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CALIFORNIA CORPORATE & SECURITIES LAW

What 19 Eminent Law Professors Would Have You Believe

UCLA Law School Professor Stephen Bainbridge yesterday highlighted an amicus curiae brief filed recently by 19 law professors in Friedrichs v. California Teachers Ass’n.  That case, which is now pending before the U.S. Supreme Court, is concerned with the constitutionality of agency-shop arrangements.  The law professors argue: Because of how capital is saved and invested in corporations, most…

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Corporate Political Spending And Other Studies

Yesterday, Broc Romanek wrote this post about a new study from the Center for Political Accountability and the Zicklin Center for Business Ethics Research at the University of Pennsylvania’s Wharton School.  This study focused on the political spending disclosure behavior of the top 200 companies in the S&P 500 Index. Harvard Law School Professor Lucian Bebchuk has recently…

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California Legislature Calls Supreme Court Decision “A Serious And Direct Threat To Our Democracy”

The California legislature recently passed a joint resolution, AJR 22 (Wieckowski & Allen), that is harshly critical of the U.S. Supreme Court’s decision in Citizens United v. Federal Election Commission, 558 U.S. 50 (2010).  In that decision, Justice Anthony M. Kennedy, joined by Chief Justice John G. Roberts and Justices Antonin G. Scalia, Samuel A. Alito,…

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Two Important Comment Letters Submitted

Private Fund Advisers Yesterday marked the end of the comment period with respect to the Commissioner’s proposed amendments to Rule 260.204.9.  These rule amendments are critical to advisers of private funds, including venture capital and private equity funds.  Because venture capital and other private funds are crucial financing sources for California businesses and real estate…

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California Retirement Systems/ISS United On Corporate Political Spending

On Tuesday, I wrote about  CalPERS‘ adoption of updated governance principles, including this new Principle 6.5: Robust board oversight and disclosure of corporate charitable and political activity is needed to ensure alignment with business strategy and to protect assets on behalf of shareowners. We recommend the following: a. Policy: The board should develop and disclose a…

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