For The Boardroom, Private Ordering Trumps Political Change
Law360, New York ( February 17, 2017, 2:31 PM EST) -- In the weeks following the U.S. presidential election, companies and investors enjoyed a stock market rally fueled by expectations concerning tax cuts, increased government spending and significant deregulation. While the legal and regulatory changes envisioned under a new presidential administration may present real and substantial opportunities for companies, those changes may have little, if any, impact when it comes to corporate governance. The forces driving shareholder activism, governance activism, scrutiny of board composition, concerns regarding board oversight of risk management, and director-shareholder engagement remain present and may gain strength in a period of deregulation. Investors, having successfully employed "private ordering" in recent years to achieve corporate governance changes, may find that private ordering will be able to trump the impact of political change....
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