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• W301966195 abstract "For me personally, most disturbing aspect of Vice Chancellor Leo Strine's paper is suggestion that convictional plasticity correlates positively with age and hair loss. (1) As he would necessarily acknowledge, I outrank him significantly in both categories. By Vice Chancellor's suggested correlation, then, any convictions I might have once held should have melted away altogether by now. This may partially explain my skepticism about some of his specific proposals, as well as my enthusiasm for his critiques of various sorts of conventional wisdom in field of corporate governance. Vice Chancellor Strine begins his remarks by urging that avoid snarkasm, reflexive labeling, and preaching to converted, (2) and that plea counsels that I begin my comments by noting some of many areas in which he and I share a common view. First, I commend Vice Chancellor for identifying, and appealing to, a well-known and long-standing tendency for two groups--management and labor--to put aside conventional opposition and join together to resist takeovers or other corporate actions that appear to deliver short-term gains to shareholders but lead to elimination of jobs--including jobs of corporate managers as well as rank and file laborers. This coalescence of interest groups that are conventionally thought to clash--a coalescence that I call we love Bendix phenomenon (3)--is both well-documented and unsurprising. (4) It would be surprising, in fact, if these two groups did not naturally ally against changes that threaten reductions in force. After all, is too, as Vice Chancellor points out. (5) Stephen Bainbridge is clearly correct that there is still plenty of room for conflict between management and labor, (6) but that valid criticism does not invalidate Vice Chancellor Strine's suggestion that two camps at least consider whether and where their interests might converge. Second, I applaud Vice Chancellor as one of most vocal, credible, and persuasive critics of what he rightfully calls the corporate governance (7) Quite simply--and I don't think this is an unfair synopsis of Vice Chancellor's critique--there are lots of very vocal people whose financial and reputational well-being is directly proportional to size of governance role given to shareholders, and who (surprise!) are themselves most vocal in promoting expansion of that role. The Vice Chancellor appropriately spares no group from being tarred with participation in this industry. High on his list are proxy advisory firms, a totally unregulated sub-industry that has been built entirely in last 25 years just to enable capital managers to be able to show that their voting decisions can be defended as reasonably reliant on ostensibly expert advice. The Vice Chancellor singles out academics for special criticism because of their persistent emphasis on agency costs associated with corporate managers and their simultaneous deafness to agency cost story applied to those who manage equity capital for its beneficial owners. And most provocatively, Vice Chancellor outlines story of how even independent directors--the white knights of managerial monitoring--succumb to governance industry in order to protect their reputation and present and future positions. (8) The result is what gave rise to Tom Perkins's recent complaint about directors being more focused on legal compliance than business strategy. (9) In any event, my critique of Vice Chancellor does not focus on his assessment of broad trends or problems. Instead, I find his remarks most debatable where they attempt, even tentatively and modestly, to outline specific proposals for change. Some of Vice Chancellor's specific suggestions seem more based in hope than in reality. For example, it seems implausible, to me at least, that institutional investors--who have a long and battle-decorated track record of opposition to poison pills--would forgo opposition to traditional poison pills through a pact in which management promises to seek to undo classified boards. …" @default.
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• W301966195 date "2007-09-22" @default.
• W301966195 modified "2023-09-23" @default.
• W301966195 title "An Older, Balder Critique of ‘Toward Common Sense and Common Ground’" @default.
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