Law of the Sea Commons^™

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 …

Charting The Course : The Role Of Imo Within The Unclos Legal Framework In Tackling Challenges Of Contemporary Shipping, M. C. Romero, R. Beckman, T. Nguyen, J. Ong, G. Theocharidis

Reports

This report documents the proceedings of the two-day workshop, "Charting the Course: The role of IMO within the UNCLOS legal framework in tackling challenges of contemporary shipping," jointly organized by the World Maritime University (WMU) and the Centre for International Law (CIL) of the National University of Singapore (NUS). The event took place in Malmö, Sweden, from June 9 to 10, 2025.

The central theme was the complementary relationship between the 1982 United Nations Convention on the Law of the Sea (UNCLOS) and IMO regulations, with an emphasis on the flag State’s duties under UNCLOS Article 94. The workshop’s core …

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 …

Salvaging Article Iii, Annie Brett, Ryan Scott

UF Law Faculty Publications

Admiralty was once the foundation of our legal and economic survival. In recent years, however, it has come to be viewed as an anachronistic backwater of the law. Unfortunately, this perception belies the reality: admiralty law is as vitally important as ever, not just to the commerce that it supports but in the realities it illuminates about the federal courts and our constitutional structure.

This Article looks at the case study of historic treasure shipwrecks to show how our legal system has strayed increasingly far from the core principles of admiralty that the founders enshrined in Article III of the …

The Ironically Important Role Of Incidental Take Authorizations In Whale Conservation, Alexander Carbaugh-Rutland, Jessica Owley, Kenneth Broad

Articles

The late 1970s and early '80s saw a regime shift in wildlife protection under the Marine Mammal Protection Act (MMPA) and the Endangered Species Act (ESA). That shift may be impeding the recovery of cetaceans (whales, dolphins, and porpoise species) in ways that are yet underexplored. As enacted, the MMPA and ESA established a conservation framework designed to reduce, to the fullest extent possible, "takes" of protected species. Between 1978 and 1982, a series of amendments to both statutes introduced a complex web of incidental take authorizations designed to ensure Congress' initial push for wildlife conservation would not impede economic …

Navigating The Seas Of History In International Law, Valentina Vadi

South Carolina Journal of International Law and Business

Inquiries into questions of time, history, and international law have recently come to the fore. So far, however, many studies have only examined developments in international law from a temporally and thematically fragmented, brief, and narrow perspective. Due to international law’s growing normative and institutional fragmentation and emphasis on specific crises, episodes, and events, many analyses focus on transient trends and particular facets of international law. This study suggests an alternative to these constrained viewpoints: a thorough, multilayered, and broad perspective to questions of international law, drawing on Fernand Braudel’s tripartite theory of time.

Braudel’s theory of time provides valuable …

Human Rights At Sea: Analyzing States' Responses To Cruise Ships During The Covid-19 Pandemic, Lixin Chen

Research Collection Yong Pung How School Of Law

In the early stages of the COVID-19 pandemic, the treatment of cruise ships by coastal states was inconsistent, with some ships being allowed to dock while others were not. To that end, this Note focuses on the obligations that a coastal state owes to the individuals onboard the cruise ships in the context of the COVID-19 pandemic, including the rights to life and health. It further considers whether and how such rights are to be balanced with other countervailing considerations of such states, such as the risk of transmission to the local communities. This author concludes with the view that …

A Discourse Analysis Of The Development Of Institutional Compliance Mechanisms At The International Maritime Organization, Rebecca Pskowski

World Maritime University Ph.D. Dissertations

The International Maritime Organization (IMO) plays a pivotal and essential role in international maritime governance, providing a forum for nation states to develop and agree to international standards for maritime safety and security and the protection of the marine environment. IMO is widely perceived to be one of the most successful universal international organizations (IOS), because of the high technical quality of the conventions and other legal instruments it develops, and the near-universal acceptance of most of those instruments. IMO could be seen as an exemplar of the "technical" specialized United Nations agency, where nation-states set aside politics to agree …

Digital Transformation Of The Maritime Labour Law : Srems Complaints & Claims Legal, Digital Solution, Case Study Of Morocco, Rida El Missaoui

World Maritime University Dissertations

This Master’s dissertation investigates the strong need to reform and digitalize the mechanisms of monitoring and follow-up of the on-board compliance on seafarer’s rights and obligations through a legal-digital tool.

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

Delays In The International Seabed Authority Mining Code: Insight From Twail And Bbnj Frameworks, Ria Wierma Putri, Yuga Narazua Khanza, Orima Melati Davey, Febryani Sabatira

Indonesia Law Review

The International Seabed Authority (ISA) plays a crucial role in governing the vast expanses of the ocean floor that lie beyond national jurisdictions, referred to as "the Area" under the United Nations Convention on the Law of the Sea (UNCLOS). Although the ISA has established regulations for deep-sea exploration, it has encountered significant challenges in finalizing a comprehensive mining code for resource exploitation. This ongoing delay underscores the notion that legal development is often catalyzed by broader social changes. To comprehend the factors contributing to this delay, it is essential to consider the historical context of UNCLOS 1982, a framework …

The Constitution At Sea, Louis Henkin

Maine Law Review

Time was when it was assumed that the United States Constitution, like a deity of old, ruled only in its territory and did not apply outside the United States. Since 1957 we know that the Constitution applies wherever the United States exercises authority. If, as the Supreme Court then held, the Constitution governs the acts of the United States in the territory of a foreign state, where the Constitution might be deemed a foreign "intruder" on local sovereignty, it would seem to apply also — indeed a fortiori — to acts of the United States on the high seas, where …