Legal Biography 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 …

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

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 …

Judge Edward T. Gignoux — A Personal Appreciation, Frank M. Coffin

Maine Law Review

Most occasions for encomia about judges occur when the subject has departed the scene of his accomplishments. Happily, the subject of this issue of the Maine Law Review is still with us and likely to be so for a long time. He also happens to measure up precisely to the overused word "paragon." I use it in the original Latin sense of "whetstone," something to sharpen against or to compare oneself with. My thesis is that Judge Gignoux gives observers of any age, but particularly the young, an inspiring role model. This volume is felicitously dedicated. The ever-present problem is …

Remembering Robert H. Mckinney, James Owsley Boyd

Keep Up With the Latest News from the Law School (blog)

The Maurer School of Law is mourning the passing of its graduate Robert H. McKinney, a visionary attorney, businessman, civic leader, and philanthropist, who died over the weekend at his home in Michigan. He was 98.

McKinney enrolled at the IU School of Law in Indianapolis after his World War II duties, but was recalled to active duty during the Korean War. McKinney transferred to IU’s law school in Bloomington, where he graduated in 1952.

He remained actively involved with both law schools—and the university—for more than 70 years. In 2011 the IU School of Law in Indianapolis was renamed …

Widiss Honored With Cosell Miller Award, James Owsley Boyd

Keep Up With the Latest News from the Law School (blog)

An employment law scholar at the Indiana University Maurer School of Law has been honored for her remarkable contributions to the field.

Deborah A. Widiss, professor of law and the John F. Kimberling Chair, was presented the Miller Award at the 19th annual Colloquium on Scholarship in Employment and Labor Law (COSELL) in San Diego on September 13.

Named in honor of the late Paul Miller, who was the Henry M. Jackson Professor of Law at the University of Washington School of Law, the Miller Award is presented annually to a senior scholar who has shown “outstanding academic and public …

Velazquez Named To Sec Investor Advisory Committee, James Owsley Boyd

Keep Up With the Latest News from the Law School (blog)

The U.S. Securities and Exchange Commission announced today (Sept. 10) six new members—including an associate professor from the Indiana University Maurer School of Law—to fill vacancies on its Investor Advisory Committee.

Prof. Alvin Velazquez, who joined the Indiana Law faculty this summer, is one of only two members of academia newly appointed to the committee. The committee advises the SEC on regulatory priorities and initiatives to protect investors and promote the integrity of the U.S. securities markets.

Hudson Earns Community Leadership Award, James Owsley Boyd

Keep Up With the Latest News from the Law School (blog)

Empathetic. Driven. Supportive. Engaged.

Those are just a few of the many adjectives nominators used to describe Nashuba Hudson, the recipient of the 2024 Student Leadership in Fostering Community and Inclusiveness Award. Hudson, a 3L from Chicago, was presented the award today (Aug. 16) as part of the concluding events of this year’s 1L Orientation.

Established in 2018, the award, which comes with a $2,000 scholarship, celebrates a student who “goes above and beyond to foster our diverse, inclusive, supportive, and welcoming community.” Recipients are honored for their work in the previous year.

Hudson is the first Black woman to …

Bovell, Furton, Haydel, Stroud To Receive Distinguished Service Awards In September, James Owsley Boyd

Keep Up With the Latest News from the Law School (blog)

Four alumni of the Indiana University Maurer School of Law will be presented with Distinguished Service Awards this September in Bloomington.

Dino Bovell, Matt Furton, Augie Haydel, and Terrance Stroud will be honored September 13 during a meeting of the school’s Alumni Board and before reunions for the classes of 1964, 1974, 1999, and 2014.

The Distinguished Service Award was established in 1997 to recognize graduates of Law School who have distinguished themselves in service to their communities and the school in ways far exceeding traditional business, professional, and civic duties.

Through their hard work, passion, and accomplishments, these alumni …

Dean Christiana Ochoa And 12 Maurer Alumni Named Indiana 250 Honorees, James Owsley Boyd

Keep Up With the Latest News from the Law School (blog)

What do Indiana Fever star Caitlin Clark, record-setting racecar driver and team owner Michael Andretti, Indianapolis Colts owner Jim Irsay, broadcasting icon Pat McAfee, and Indiana Law Dean Christiana Ochoa have in common?

All are among this year’s list of Indiana 250 honorees, recognizing some of the most influential and impactful leaders across the state, a list that also includes a number of Maurer School of Law alumni.

“The evolution of the Indiana 250 over time is one of our favorite things about it—and the reason we update the list annually,” said Nate Feltman, CEO and owner of IBJ Media. …

Fischman Elected To Defenders Of Wildlife Board, James Owsley Boyd

Keep Up With the Latest News from the Law School (blog)

An environmental law professor at the Indiana University Maurer School of Law has been elected to the board of directors of a national conservation organization dedicated to the protection and restoration of imperiled species and their habitats in North America.

Rob Fischman, the George P. Smith, II Distinguished Professor of Law and an adjunct professor at the O’Neill School of Public and Environmental Affairs, was elected to the Defenders of Wildlife board on Tuesday, May 21.

His teaching, research and service align closely with the organization’s conservation vision of a future where diverse wildlife populations in North America are secure …

2024 Academy Of Law Alumni Fellows Induction Ceremony Program, Maurer School Of Law - Indiana University

Academy of Law Alumni Fellows

The Academy of Law Alumni Fellows was established in 1985 to recognize alumni whose careers are defined by exceptional personal achievement and dedication to the highest standards of the profession.

Academy Fellows are part of an elite group that includes US senators, federal judges, successful business leaders, and distinguished practitioners. A committee of anonymous alumni selects each year’s Fellows from among many deserving candidates. To be named an Academy of Law Alumni Fellow is to receive the very highest honor that the Maurer School of Law can bestow.

This year, we are honored to recognize four alumni whose remarkable contributions …

Henderson Named One Of The Most Influential People In Legal Education, James Owsley Boyd

Keep Up With the Latest News from the Law School (blog)

Indiana University Maurer School of Law Professor Bill Henderson has once again been recognized as one of the most influential people in legal education, but he’s not the only one with ties to the Law School on this year’s list.

The National Jurist ranked Henderson #18 on its list. Kellye Testy, a 1991 alumna of the Law School and president and CEO of the Law School Admission Council, is ranked second.

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, …

Public Primacy In Corporate Law, Dorothy S. Lund

Seattle University Law Review

This Article explores the malleability of agency theory by showing that it could be used to justify a “public primacy” standard for corporate law that would direct fiduciaries to promote the value of the corporation for the benefit of the public. Employing agency theory to describe the relationship between corporate management and the broader public sheds light on aspects of firm behavior, as well as the nature of state contracting with corporations. It also provides a lodestar for a possible future evolution of corporate law and governance: minimize the agency costs created by the divergence of interests between management and …

Robo-Voting: Does Delegated Proxy Voting Pose A Challenge For Shareholder Democracy?, John Matsusaka, Chong Shu

Seattle University Law Review

Robo-voting is the practice by an investment fund of mechanically voting in corporate elections according to the advice of its proxy advisor— in effect fully delegating its voting decision to its advisor. We examined over 65 million votes cast during the period 2008–2021 by 14,582 mutual funds to describe and quantify the prevalence of robo-voting. Overall, 33% of mutual funds robo-voted in 2021: 22% with ISS, 4% with Glass Lewis, and six percent with the recommendations of the issuer’s management. The fraction of funds that robo-voted increased until around 2013 and then stabilized at the current level. Despite the sizable …

The Limits Of Corporate Governance, Cathy Hwang, Emily Winston

Seattle University Law Review

What is the purpose of the corporation? For decades, the answer was clear: to put shareholders’ interests first. In many cases, this theory of shareholder primacy also became synonymous with the imperative to maximize shareholder wealth. In the world where shareholder primacy was a north star, courts, scholars, and policymakers had relatively little to fight about: most debates were minor skirmishes about exactly how to maximize shareholder wealth.

Part I of this Essay discusses the shortcomings of shareholder primacy and stakeholder governance, arguing that neither of these modes of governance provides an adequate framework for incentivizing corporations to do good. …

The Pioneers, Waves, And Random Walks Of Securities Law In The Supreme Court, Elizabeth Pollman

Seattle University Law Review

After the pioneers, waves, and random walks that have animated the history of securities laws in the U.S. Supreme Court, we might now be on the precipice of a new chapter. Pritchard and Thompson’s superb book, A History of Securities Law in the Supreme Court, illuminates with rich archival detail how the Court’s view of the securities laws and the SEC have changed over time and how individuals have influenced this history. The book provides an invaluable resource for understanding nearly a century’s worth of Supreme Court jurisprudence in the area of securities law and much needed context for …

Three Stories: A Comment On Pritchard & Thompson’S A History Of Securities Laws In The Supreme Court, Harwell Wells

Seattle University Law Review

Adam Pritchard and Robert Thompson’s A History of Securities Laws in the Supreme Court should stand for decades as the definitive work on the Federal securities laws’ career in the Supreme Court across the twentieth century.1 Like all good histories, it both tells a story and makes an argument. The story recounts how the Court dealt with the major securities laws, as well the agency charged with enforcing them, the Securities and Exchange Commission (SEC), and the rules it promulgated, from the 1930s into the twenty-first century. But the book does not just string together a series of events, “one …

On The Value Of History: A Review Of A.C. Pritchard & Robert B. Thompson’S A History Of Securities Law In The Supreme Court, Joel Seligman

Seattle University Law Review

A.C. Pritchard and Bob Thompson have written a splendid history of securities law decisions in the Supreme Court. Their book is exemplary because of its detailed use of the long unpublished papers of Supreme Court justices, including those of Harry Blackmun, William O. Douglas, Felix Frankfurter and Lewis F. Powell, primary sources which included correspondence with other Justices and law clerks as well as interviews with law clerks. The use of these primary sources recounted throughout the text and 67 pages of End Notes deepens our understanding of the intentions of the Justices and sharpens our understanding of the conflicts …