Charting a New Course: Long-Term Value vs. Short-Term Reward
May 1, 2008, Mark A. Morton
When Professor Ernest L. Folk III compiled his report of recommendations for changes to the Delaware General Corporation Law 40 years ago, the corporate world was dramatically different. Boards generally included directors with strong connections to (and knowledge of) their companies’ businesses. Institutional investors had a fraction of the influence they garner today. The term “activist shareholders” had yet to enter the investment community’s lexicon. Proxy contests were waged for the entire board (rather than the “short slates”common today).
To read Mark's article, click the link below and scroll to page 19 of the publication.