Sovereign Debt Restructuring for Emerging Economies in Turbulent Times

By Steven T. Kargman July 26, 2022 by renholding

In a new article, I discuss the impact of the currently turbulent global economic environment on the prospect for sovereign debt defaults and restructurings in emerging economies. I also review three types of emerging markets sovereigns that may be at …

ISS Discusses Securities Class-Action Settlements in First Half of 2022

By Jeff Lubitz July 18, 2022 by renholding

The value of U.S. shareholder class action settlements in the first half of 2022 totaled $2.32 billion, the exact amount as the same period in 2021. However, the quantity of settlements in the first six months of the year increased

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What the Language of Shareholder Stewardship Can Teach Us

By Dionysia Katelouzou July 13, 2022 by renholding

Stewardship has, along with sustainability, social equality, biodiversity, and climate risk management, emerged in recent years as a favorite buzzword in corporate governance and investment management circles. But the language used by investors to express stewardship objectives and practices varies …

Paul Hastings Discusses Japanese Poison Pills Without Shareholders’ Blessing

By Toshiyuki Arai July 8, 2022 by renholding

In many jurisdictions, poison pills are devised and implemented by the board of directors without shareholders being involved. Since the 2007 Supreme Court case^[1] (in re Bulldog Sauce) in Japan, however, courts have largely relied on the …

ISS Discusses Global Crackdown on ESG Greenwashing

By Thomas Harding, William Cowper, Karina Karakulova and Manpreet Singh Sandhu June 22, 2022 by renholding

The meteoric global rise of ESG investing is increasingly being met with an equally ambitious regulatory disclosure regime, and, targeting greenwashing, policymakers are beginning to bare their teeth. In the latest salvo, on 25 May the US Securities and Exchange …

Does Mandatory Board Gender Balancing Reduce Firm Value?

By B. Espen Eckbo, Knut Nygaard and Karin S. Thorburn June 13, 2022 by renholding

As a social-policy instrument, forced board-gender balancing is in principle unrelated to firms’ economic performance. Nonetheless, imposing such a policy may have unintended consequences (positive or negative) for firm value, which is important for all of a firm’s constituencies – …

Debevoise Discusses European Parliament’s Response to EC’s Proposal to Review AIFMD

By Patricia Volhard, Jin-Hyuk Jang, John Young, Erik Olmesdahl, and Christopher Dortschy June 8, 2022 by renholding

On May 16, 2022, the Committee on Economic and Monetary Affairs (ECON) of the European Parliament published a draft report on the European Commission’s proposal for review of AIFMD. We previously reported on the Commission’s proposal at the end of …

Sullivan & Cromwell Discusses Changes to UK Takeover Code

By Ben Perry, Jeremy Kutner and Matthew Triggs May 23, 2022 by renholding

On May 5, 2022, the U.K.’s Panel on Takeovers and Mergers (the “Panel”) published the results of a consultation that started in December 2021 to review the City Code on Takeovers and Mergers (the “Code”), together …

Does the Threat of Securities Class Actions Add Value for Shareholders? Evidence from China

By Warren Bailey, Hui Ma, Rongli Yuan and Hong Zou May 18, 2022 by renholding

Securities class actions (SCA) are an important governance mechanism in the U.S. securities market, but there is a significant debate about their costs and benefits to investors. SCA are intended to serve two key functions in investor protection: disciplining and …

ISS Discusses Japanese Board Independence and Diversity

By Taketoshi Yoshikawa April 28, 2022 by renholding

A recent ISS analysis of Japanese board composition finds a marked uptick in board independence and female board representation. At the close of Japan’s March 2022 “mini-season”, ISS found a 13percentage point jump in companies with at least a one-third

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Why Corporate America Should Pay Attention to the Proposed EU Directive on Corporate Sustainability Due Diligence

By Luca Enriques and Matteo Gatti April 25, 2022 by renholding

On February 23, 2022, the European Commission issued its long-awaited proposal for a Directive on Corporate Sustainability Due Diligence (the Proposed Directive). Under the Proposed Directive, large companies operating in the EU market must identify, prevent, and mitigate any actual …

Cleary Gottlieb Discusses the LIBOR Act, State Law, and Litigation Risks

By Rishi Zutshi, Jeffrey Karpf, Duane McLaughlin and Elizabeth Chang April 18, 2022 by renholding

On March 15, 2022, President Biden signed into law the Adjustable Interest Rate (LIBOR) Act (the “LIBOR Law”).[1] The objectives of the legislation are to facilitate the transition of legacy LIBOR contracts that either (a) lack LIBOR …

Why Delaware and England Win the Global Corporate Law Race

By Ido Baum and Dov Solomon April 14, 2022 by renholding

What makes the corporate laws of some jurisdictions more attractive for entrepreneurs and investors than others in the global arena? Within the United States, the competition among state laws is a popular explanation for Delaware’s corporate law prominence. However, interjurisdictional …

Sullivan & Cromwell Discusses Federal LIBOR Transition Legislation

By Jordan Wish, Rodge Cohen and Ben Weiner March 21, 2022 by renholding

On March 15, 2022, President Biden signed into law the “Consolidated Appropriations Act, 2022,” which enjoyed significant bipartisan support and contains, as Division U, the “Adjustable Interest Rate (LIBOR) Act” (the “LIBOR Act”).[1] The LIBOR Act provides a uniform …

Environmental Protection and Sovereign Debt Restructuring

By Lee C. Buchheit and G. Mitu Gulati March 1, 2022 by renholding

Some countries have a compelling argument for why they should not be expected to join the planetary effort to fight climate change. These are countries facing the need to restructure their external debt. By definition, sovereigns that cannot pay what …

Debevoise & Plimpton Discusses the Policy Debate over Developing a U.S. Central Bank Digital Currency

By Chen Xu and Amy Aixi Zhang February 21, 2022 by renholding

For much of the past century, consumers and commercial end users could access the Federal Reserve’s balance sheet directly in only one way—by holding physical currency or coin issued or distributed by a Federal Reserve Bank. A major drawback, however, …

ISS Discusses Proposed Shareholder Class-Action Against ING Groep

By Elisa Mendoza February 16, 2022 by renholding

ING Groep N.V. – a company that offers banking services to private clients, small businesses, large corporations, financial institutions, and governments worldwide – is at the epicenter of a proposed shareholder class action. Investors are looking to remediate the significant

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Sullivan & Cromwell Discusses Dashed Efforts to Make New York a Hub for Non-U.S. Derivative Litigation

By Robert J. Giuffra Jr., David M.J. Rein, Amanda Flug Davidoff, Justin J. DeCamp and Oliver W. Engebretson January 12, 2022 by renholding

In the last week of December, the Commercial Division of the New York Supreme Court dismissed two shareholder derivative actions brought against directors and officers of large European companies in decisions with critical implications for non-U.S. companies’ exposure to fiduciary …

Davis Polk Discusses New UK Foreign-Investment Review Regime

By Will Pearce, Nicholas Spearing, Matthew Yeowart, Léonore De Mullewie and Sara Moshfegh January 6, 2022 by renholding

On January 4, the UK’s new National Security and Investment filing regime became fully operational. A wide range of deals will be scrutinized for national security concerns requiring further investigation. The UK government expects to review up to 1,800 cases …

The Management and Oversight of Human Rights Due Diligence

By David Hess January 4, 2022 by renholding

Last year was the 10^th anniversary of the United Nations Guiding Principles on Business and Human Rights (UNGPs) The UNGPs are a leading framework for understanding the duties of states to protect those within their jurisdiction from …

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