Advanced Corporate Governance

 

FINC 418-010, 080
126 Alfred Lerner Hall
9:30 - 10:45 a.m. Tuesdays & Thursdays
Fall 2003

Professor Charles Elson
Alfred Lerner Hall, Room 104
302-831-6157
Hours: By Appointment

Required Books

MEAN BUSINESS (P), DUNLAP
CORPORATE GOVERNANCE, MONKS, MINOW
CHAINSAW, BYRNE (paperback)

Handout 1 thru 12 and Chainsaw are available in Morris Library Reserve Room

The weekly class schedule, with a list of tentative guest speakers, and corresponding assignments follow:

Tentative Schedule as of August, 2003  

Date

Assignment

Thurs., Sept. 4

Introduction to American Corporate Governance; Mean Business, Albert J. Dunlap

Tues., Sept. 9

Mean Business, Albert J. Dunlap (Cont'd)

Thurs., Sept. 11

No Class - Prepare Paper Topic

Tues., Sept. 16

Corporate Governance – Stakeholders V. Stockholders. Whose Corporation is it anyhow? (Handout 1)

Thurs,. Sept. 18

Corporate Philanthropy: Societal Boom or Shareholder Bust? (Handout 2)

Tues., Sept. 23

The Duty of Care, Corporate Productivity and Stock Ownership: A Connection or Disconnection?

Thurs., Sept. 25

The Duty of Care, Corporate Productivity and Stock Ownership: A Connection or Disconnection? (Handout 3)

Tues., Sept. 30

Executive Overcompensation – A problem or a solution? (Handout 4)

Thurs., Oct. 2

Executive Overcompensation – A problem or a solution? (Cont’d)

Guest Speakers:

            Rajesh K. Aggarwal, Professor, McIntire School of Commerce, University of Virginia
           
The Honorable William Chandler, Chancellor, Delaware Court of Chancery
           
Hayward Fisk, General Counsel, Computer Sciences Corporation (CSC)
           
John A. ("Jack") Krol, Retired Chairman and CEO, DuPont
           
David McBride, Senior Partner, Young Conaway Stargatt & Taylor, LLP
           
Patrick McGeehan, Business Writer, New York Times
           
Linda Scott, Director, Corporate Governance,
TIAA-CREF
           
The Honorable E. Norman Veasey, Chief Justice, Supreme Court of Delaware
 

Tues. Oct. 7

Corporate Democracy and the Shareholder Resolution – A failed "Hyde Park Corner" or legitimate governance tool? (Handout 5)

Thurs., Oct. 9

Individual Meetings

Tues., Oct. 14

Caremark and the Prevention of Corporate Fraud and Other Forms of Illegal Conduct (Handout 6)

Thurs., Oct. 16

Caremark and the Prevention of Corporate Fraud and Other Forms of Illegal Conduct (Cont’d)

Tues., Oct. 21

Shareholder Litigation: Behavior Enhancer or Corporate Toxin (Handout 7)

Thurs., Oct. 23

Audit Committee Reform and Financial Misconduct – Effective Medicine or Placebo? (Handout 8)

Tues., Oct. 28

Audit Committee Reform and Financial Misconduct – Effective Medicine or Placebo? (Cont’d)     

Guest Speakers:     

            Ray Bromark, Partner, PricewaterhouseCoopers
           
Richard Cavanagh, President and CEO, The Conference Board
           
R. William Ide, Partner, McKenna Long & Aldridge LLP
            The Honorable John Noble, Vice Chancellor, Delaware Court of Chancery
           
Julian Oettinger, Senior Vice President, General Counsel & Corporate Secretary, Walgreen Company
           
Larry Rittenberg, Ernst & Young Professor of Accounting, University of Wisconsin

            Anil Shivdasani, Wachovia Distinguished Professor and Chair of Finance, University of North Carolina

Thurs., Oct. 30

Individual Meetings

Tues., Nov. 4

Corporate Governance Guidelines: Common Ground – Realistic Expectations? (Handout 9)

Thurs., Nov. 6

Corporate Governance Guidelines: Common Ground – Realistic Expectations? (Handout 9)  

Guest Speakers: 

            Richard Bernard, Executive Vice President & General Counsel, New York Stock Exchange
           
William Casazza, Vice President, Deputy General Counsel and Corporate Secretary, Aetna
            William Cotter, Senior Vice President & Chief Underwriting Officer, AIG
           
Jamie Heard, CEO, Institutional Shareholder Services
           
The Honorable Jack Jacobs, Justice, Supreme Court of Delaware
           
Jeff Sonnenfeld, Associate Dean of the Yale School of Management
            Ralph Walkling, Professor of Finance, Ohio State
 
 

Tues., Nov. 11

No Class - Prepare Paper Topic

Thurs., Nov. 13

Shareholder Access to the Company Proxy: Accountability Enhancer or Boardroom Bomb?

(Handout 10)

Tues., Nov. 18

Shareholder Access to the Company Proxy: Accountability Enhancer or Boardroom Bomb?

 (Cont’d)

Guest Speakers:  

The Honorable Paul Atkins, Commissioner, Securities & Exchange Commission
Lucian Bebchuk, William J. Friedman and Alicia Townsend Friedman Professor of Law, Economics,
   and Finance at Harvard Law School
The Honorable William Chandler, Chancellor, Delaware Court of Chancery
Peter Clapman, Senior Vice President & Chief Counsel - Investments, TIAA-CREF
Margaret Foran, Vice President for Corporate Governance, Pfizer
The Honorable Harvey Goldschmid, Commissioner, Securities & Exchange Commission
Larry Hamermesh, Associate Professor of Law, Director, Widener Institute of Delaware Corporate
   Law, Widener University School of Law
The Honorable Randy Holland, Justice, Supreme Court of Delaware
The Honorable Jack Jacobs, Justice, Supreme Court of Delaware
The Honorable Stephen Lamb, Vice Chancellor, Delaware Court of Chancery
John Olson, Senior Partner, Gibson, Dunn, and Crutcher LLP
Eric Roiter, Senior Vice President and General Counsel, Fidelity Management and Research Company
Damon Silvers, Associate General Counsel, AFL-CIO
A. Gilchrist Sparks, Partner, Morris, Nichols, Arsht & Tunnell
The Honorable Leo Strine, Vice Chancellor, Delaware Court of Chancery
John Wilcox, Vice Chairman, Georgeson Shareholder Communications, Inc.
Ann Yerger, Director of Council Research, Council of Institutional Investors

Thurs., Nov. 20

The Poison Pill – Shareholder Toxin or Value Creator (Handout 11)

Tues., Nov. 25

Circon – The Role of the Dissident Director (Handout 12) 

Thurs., Nov. 27

No Class – Thanksgiving Day

Tues., Dec. 2

Circon – The Role of the Dissident Director (Cont’d)

Thurs., Dec. 4

Director and Managerial Responsibility and Accountability, by John Byrne, Chainsaw

Tues., Dec. 9

Director and Managerial Responsibility and Accountability, by John Byrne, Chainsaw

Wed., Dec. 10

Papers due (2 copies)  by 4:00 pm

 

I. Course Formant: Part One

Throughout the semester, we will be examining selected topics involving significant recent developments in American Corporate Governance.  

II. Course Format, Part Two                

By our sixth class (September 23, 2003) each student must submit a proposed research topic to the instructor along with a paragraph describing the topic.  

III. Papers, Final Deadline

All final papers (2 copies) must be submitted no later than December 10, 2003, 4:00 pm to the instructor.

      The paper should consist of approximately 15 pages of text.  Footnotes or endnotes are acceptable.

      A cover sheet must be attached to your report. Use the format on the attached example. No need to bind your report.

 IV. Grades and Attendance

Students are required to attend all seminar meetings. Three or more absences will result in a grade of F for the class.

           

            Final grades will be based 50% on class participation and 50% on the final paper.

     

John L. Weinberg Center for Corporate Governance  l  Lerner College of Business & Economics    
University of Delaware  l  Lerner Hall l Newark, DE 19716-2709  l  302.831.6157  l  302.831.3329(fax)