Seminar in Corporate Governance

FINC 418-010, 080
125 Alfred Lerner Hall
9:30 - 10:45 a.m. Tuesdays & Thursdays
Spring 2007

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
DE Discourses Corporate Guidelines

Handouts available in Morris Library Reserve Room

Updated Schedule - 04/25/2007

 
Date

Assignment

Tues., Feb 6 Introduction to American Corporate Governance; Mean Business, Albert J. Dunlap

Thurs., Feb 8

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

Tues., Feb 13

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

Thurs,. Feb 15

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

Tues., Feb 20

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

Thurs., Feb 22

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

Tues., Feb 27

Executive Overcompensation – A problem or a solution? (Handout 4 & DE Discourses Executive Compensation)

Thurs., Mar 1

Executive Overcompensation – A problem or a solution? (Handout 4 & DE Discourses Executive Compensation)

Tues., Mar 6

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

Thurs., Mar 8

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

Tues., Mar 13

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

Thurs., Mar 15

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

Tues., Mar 20

No Class -- Prepare Paper Topic

Thurs., Mar 22

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

Tues., Mar 27
Thurs., Mar 29

Spring Break

Tues., Apr 3

Non-Profit Corporate Governance Reform (Handout 8)

Thurs., Apr 5

Non-Profit Corporate Governance Reform (Handout 8)

Guests

  1. Carolyn Brancato, CEO, The Riverside Group, Inc.
  2. Hugh Durden, Chairman, Alfred I. duPont Testamentary Trust
  3. Joel Fleishman, Director, Samuel and Ronnie Heyman Center for Ethics, Public Policy, and the Professions; Director, Foundation Strategy and Impact Research Program, Duke University
  4. The Honorable Harvey Goldschmid, Dwight Professor of Law, Columbia Law School, Former Commissioner and General Counsel, Securities and Exchange Commission (SEC)
  5. Sheffield Hale, Chief Counsel, American Cancer Society
  6. The Honorable Jack Jacobs, Justice, Supreme Court of Delaware
  7. Carrie Johnson, Staff Writer, Washington Post
  8. Bonnie McElveen-Hunter, Chairman, American Red Cross
  9. Roger Raber, CEO, National Association of Corporate Directors
  10. Tina S. Van Dam, Director of the Governance Center and Directors' Institute, The Conference Board

Tues., Apr 10

Corporate Democracy and the Shareholder Resolution – A failed "Hyde Park Corner" or legitimate  governance tool? (Handout 9)

Thurs., Apr 12

Shareholder Access to the Company Proxy/Majority Voting: Accountability Creator or Boardroom Bomb? (Handout 10)

Tues., Apr 17

Shareholder Litigation: Behavior Enhancer or Corporate Toxin (Handout 11)

Thurs., Apr 19

Dual Class Stock – Cost, Benefits, and Future under Delaware Law (Handout 12

Tues., Apr 24

Enron and Corporate Governance Reform: A Case Study (Handout 13)

Thurs., Apr 26

The Poison Pill – Shareholder Toxin or Value Creator (Handout 14)

Tues., May 1

Fairness Opinions and Value Enhancement: Reaffirmation, Reform, or Removal (Handout 15)

Thurs., May 3

Research Paper Topic – No Class

Tues., May 8

Circon and the Dissident Director (Handout 16)

Thurs., May 10

Circon and the Future of the Poison Pill (Handout 16)

Guests:

  1. Richard Auhll, Retired CEO of Circon
  2. David Berger, Partner, Wilson, Sonsini, Goodrich & Rosati
  3. The Honorable Stephen Lamb, Vice Chancellor, Delaware Court of Chancery
  4. Peter Schoenfeld, Chairman & CEO, P. Schoenfeld Asset Management, LLC
  5. Damon Silvers, Associate General Counsel, AFL‑CIO
  6. Robert Spatt, Partner, Simpson Thacher & Bartlett LLP

Tues., May 15

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

Tues., May 15

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 20, 2007, 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 15. 2006.

II. Papers, Final Deadline 

  1. All final papers (2 copies) must be submitted no later than May 15, 2007, 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/06-07/code.html  

 

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)