Public Law and Legal Theory Commons^™

The Esg Information System, Stavros Gadinis, Amelia Miazad

Seattle University Law Review

The mounting focus on ESG has forced internal corporate decision-making into the spotlight. Investors are eager to support companies in innovative “green” technologies and scrutinize companies’ transition plans. Activists are targeting boards whose decisions appear too timid or insufficiently explained. Consumers and employees are incorporating companies sustainability credentials in their purchasing and employment decisions. These actors are asking companies for better information, higher quality reports, and granular data. In response, companies are producing lengthy sustainability reports, adopting ambitious purpose statements, and touting their sustainability credentials. Understandably, concerns about greenwashing and accountability abound, and policymakers are preparing for action.

In this …

Stakeholder Governance On The Ground (And In The Sky), Stephen Johnson, Frank Partnoy

Seattle University Law Review

Professor Frank Partnoy: This is a marvelous gathering, and it is all due to Chuck O’Kelley and the special gentleness, openness, and creativity that he brings to this symposium. For more than a decade, he has been open to new and creative ways to discuss important issues surrounding business law and Adolf Berle’s legacy. We also are grateful to Dorothy Lund for co-organizing this gathering.

In introducing Stephen Johnson, I am reminded of a previous Berle, where Chuck allowed me some time to present the initial thoughts that led to my book, WAIT: The Art and Science of Delay. Part …

The Structure Of Corporate Law Revolutions, William Savitt

Seattle University Law Review

Since, call it 1970, corporate law has operated under a dominant conception of governance that identifies profit-maximization for stockholder benefit as the purpose of the corporation. Milton Friedman’s essay The Social Responsibility of Business is to Increase Its Profits, published in September of that year, provides a handy, if admittedly imprecise, marker for the coronation of the shareholder-primacy paradigm. In the decades that followed, corporate law scholars pursued an ever-narrowing research agenda with the purpose and effect of confirming the shareholder-primacy paradigm. Corporate jurisprudence followed a similar path, slowly at first and later accelerating, to discover in the precedents and …

Stakeholder Capitalism’S Greatest Challenge: Reshaping A Public Consensus To Govern A Global Economy, Leo E. Strine Jr., Michael Klain

Seattle University Law Review

The Berle XIV: Developing a 21st Century Corporate Governance Model Conference asks whether there is a viable 21st Century Stakeholder Governance model. In our conference keynote article, we argue that to answer that question yes requires restoring—to use Berle’s term—a “public consensus” throughout the global economy in favor of the balanced model of New Deal capitalism, within which corporations could operate in a way good for all their stakeholders and society, that Berle himself supported.

The world now faces problems caused in large part by the enormous international power of corporations and the institutional investors who dominate their governance. These …

Delegated Corporate Voting And The Deliberative Franchise, Sarah C. Haan

Seattle University Law Review

Starting in the 1930s with the earliest version of the proxy rules, the Securities and Exchange Commission (SEC) has gradually increased the proportion of “instructed” votes on the shareholder’s proxy card until, for the first time in 2022, it required a fully instructed proxy card. This evolution effectively shifted the exercise of the shareholder’s vote from the shareholders’ meeting to the vote delegation that occurs when the share-holder fills out the proxy card. The point in the electoral process when the binding voting choice is communicated is now the execution of the proxy card (assuming the shareholder completes the card …

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 …

Keep Charitable Oversight In The Irs, Philip Hackney

Articles

Critics are increasingly calling for Congress to remove charity regulation from the IRS. The critics are wrong. Congress should maintain charity regulation in the IRS. What is at stake is balancing power between the state, charity as civil society, and the economic order. In a well-balanced democracy, civil society maintains its independence from the state and the economic order. Removing charitable jurisdiction from the IRS would blind the IRS to dollars placed in charitable solution increasing tax and political shelters and wealthy dominance of charities as civil society. A new agency without understanding of, or jurisdiction over, tax cannot act …

Capitalism Stakeholderism, Christina Parajon Skinner

Seattle University Law Review

Today’s corporate governance debates are replete with discussion of how best to operationalize so-called stakeholder capitalism—that is, a version of capitalism that considers the interests of employees, communities, suppliers, and the environment alongside (if not before) a company’s shareholders. So much focus has been dedicated to the question of capitalism’s reform that few have questioned a key underlying premise of stakeholder capitalism: that is, that competitive capitalism does not serve these various constituencies and groups. This Essay presents a different view and argues that capitalism is, in fact, the ultimate form of stakeholderism. As such, the Essay urges that the …

The Federal Question Jurisdiction Under Article Iii: “First In The Minds Of The Framers,” But Today, Perhaps, Falling Short Of The Framers’ Expectations, Arthur D. Hellman

Articles

As Chief Justice Marshall explained, “the primary motive” for creating a “judicial department” for the new national government was “the desire of having a [national] tribunal for the decision of all national questions.” Thus, although Article III of the Constitution lists nine kinds of “Cases” and “Controversies” to which the “judicial Power” of the United States “shall extend,” “the objects which stood first in the minds of the framers” were the cases “arising under” the Constitution, laws, and treaties of the United States. Today we refer to this as the federal question jurisdiction.

Of all federal question cases, the Framers …

The School Of SharīʿA Judges: SharīʿA Courts’ Reform And Legal Modernization In Egypt (1907-1927), Yamen Nouh

Theses and Dissertations

This thesis studied the history of the school of sharīʿa judges (1907-1927) as an essential episode of the reform of Sharīʿa courts in Egypt in the early 20th century. The thesis studied the school in connection with the broader context of legal modernization of the Egyptian legal system. The study explored the institutional, pedagogical, and legal aspects of the reform that the school advocated. The study analyzed the impact of the school’s pedagogy on the practice of the Islamic judiciary and the theoretical conception of Sharīʿa. The study used a significant yet understudied historical source: the judicial press. A comparative …

Public Participation In The Constitution-Making Process: The Afghan Experiment, Shamshad Pasarlay

Brooklyn Journal of International Law

This Article explores the public participation process conducted during the drafting of Afghanistan’s 2004 Constitution. It examines scores of questionnaires, public comments, written submissions and minutes of town hall meetings that the framers used to gather public opinion and input. The Article highlights that the makers of the 2004 Constitution of Afghanistan designed and implemented an extensive public participation process, but public opinion did not have a real impact on constitutional outcomes. Instead, the content of the constitution was settled by the political elites whose agreement was needed for constitutional ratification. Drawing on this case study, the paper suggests that …

The Gospel Of Federalism: How The Deification Of Political Ideology Impedes The United States’ Abortion Law Scheme, Nicole Jakobson

Brooklyn Journal of International Law

In 2022, the United States Supreme Court decided Dobbs v. Jackson Women’s Health Organization, which ended the federal abortion protection established under Roe v. Wade. The Court reasoned that abortion restriction is properly regulated by state governments, and thus a federal abortion law scheme is unconstitutional. In substance, the Court was safeguarding the enduring political and legal principle of federalism. This Note draws a comparison between the United States’ treatment of federalism and foreign jurisdictions’ treatment of religion within the context of abortion. This Note argues that the United States’ preoccupation with federalism is analogous to appeals to religion in …

Prefatory Matter

Richmond Public Interest Law Review

No abstract provided.

Letter From The Editor, Courtney Squires

Richmond Public Interest Law Review

No abstract provided.

Building A Recovery Ecosystem For The Catawba Region, Mary Beth Dunkenberger, David Moore, Lara Nagle, Sam Rasoul

Richmond Public Interest Law Review

The opioid and addiction crisis has become a defining characteristic of

21st century America, profoundly affecting the Commonwealth of Virginia in

terms of lives lost, families devastated, communities compromised, and

economic and opportunity costs at multiple levels. This scenario originated

with a rapid increase in opioid prescriptions issued to patients by health care

providers for various pain diagnoses during the 1990s and into the early

2000s. Despite early warnings that the new opioid formulations were far

more addictive than indicated by faulty research trials and marketing claims,

treating pain as the “fifth vital sign” became a widespread practice as a …

The Way Forward: A Review Of Virginia’S 2023 Regular General Assembly Session, Benjamin Raab, Mariam Rasooli

Richmond Public Interest Law Review

The 2023 General Assembly Session can best be defined by the success of

bipartisanship. In an era of heightened polarization, Virginia legislators

were able to meet across the aisle on a number of relevant issues. This article

will provide a summary of key bills that were passed during the 2023 Regular

and Special Sessions. The other articles within this issue touch upon the

following topics: the Virginia Commission on School Construction and

Modernization, family law, and the opioid and addiction crises. This article

summarizes legislation passed with bipartisan support in the areas of: drugs,

mental healthcare, labor and commerce, public …

Woulda, Coulda, Shoulda: How Virginia’S Everchanging Politics Creates (Missed) Opportunities For Major Policy Decisions, Carlos Hopkins, Abigail Thompson

Richmond Public Interest Law Review

Benjamin Franklin may have been discussing the new United States

Constitution when he penned this note to his friend, French scientist Jean-

Baptiste Le Roy, but he could easily have been referring to politics in

Virginia. Virginia House of Delegates members and members of the

Congressional House of Representatives serve two-year terms. Members of

the Virginia Senate serve four-year terms. United States Senators serve sixyear

terms. And the Governor, Lieutenant Governor and Attorney General

all serve four-year terms with only the Governor constitutionally limited to a

single four-year term. With all of these terms being staggered across the

various offices, …

Family Time: A Selection Of Bills From The Virginia 2023 Legislative Session Relating To Family, Intimate Partner Violence, And Child Welfare, Valerie L'Herrou

Richmond Public Interest Law Review

In 2023, the Commonwealth of Virginia was forced to operate without a

finalized state budget following the adjournment of the regular session of its

legislative body. The Commonwealth waited (luckily without bated breath)

for its “caboose” budget for the 2023–2024 budget cycle for nearly six

months after the General Assembly adjourned sine die, which it did on its

normal date for a “short” (odd-numbered) year on February 25, 2023.

However, most other actions taken by the Virginia General Assembly during

its 2023 session did go into effect on July 1, 2023, as usual. These include a

number of bills that …

The Success Of Establishing Legislative Commissions To Address Complex And Critical Needs: Examining The Early Recommendations And Outcomes Of The Commission On School Construction And Modernization, Matthew P. Stanley

Richmond Public Interest Law Review

The 2020 creation of the Virginia Commission on School Construction and

Modernization proved to be a pivotal moment in addressing the longstanding

issue of school construction and modernization in the state. With

$1.25 billion in new resources allocated for school divisions in 2022,

including an increased Literary Fund and a flexible formula-based grant,

legislators took decisive action to support school infrastructure. The creation

of the School Construction Fund and School Construction Assistance

Program, with ongoing funding provided through taxes on casino revenues,

marked a significant step forward in providing ongoing resources for school

projects.

Despite several successful legislative outcomes, some …

Table Of Contents, Mecca Wilkinson

DePaul Journal for Social Justice

No abstract provided.