Shifting Contours of Directors’ Fiduciary Duties and Norms in Comparative Corporate Governance

The problems in global financial markets are often similar, even though the capital market structure across jurisdictions differs significantly. The beginning of the 21st century was marked by a spate of international corporate scandals, and the 2007-2009 global financial crisis reflected the global interconnectedness of contemporary international capital markets.

These corporate crises prompted major financial market reforms around the world. Discerning the causes of the crises was no easy feat, yet framing of the underlying problems was critical to the regulatory responses. In relation to the global financial crisis, for example, opinion continues to be divided across different jurisdictions … Read more

CEOs of J.P. Morgan and Rio Tinto Get Some Bad News in 2013

In a 2010 article in the Texas Law Review entitled “Embattled CEOs”, Professors Marcel Kahan and Ed Rock argued that, over the past decade or so, CEOs of US public companies have gradually been losing power to their boards and their shareholders.  In their view, the days of the “imperial CEO” are now numbered.  In early 2013, the growing tension they identified between CEO and board power was on display at two major corporations in different continents – J.P. Morgan Chase & Co in the United States and Rio Tinto in Australia.

At J.P. Morgan on January 15, 2013, Jamie … Read more

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Editor's Tweet: Professor Jennifer G. Hill of the University of Sydney discusses bad news in 2013 for the CEOs of JPMorgan and Rio Tinto

Why Did Australia Fare So Well in the Global Financial Crisis?

Not all jurisdictions around the world suffered the effects of the so-called “global” financial crisis equally. Even among common law countries, which are routinely bundled together in much academic literature, the impact of the crisis varied significantly from jurisdiction to jurisdiction.

The crisis proved dire for some common law countries, such as the United States and the United Kingdom. Others, however, including Australia and Canada, were considerably more fortunate. Although there were over fifty government-sponsored bank bailouts around the globe during the crisis, including in the United States and the United Kingdom, there were no such bailouts in either Australia … Read more

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Editor's Tweet: Professor Jennifer G. Hill of the University of Sydney discusses why Australia fared so well in the recent financial crisis.