2008 Directors' College

Seminar in Corporate Governance

FINC 418-010, 080
125 Alfred Lerner Hall
9:30 - 10:45 a.m. Tuesdays & Thursdays
Spring 2006

Professor Charles Elson
104 Alfred Lerner Hall
302-831-6157
elson@lerner.udel.edu
Office Hours: By Appointment

 

Required Books

MEAN BUSINESS (P), DUNLAP (paperback)
CORPORATE GOVERNANCE, MONKS, MINOW 
CHAINSAW, BYRNE (paperback)
 DE Discourses Executive Compensation – 
http://www.nacdonline.org/publications/pubDetails.asp?pubID=230&user=76138B7C1A2440E3BFF7B6FA3E8B758B
DE Discourses Corporate Guidelines –
http://www.nacdonline.org/publications/pubDetails.asp?pubID=241&user=59128917CE5745A28C58C639D173FBF1
Handouts available in Morris Library Reserve Room

Updated Schedule - February 14, 2006

Date

Assignment

Tues., Feb. 7

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

Thurs., Feb. 9

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

Tues., Feb. 14

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

Thurs,. Feb. 16

No Class – Prepare Paper Topic

Tues., Feb.  21

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

Thurs., Feb. 23

No Class – Prepare Paper Topic

Tues., Feb. 28

No Class – Prepare Paper Topic

Thurs., Mar. 2

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

Tues., Mar. 7

The Duty of Care, Corporate Productivity and Stock Ownership: A Connection or Disconnection? (Cont’d)

Thurs., Mar. 9

Executive Compensation: The Role of the Compensation Consultant – Dual Agency or Independence? (Handout 4 & DE Discourses Executive Compensation)

Tues., Mar. 14

Caremark and the Prevention of Corporate Fraud and Other Forms of Illegal Conduct (Handout 5)

Thurs., Mar. 16

Executive Compensation: The Role of the Compensation Consultant – Dual Agency or Independence? (Cont’d)        

Guests

  1. Carolyn Brancato, Director, Global Corporate Governance Research Center, The Conference Board
  2. Bill Bratton, Professor and Director, Sloan Project on Business Institutions, Georgetown University
  3. Fred Cook, Founding Director, Fredric W. Cook & Company
  4. David Denis, Burton D. Morgan Chair of Private Enterprise, Krannert School of Management, Purdue University
  5. Jesse Fried, Professor of Law and Co-Director, Berkeley Center for Law, Business and the Economy
  6. The Honorable Randy Holland, Justice, Supreme Court of Delaware
  7. Ira Kay, Director Compensation Practice, Watson Wyatt Worldwide
  8. Dan Lynch, Vice President Compensation and Benefits, Pulte Homes Corporation
  9. Joe Nocera, Reporter, New York Times
  10. Linda Scott, Director Corporate Governance, TIAA-CREF
  11. E. Norman Veasey, Former Chief Justice, Supreme Court of Delaware

Tues., Mar. 21

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

Thurs., Mar. 23

Audit Committee Reform and Financial Misconduct – Effective Medicine or Placebo? (Handout 6)

Tues., Mar. 28
Thurs., Mar. 30

Spring Break

Tues., Apr. 4

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

 Guests 

  1. Doug Carmichael, Chief Auditor, Public Company Accounting Oversight Board
  2. Jim Cox, Brainerd Currie Professor of Law, Duke University School of Law
  3. The Honorable Jack Jacobs, Justice, Delaware Supreme Court
  4. Steve Wagner, Managing Partner, Ctr for Corporate Governance, Deloitte & Touche
  5. Peter Wallison, Resident Fellow, American Enterprise Institute
  6. John Zeglis, Former Chairman and CEO, AT&T Wireless Services

Thurs., Apr. 6

Corporate Governance Guidelines: Common Ground – Realistic Expectations? (Handout 7 & DE Discourses Corporate Guidelines)

Tues., Apr. 11

Corporate Democracy and the Shareholder Resolution – A failed "Hyde Park Corner" or legitimate  governance tool? (Handout 8)

Thurs., Apr. 13

Shareholder Access to the Company Proxy/Majority Voting: Accountability Creator or Boardroom Bomb?
(Handout 9)

Tues., Apr. 18

Shareholder Litigation: Behavior Enhancer or Corporate Toxin (Handout 10)

Thurs., Apr. 20

Individual Meetings with Instructor

Tues., Apr. 25

Majority Voting and Director Contest Reimbursement (Handout 9a)
 Guests 

  1. Frank Balotti, Partner, Richards, Layton & Finger
  2. Lucian Bebchuk, William J. Friedman and Alicia Townsend Friedman Professor of Law, Economics, and Finance, Harvard Law School
  3. Richard Ferlauto, Director, Pension and Investment Policy, AFSCME
  4. Peter Langerman, President and CEO, Franklin Mutual Advisers
  5. Joann Lublin, Staff Reporter, Wall Street Journal
  6. Trevor Norwitz, Partner, Wachtell, Lipton, Rosen & Katz
  7. Giovanni Prezioso, Former General Counsel, Securities & Exchange Commission
  8. Gil Sparks, Partner, Morris, Nichols, Arsht & Tunnell
  9. The Honorable Leo Strine, Vice Chancellor, Court of Chancery
  10. Theodore Ullyot, Executive Vice President & General Counsel, ESL Investments

                                       

Thurs., Apr. 27

Individual Meetings with Instructor

Tues., May 2

Enron and Corporate Governance Reform: A Case Study (Handout 11)

Thurs., May 4

The Poison Pill – Shareholder Toxin or Value Creator (Handout 13)

Tues., May 9

Fairness Opinions and Value Enhancement: Reaffirmation, Reform, or Removal (Handout 14)

Thurs., May 11

Circon and the Dissident Director (Handout 15)

Tues., May 16

Director and Managerial Responsibility and Accountability; Chainsaw, by John Byrne (Cont’d)

Tues., May 16

Papers due (2 copies)  by 10:45 am

I. Course Format

Throughout the semester, we will be examining selected topics involving significant recent developments in American Corporate Governance.  By our fifth class, February 21, 2006, each student must submit a proposed research topic to the instructor along with a paragraph describing the topic.  Pop quizzes may be given throughout the semester at the discretion of the Professor and will count toward the Participation Grade.  A quiz will be given on May 16. 2006.

II. Papers, Final Deadline 

  1. All final papers (2 copies) must be submitted no later than May 16, 2006, 10:45 am to the instructor.  Any paper that is submitted after May 16th, the grade will be dropped by one letter grade.

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

  3. A cover sheet must be attached to your report.  Use the format on the attached example. 

  4. No need to bind your report.

III. 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. 

Individual appointments with the Professor to review your topic will be scheduled throughout the semester.  If an appointment is missed, it will count as an absence. (Re-scheduling of appointments is not permitted unless authorized by the Professor.) Class participation is expected throughout the semester.  This includes, questions, answers, quizzes.

IV.  University of Delaware’s Code of Conduct

This class adheres to the University of Delaware’s Code of Conduct which can be found at the following website:
http://www.udel.edu/stuguide/04-05/code.html#honesty

 

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)