari struktur, nilai, dan cara pandang kolonial. Artikel ini mengkaji secara kritis bagaimana dominasi hukum kolonial masih berpengaruh dalam pembentukan dan penegakan hukum perdata di Indonesia, serta mengapa dekolonisasi menjadi penting dalam pembangunan sistem hukum yang berkeadilan. Dengan menggunakan pendekatan yuridis-normatif dan analisis interdisipliner dari perspektif sosiologis hukum dan filsafat hukum, tulisan ini menelusuri bagaimana warisan hukum kolonial menciptakan ketimpangan, terutama dalam hal akses …

Crypto & The Climate: Will Local & National Environmental Regulation Save Or Stifle The Cryptocurrency Boom?

Fordham Environmental Law Review

As cryptocurrencies continue to gain traction among mainstream investors and consumers, regulators and lobbyists are increasingly taking note of the potential environmental impacts of the industry. At its core, the process of mining new currency for virtual wallets is energy intensive, which can place strains on electrical grids and accelerate the impacts of climate change. However, these effects are felt very differently depending on what source of electricity the mining operation utilizes and the methodology behind the specific currency. These variable factors are on the minds of legislators and regulators as public pressure to better understand and regulate the industry …

A Shifting Focus: How Algal Turf Scrubbers (Ats) In Natural Waterways Can Prevent Toxic Blooms And Could Save The Algae Energy Industry

Fordham Environmental Law Review

Biofuels have generated global interest among oil companies and governments. In particular, algal biofuels are slated to be more promising than traditional biofuel feedstocks, like corn and sugarcane, which are simultaneously cultivated as food products. However, the drawbacks of harvesting algae on a large industrial scale has led to intense criticism. Most critics focus on issues of sustainability, scalability of production, and the legal and ethical concerns of genetically modified crops. New research in cyanobacteria, however, illustrates algae’s potential to produce clean electricity in addition to oil, ethanol, and gasoline. Moreover, using Algal Turf Scrubbers (“ATS”) in natural waterways offers …

Why We Need A Constitutional Right To Healthy Environment In Canada

Fordham Environmental Law Review

The increasing demand for constitutional recognition of the right to a healthy environment (‘RTHE’) has been a matter of public concern and debate in many countries, including Canada.2 This paper asks, will a constitutional RTHE within the Canadian Constitution add any value when statutes already exist to protect the environment (and thereby health)? The present environmental statutes work towards protecting the environment, and by protecting the environment, public health can be protected.3 Together, both of them form a ‘healthy environment’, ie., an environment that fosters a healthy life.4 This paper will argue that there is additional value in recognizing a …

Pengungkapan Model Mediasi Kepada Pihak Bersengketa Oleh Mediator Sebagai Pelaksanaan Prinsip Informed Consent (Kajian Mediasi Sektor Perbankan), Tri Harnowo, Fahmi Shahab

Jurnal Hukum & Pembangunan

The mediation techniques commonly used by mediators are facilitative, evaluative, or hybrid models. The choice of mediation model generally depends on the complexity of the dispute, the nature of the relationship, and the expectations for further cooperation. This research examines the application and disclosure of mediation models in the banking sector. The methodology used is normative, analyzing regulations related to the application and disclosure of mediation models in the banking sector. Data collection was obtained from primary legal materials in the form of legislation, secondary legal materials such as professional codes of ethics, books, articles, and scientific journals, and tertiary …

Ratio Legis Penambahan Modal Negara Kepada Lembaga Pembiayaan Ekspor Indonesia, Syarif Hidayat

Jurnal Hukum & Pembangunan

Since its establishment under Law Number 2 of 2009 concerning The Indonesian Export Financing Institution (LPEI), the Indonesian Export Financing Institution has gained additional capital participation nine times between 2010 and 2021 by the passage of government regulations. The rules for extra capital in the legislation on its establishment only take the form of regulations in the event that the capital of the Indonesian Export Financing Institution is decreased by a particular amount, but the additional capital that has been carried out thus far is not meant to replace the capital deficiency. As a result, this research was undertaken to …

Urgensi Memahami Arbitrase Bagi Pemangku Kepentingan Dunia Bisnis Di Indonesia, Bambang Hariyanto, Saptarini Saptarini

Jurnal Hukum & Pembangunan

Abstract The resolution of business disputes through arbitration forums is increasingly favored by the majority of business actors in Indonesia. One indication of this is the growing number of business actors, both from the private sector and state-owned enterprises, who include arbitration agreements as dispute clauses in their contracts. Arbitration has even attracted the interest of MSMEs (Micro, Small, and Medium Enterprises) as a forum to resolve their business disputes. This phenomenon ultimately highlighted the urgency for stakeholders in the business world to understand arbitration. Using normative juridical methods, this article contained a series of analyses of primary materials, including …

A Greater Purpose For Icebergs: Iceberg Trade To Combat The Effects Of Climate Change, Lee A. Foden

Ocean and Coastal Law Journal

Three-fourths of the planet’s freshwater is stored in glaciers, and as the glaciers melt, humans are forfeiting their greatest freshwater resource. Climbing global temperatures, attributable to greenhouse gas emissions and climate change, accelerate glacial melt while intensifying drought and water scarcity. This Comment identifies a way to relocate our greatest freshwater resource before it melts into the salty sea. Further, this Comment discusses how an iceberg trade could ensure the right to water by creating access to freshwater for all. Finally, this Comment introduces the iceberg trade as an equitable remedy to be employed by the Paris Agreement in the …

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

Ocean and Coastal Law Journal

No abstract provided.

Regulatory Takings In Climate Change: Geo- Engineering One’S Way Around The Fifth Amendment, Noah Chase

Fordham Environmental Law Review

Picture yourself as the owner of a small business located in the downtown area of a large city; your business consists of a shop and an adjoining parking lot. A new regulation has just been passed which requires any owner of property within the city limits to paint all roofs and parking areas with a new reflective coating, in order to reduce the heat which is absorbed by such structures. The idea of closing your business down for this time, along with other connected issues, scares you, and you begin to wonder if your local government truly has your best …

Arizona V. Navajo Nation And Systemic Failures In The Tribal Water Allocation Scheme, Jennifer Horkovich

Fordham Environmental Law Review

When the United States Supreme Court’s decision in Arizona v. Navajo Nation was published in June 2023, Indian Country was hardly surprised with the Court’s ruling. There, the Court found that the United States had no affirmative duty to affirmatively protect the Navajo Nation’s water rights under the 1868 Treaty.1 The Court was clear: the treaty is insufficient for the Navajo’s current water needs, but the judiciary is unable to step in to find relief.2 This decision is another in a long series of cases on water allocation and the federal reserved water right, where tribes have been unable to …

Environmental Protection, Sustainability And The Prevention Of Satellite Collisions In Outer Space, Yun Zhao

Fordham Environmental Law Review

With space commercialization and privatization continuing apace, more space objects are expected to be launched and put into operation in the future, adding to the already large number of defunct satellites and space debris present in outer space. Hence, serious study should be devoted to possible mechanisms for dealing with potential collisions in outer space for the purpose of realizing environmental protection and space sustainability. In view of the inadequacy of the existing legal regime, this article explores possible such mechanisms (including a preventive mechanism, avoidance mechanism and compensation mechanism) from the perspective of interdependence theory and puts forward a …

Defrosting Regulatory Chill, Guillermo J. Garcia Sanchez

Faculty Scholarship

In Homer’s Odyssey, King Odysseus asked his men to tie him to the mast of his ship with the hope that he would not jump into the sea after listening to the Sirens. The Odyssey’s hero made a pact to bind himself in the future. He knew that the temptation would be impossible to resist without restraints. Similarly, the creators and advocates of international investment agreements believe that providing rights to foreign investors through international treaties will chill State policies that would harm the interests of investors in the future. The “rope” to tie the State is the threat of …

U'Wa Indigenous People Vs. Columbia: Potential Applications Of The Escazu Agreement, Ariana Lippi

Sustainable Development Law & Policy

Though the case is ongoing, and results are still to be seen, it in many ways sets a precedent for indigenous communities in Latin America seeking redress for environmental and cultural injustices. With Colombia’s recent ratification of The Escazú Regional Agreement (the Agreement herein) in 2022, this case presents a unique opportunity for implementation of the Agreement and greater accountability within existing domestic legislation.