Public pension fund activism in corporate governance reconsidered
Article Abstract:
Public pension fund trustees risk violating the duty owed to beneficiaries to invest trust property prudently and profitably when they allow their investment decisions to be influenced by state politics. The conflict between maximizing profits and appeasing state regulators' requests that funds be invested to benefit local economies needs to be resolved in favor of the beneficiaries. Applying private fund laws, amending state constitutions and guaranteeing greater beneficiary control over trustee selection are three alternative remedies to the more radical one of changing defined benefit plans to defined contribution, employee controlled, plans.
Publication Name: Columbia Law Review
Subject: Law
ISSN: 0010-1958
Year: 1993
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Pruning the judicial oak: developing a coherent application of common law agency and controlling person liability in securities cases
Article Abstract:
Securities firms and executives who escape liability for their agents' unauthorized securities violations still face liability for such acts due to their employer status under controlling person liability. This status-related liability attaches whether or not firms and executives had actual knowledge of or actually participated in such violations. To avoid punishments that are disproportionate to or wholly unrelated to firms' and executives' culpability, courts need to separate group and individual liability standards, using agency liability for firms and controlling person liability for executives and brokers.
Publication Name: Columbia Law Review
Subject: Law
ISSN: 0010-1958
Year: 1993
User Contributions:
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