About
- Asa Griggs Candler Professor of Finance
- President, Society for Financial Studies (2022)
- Senior Fellow at the Program on Corporate Governance at Harvard Law School
Voting History
Question A: The costs and risks associated with a sharp fall in the value of sterling outweigh any macroeconomic benefits for the UK of export stimulus due to a weaker currency.
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Did Not Answer | |||
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Question B: Concerns about government finances and debt sustainability can undermine the reserve currency status of a major currency.
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Did Not Answer | |||
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Question A: The typical chief executive officer of a publicly traded corporation in the U.S. is paid more than his or her marginal contribution to the firm's value.
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Question B: Mandating that U.S. publicly listed corporations must allow shareholders to cast a non-binding vote on executive compensation was a good idea.
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Question A: Having companies run to maximize shareholder value creates significant negative externalities for workers and communities.
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Comment: Shareholder value, unlike stock price, is a long-term concept that incorporates all constituencies that are important to business success.
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Question B: Appropriately managed corporations could create significantly greater value than they currently do for a range of stakeholders – including workers, suppliers, customers and community members – with negligible impacts on shareholder value.
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Comment: If office temperature could dial up five degrees in summer, everybody--workers, shareholders, and Planet--is better off. Just an example.
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Question C: Effective mechanisms for boards of directors to ensure that CEOs act in ways that balance the interests of all stakeholders would be straightforward to introduce.
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Question A: A mandate for public companies to provide climate-related disclosures (such as their greenhouse gas emissions and carbon footprint) would provide financially material information that enables investors to make better decisions.
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Question B: A mandate for public companies to provide climate-related disclosures would provide material information that enables investors to make better decisions with regards to non-financial objectives (such as aiding portfolio choice based on ESG principles).
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Question C: A mandate for public companies to provide climate-related disclosures would induce them to reduce their climate impact substantially.
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