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Volume 48 Masthead, Seattle University Law Review

Seattle University Law Review

Volume 48 Masthead

Table Of Contents, Seattle University Law Review

Seattle University Law Review

Table of Contents

Corporate Scenarios: Drawing Lessons From History, Madison Condon

Seattle University Law Review

As corporations are increasingly pressed to reveal information about their exposure to climate-related risks, they are often asked to undertake and disclose the outcome of “scenario analysis.” In this exercise, corporations, including financial institutions, examine how their business would fare under different pathways the future may take. One oft-used scenario, for example, is the International Energy Agency’s “Net-Zero by 2050: A Roadmap for the Energy Sector.” This Essay presents a history of the use of scenarios as a corporate planning tool, particularly in the oil industry, arguing that it is key for understanding our present moment and the role of …

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

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

The Failings Of Post-War Japanese Antitrust Reforms, Gregory Hayes

Northwestern Journal of International Law & Business

This paper discusses the antitrust reform measures taken during the occupation of Japan following the end of World War II. These antitrust reforms included the dissolution of the zaibatsu business groups and the adoption of the Antimonopoly Act. However, the trust-busting and antitrust measures taken by Japan failed to prevent the eventual rise of keiretsu business groups and lower the concentration of corporate ownership in Japan. The primary reasons behind this failure were the inability of the reformers to fully dismantle the zaibatsu business groups and the changing priorities of the reformers due to the growing threat of the spread …

Medellín Manifesto On Transnational Value Chains And International Law, Diane Desierto

Journal Articles

Global Value Chains (GVCs) have been heralded as the ‘new world of trade’, yet they branch far beyond what has traditionally been considered ‘trade’—they interact with and are informed by multiple legal regimes often in ways unrelated to the theoretical and practical bases of those regimes. Building on the 2016 IGLP Manifesto, which sought to place law at the centre of GVC research, the Medellín Manifesto’s aspiration is to establish a research agenda that is specifically focused on international law: one that treats GVCs as amorphous and transnational legal creatures—they are transnational value chains (TVCs); one that recognises that the …

The Click-And-Commit World Order, Melissa (M.J.) Durkee

Scholarship@WashULaw

This essay explores the rise of a new model of global governance: the “click-and-commit world order,” characterized by digitally mediated pledging platforms through which a wide array of actors—states, corporations, cities, NGOs, and individuals—publicly commit to addressing global problems through non-binding promises. In contrast to traditional treaty-making, these pledging platforms offer a decentralized, voluntary framework for international cooperation that relies on public declarations rather than negotiated obligations.

Within the U.N. system, this mode of governance developed within the United Nations Global Compact and the Paris Climate Agreement, where bottom-up pledges were institutionalized within formal and informal international structures. The internet …

International Economic Agreements As Impediments To Carbon Tax Climate Change Mitigation: Is The Un Framework Tax Convention The Way Forward?, Edwin Vanderbruggen

Indian Journal of International Economic Law

This article outlines some of the international legal impediments to domestic environmental tax policies in furtherance of climate change mitigation, i.e. certain WTO rules on trade in goods, fuel tax exemptions in aviation treaties, and tax stabilisation provisions that are protected under the umbrella clause of investment treaties. It argues that international action is the most effective and often the only option to address those legal obstacles. The emergence of the United Nations Framework Convention on International Tax Cooperation (‘FTC’) is, in that regard, a timely development. Given the central institutional role UN-related bodies already have in climate change, sea …

Mapping Human Rights Obligations In Investment Treaty Arbitration: Decoupling By Tribunals, Animesh Das

Indian Journal of International Economic Law

The progressive approach of investment arbitration tribunals in some recent cases represents a gradual development in reconciling human rights law and international investment law. This position finds support in recent scholarly literature, through analyses of cases such as Urbaser, Bear Creek Mining and David Aven. What if the reality is otherwise? For decades, investment arbitral tribunals have maintained a grey area governing the relationship between human rights law and international investment law. The institutional caution has resulted in the decoupling of these two normative orders. Consequently, investment treaty arbitrations face a legitimacy deficit in their ability to uphold human rights …

Preventing The Importation And Sale Of Genuine Goods Bearing American-Owned Trademarks: Protecting An American Goodwill, Timothy H. Hiebert

Maine Law Review

A trademark's "primary and proper function," it has been said, "is to identify the origin or ownership of the article to which it is affixed." Thus, if a trademark indicates either the original producer or an exclusive distributor as the source of the goods on which it appears, it will be entitled to protection against infringement. Related to this source identification function are a trademark's quality assurance and advertising functions. Because the public comes to associate trademarked goods with a certain standard of quality, a trademark guarantees that the goods on which it appears will meet public expectations about quality. …

Make America Healthy: Reducing High Pharmaceutical Prices Without Reducing Innovation, Srividhya Ragavan

Faculty Scholarship

Cost of medication in the United States has historically remained one of the highest in the world. The conundrum that the United States has faced in balancing innovation with affordability of life-saving medications is palpable, especially when faced with the reality of patent monopolies conflicting with healthcare obligations. The result is an overflow of issues, which emphasize the need to delineate limits on innovation to balance pharmaceutical novelty with robust public health within the United States. This has increasingly shifted the focus of patent law into the realm of healthcare issues. Naturally, it leads to an inquiry about how best …

Between Hope And Despair: The Misery Of International Law – Confrontations With Injustice In The Global Economy, Kanad Bagchi

Indian Journal of International Economic Law

No abstract provided.

Time To Stop Trip-Ing: The World Needs A New Geographical Indications Agreement, Evan Glatt

Brooklyn Journal of International Law

When it comes to purchasing food and alcohol, a product’s name carries weight and helps consumers make decisions. When the product’s name includes a place and establishes a certain level of quality and expectation, consumers trust that the product is what it purports to be. This concept, the reputation of a particular food product by name, is known as a geographical indication (GI). GIs cover a wide range of products, from the well-known champagne to lesser known products such as Roquefort cheese. GIs create financial value for local producers, contribute to sustainability initiatives, and raise the quality of goods for …

A New Governance Framework In Cross-Border Tax Policymaking, Tamir Shanan, Doron Narotzki, Noam Zamir

Brooklyn Journal of Corporate, Financial & Commercial Law

The first tax treaty can probably be traced to the end of the 19th century: the treaty between the Swiss Federal Council (on behalf of the Canton of Vaud) and Great Britain. However, most tax scholars refer to the period following World War I, including the work of the League of Nations, as the formative period in which the international tax regime was founded. In the 1920s, the League of Nations formed a committee of four renowned economists that was asked to formulate a set of rules that would assist states in allocating taxing rights of cross-border income and gains …

A Critical Examination Of "Decoupling": An Introduction, Dongsheng Zang, Miles Lee

Washington International Law Journal

No abstract provided.

Japan's Response To The Trade Conflict Between The United States And China, Rikako Watai

Washington International Law Journal

Abstract: Decoupling refers to the strategy of separating and disconnecting economies and markets between different nations. However, in the contest of the ongoing trade conflict between the United States and China, decoupling primarily refers to determining economic dependence on a specific nation as a national security risk, thereby reinforcing vulnerabilities in one’s supply chain. Japan views the United States as its primary partner in national security policy and China as a significant market because of its geographic proximity. As a result, ensuring economic security became a pressing concern for Japan.

Japan refers to the United States’ idea of economic …

Is India The "New China" In U.S. Foreign Policy?, Sital Kalantry

Washington International Law Journal

Abstract: The University of Washington International Law Journal’s timely symposium explores the strains in the U.S.-China political and economic relationship. As China and the United States become estranged, or “decoupled,” this essay explores the United States’ relationship with India in light of this trend. The U.S.-India foreign relations are stronger today than they have been in India’s 75-year history as an independent nation.[1] To understand why this is the case, we have to examine both the U.S. and Indian foreign policy perspectives. The United States’ interest in India has grown in part due to the United States’ own …

Bidenomics Versus Maganomics: Pick Your Poison, Thomas Schoenbaum

Washington International Law Journal

Abstract: This essay compares the international trade policies of the two candidates for U.S. President in 2024, Joseph Biden[1] and Donald Trump, and argues in favor of a “third way” alternative to promote free trade in 2025 and onward. I first analyze the trade law revolution effected by the Trump presidency from 2017-2021. During these years the Trump administration adopted a protectionist policy rooted in nationalism and populism. As a direct result of Trump administration trade policy there occurred: (1) a significant retreat from globalization; (2) paralysis of the World Trade Organization; (3) a revival of U.S. unilateralism …

Decoupling Defined: Four Theories And Four Illustrations From The Sino-American Trade War, Raj Bhala

Washington International Law Journal

Abstract: This article seeks to bring clarity to a much used, yet ill-defined, term “decoupling.” The article explores the theory and practice of “decoupling” in the context of the Sino-American Trade War, which, launched in March 2018, shows no sign of a ceasefire. As to theory, this article argues that conceptually, “decoupling” takes (at least) four forms. There is efficiency, jurisprudential, security, and values decoupling. As to practice, this article shows these four theoretical typologies of decoupling are obvious today. This theory and practice are illustrated (respectively) with respect to labor-intensive industries, commercial transactions in rule-of-man jurisdictions or …

Imperial Collision: Future Of China's Relations With Russia, Dongsheng Zang

Washington International Law Journal

Abstract: In April 2024, Biden Administration officials revealed that in the year 2023, about 90% of Russia’s microelectronics came from China, which Russia has used to make missiles, tanks, and aircraft. Nearly 70% of Russia’s approximately $900 million in machine tool imports in the last quarter of 2023 also came from China.[1] U.S. Secretary of State Antony Blinken recently stated at the G7 meeting that “[w]e see China sharing machine tools, semiconductors, [and] other dual-use items that have helped Russia rebuild the defense industrial base.”[2] This demonstrates how far China is willing to go in defiance of the …

China's Response To The U.S. Call For Decoupling: The Foreign Investment Law Of 2020, Daniel C. Chow

Washington International Law Journal

Abstract: In response to the U.S.’s calls for U.S.-China decoupling by repatriating U.S. business operations and eschewing new investments in China, China introduced the Foreign Investment Law (“FIL”) in 2020. The FIL marks a new era of foreign investment in China. It eliminates the requirement of prior government approval for all foreign-funded enterprises, including joint ventures consisting of U.S. companies and domestic Chinese state-owned enterprises. Many U.S. companies found the approval process under the previous legal regime to be time consuming, arduous, and oppressive. This process has now been replaced by a simple registration process under the FIL and the …