Law of the Sea 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 …

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

Voting Matters: Materiality Considerations And The Shareholder Vote, Renee M. Jones

Seattle University Law Review

For the shareholder franchise to have meaning, shareholders must have access to relevant information to inform their voting decisions. The securities laws’ disclosure requirements play an essential role in informing the shareholder vote.

This Essay focuses on the question of the materiality of information in the context of shareholder voting. It addresses the question of whether ESG-related information is material, positioning the materiality inquiry within the context of shareholders’ voting decisions. It explores the definition of materiality with a focus on the “reasonable investor” concept embedded within the definition. The Essay argues that the implicit expectations of many commentators that …

Volume 48 Masthead, Seattle University Law Review

Seattle University Law Review

Volume 48 Masthead

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

What Next For Japan And The Republic Of Korea In The East China Sea? The Law Of The Sea Perspective, Makoto Seta, Vasco Becker-Weinberg

International Law Studies

In 1974, Japan and the Republic of Korea (RoK) concluded a joint development agreement concerning the continental shelf where their respective maritime claims overlapped. However, there has been no oil or gas production from the joint development zone. Therefore, after five decades of the agreement being in force, and because it can be unilaterally terminated after 2028, it is appropriate to consider what happens next for Japan and RoK in the East China Sea. Looking forward, the authors consider that the framework for post-2028 could take one of three forms: maintaining the status quo, terminating the joint development agreement, or …

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 …

Tanggung Jawab Negara Terhadap Eksistensi Masyarakat Pemukim Di Atas Air (Studi Kasus: Suku Bajo Desa Samabahari, Kabupaten Wakatobi), Aditya Nurahmani An

Jurnal Hukum & Pembangunan

The settler communities on the water are like the Bajo tribe, they have had a tradition of living on the water and in coastal areas for generations even before Indonesia became independent. The settler communities on the water have faced various problems such as legal certainty for settlements, threats of eviction, difficulty in accessing clean water and acts of discrimination. In this research, there are 2 (two) things to be studied, firstly what is the position of the settler community on the water in terms of the principle of common property resources in marine management and secondly what is …

A Flexible Approach To Reach An Equitable Solution: The Application Of Principles To The Delimitation Of The Continental Shelf, Ángeles Jiménez García-Carriazo

International Law Studies

The delimitation of the continental shelf is an old exercise shaped by case law and State practice. Although every delimitation is unique, judicial practice has provided guidance about the principles to be applied in pursuit of an equitable solution. This article examines the guiding doctrines, the contemporary principles, and the emerging principles and rules in the delimitation of the continental shelf. It first analyzes the role of principles in continental shelf delimitation within two hundred nautical miles. Subsequently, it examines whether the same principles apply to the delimitation of the extended continental shelf, considering that the entitlement within two hundred …

The Loss & Damage Fund: Will It Leave Greenland Behind?, Natalie L. Nowatzke

Ocean and Coastal Law Journal

The United Nations Framework Convention on Climate Change (UNFCCC) maintains three pillars of international climate governance: (1) mitigation, (2) adaptation, and (3) loss and damage. Loss and damage, the newest pillar, refers to the negative effects of climate change that transpire despite mitigation and adaptation measures. This notion has manifested into the newly operationalized Loss and Damage Fund, which is designed to compensate developing nations for the losses and damages that occur. This Comment identifies a gap in the Loss and Damage Fund, which will leave Greenland left out of receiving compensation, despite being extremely vulnerable to climate change, because …

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 …

Sea Ice And The Law Of The Sea: The Myth Of Article 234, Amanda H. Lynch, Charles H. Norchi

Ocean and Coastal Law Journal

The sea ice of Article 234 of UNCLOS represents not the physical ice of the Arctic Ocean but a negotiated myth of ice as it affects the Arctic littoral states. The stability of this prescription is threatened by anthropogenic climate change causing a preferential evacuation of ice from the eastern Arctic compared to the western Arctic, as well as expectations for a possible future ice-free Arctic. This is leading to an intensification of claims on marine space. The irreducible uncertainties of the future trajectory of Arctic change demands a dynamic response. The myth of Article 234 will ultimately align with …

Projections For Arctic Marine Accessibility: Risk Under Climate Change, Xueke Li, Amanda H. Lynch

Ocean and Coastal Law Journal

Few transformations in Earth systems are as dramatic as those currently occurring in the Arctic. We reveal the emergence of a new route regime in response to the evolving context of climate change and human pressures. This paradigm shift presents both opportunities for Arctic exploration and maritime trade, as well as risks for marine ecosystems and coastal communities. It underscores the need for concerted efforts to recalibrate the associated legal framework.

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 …

A Sustainable Seabed Mining Asset Valuation Code Framework, Keith Macmaster

PhD Dissertations

Seabed mining is governed by the United Nations Convention on the Law of the Sea, the Agreement relating to the Implementation of Part XI of the United Nations Convention on the Law of the Sea of 10 December 1982, the Mining Code, domestic laws of member states, and international law. The central tenets of seabed mining law are to develop the industry in accordance with the Common Heritage of Mankind, provide equitable sharing of financial and economic benefits derived from seabed mining activities, and protect and preserve the marine environment. Moreover, seabed mining must be developed and operated to not …

Beyond Patents: Incentive Strategies For Ocean Plastic Remediation Technologies, Jacob Stotser

Duke Law & Technology Review

With a garbage truck’s worth of plastic being dumped in the ocean each minute, there is a dire need for effective technological solutions aimed at mitigating the marine plastic pollution problem. However, the reliance of the U.S. patent system on market demand to incentivize this type of innovation has proven insufficient in light of the peculiarities of “green” technologies. To remedy this, this article proposes a multi-faceted incentivization approach that looks beyond the U.S. Patent and Trademark Office to stimulate the development of remediation technologies through comprehensive regulatory interventions, the establishment of prize funds and other alternative incentive mechanisms, and …

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.

Natural Resources In The Arctic: The Equal Distribution Of Uneven Resrouces, Ganeswar Matcha, Sudarsanan Sivakumar

Sustainable Development Law & Policy

This paper analyses the governance machine in place at the Arctic and examines the application of the principles of “common heritage of mankind” at the Arctic. This paper also offers some tentative propositions aimed at protecting Out Bound investment rights and how the World Trade Organization or other countries, like the U.S., can intercede in the Arctic investment sphere and attempt to regulate along with the United Nations Convention for the Law of the Sea.