Law Series

On-Going Board Reforms: One-Size-Fits-All and Regulatory Capture

Series number:

025/2005

Date published:

Last revised:

Quick links

Read Paper
Access Paper on SSRN

Categories

Audit
Boards
Codes
Management
Reform

Keywords

Auditor, best practices, board, board discretion, board function, board reform, codes, Compensation, Corporate governance, director liability, independent director, institutional investor, regulation, regulatory capture, self regulation

Keywords

Auditor, best practices, board, board discretion, board function, board reform, codes, compensation, corporate governance, director liability, independent director, institutional investor, regulation, regulatory capture, self regulation
    This article was published in Oxford Review of Economic Policy, Volume 21, Number 2, pp. 269–282, on . Read the journal article here.

Abstract

Proponents of board reforms assume that corporate structures and director-specific provisions matter. This paper argues that reformers have set minimum standards, but failed to take into accounts various trade-offs and regulatory capture effects. It is thus suggested to increase the flexibility of existing provisions and use this new approach to improve shareholder protection against board failures in general and failures of institutional investor boards in particular.

 

© Gerard Hertig, 2005
All rights reserved. Distributed for discussion purposes only; not to be reproduced without permission. The views expressed are those of the author(s) and do not necessarily reflect those of ECGI or its members. For copyright queries or takedown requests, contact wp@ecgi.org.

Related Working Papers

Subscribe