N Contracts

JULY 8, 2025

Learn what to do if a vendor doesn’t respond to due diligence requests and how to navigate other third-party red flags.

52

52

Harvard Corporate Governance

JUNE 9, 2025

Notably, the amendments: limit controlling stockholder liability by excluding any stockholder or group that owns less than a third of a company’s voting power and by establishing that, other than in going-private or squeeze-out transactions, courts will not review a controlling stockholder transaction approved either by a committee of independent directors (..)

133

133

Harvard Corporate Governance

JULY 17, 2024

The Supreme Court agreed to answer two significant questions, both of which have very real consequences for businesses facing securities fraud litigation: (1) whether plaintiffs seeking to allege a strong inference of scienter under the Private Securities Litigation Reform Act (PSLRA)—a rigorous and formidable burden—based on allegations about internal (..)

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223

Harvard Corporate Governance

FEBRUARY 17, 2025

The full 2025 ISS Benchmark Voting Policy document is expected to be published in the coming weeks. This alert provides a high-level description of the US policy updates, which will apply for shareholder meetings held on or after February 1, 2025.

Equity 113

Equity 113

IVSC

MARCH 31, 2025

The FCAs review, covering 36 firms managing 3 trillion of assets, identified examples of weaker governance, concerns about independence and inconsistent documentation. There were also instances where firms did not maintain proper documentation of independent review and challenge processes.

Marketability 100

Marketability Equity Intangible Assets Compliance 100

IVSC

JULY 11, 2024

Key Themes The Agenda Consultation document highlights several key themes for consideration: Environmental, Social, and Governance (ESG): Recognising the growing importance of ESG factors in valuation, this topic explores how these elements impact valuation processes and the need for additional standards.

Technology 189

Technology Intangible Assets Business Valuation 189

Harvard Corporate Governance

JANUARY 22, 2025

There is an extensive body of studies that documents that corporate insiders with access to insider information are able to earn abnormal returns by trading their firms shares. This post is based on their recent paper.

Data Analysis 113

Data Analysis Corporate Finance Finance Marketability 113

Harvard Corporate Governance

SEPTEMBER 24, 2023

The Mandatory Audits provision for private funds and the Written Annual Review requirement to document annual compliance reviews under Rule 206(4)-7. The New Rules also add books and records requirements to document compliance. Requirements for advisers when undertaking Adviser-Led Secondaries. more…)

Compliance 214

Compliance 214

Viking Mergers

MARCH 25, 2022

This document outlines the details of the offer, including the offered purchase price, the payment terms, the training and transition period, any required employment or non-compete terms for you (the Seller) and potentially key employees, and any other conditions related to the offer. #10 12 Prepare Closing Documents. 13 Closing.

Business Valuation 245

Business Valuation Marketability EBITDA Finance 245

IVSC

AUGUST 29, 2024

The subscription-based IVS Online platform will remain an important resource, providing access to a comprehensive archive of previous editions, translated documents, red-line versions, and thought leadership materials.

Marketability 246

Marketability Intangible Assets Business Valuation 246

Harvard Corporate Governance

JUNE 24, 2022

The list has been, and continues to be, continually updated with new additions and new announcements by the first author’s team of two dozen experts with diverse backgrounds in financial analysis, economics, accounting, strategy, governance, geopolitics, and Eurasian affairs; with collective fluency in ten languages including Russian, Ukrainian, German, (..)

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360

Harvard Corporate Governance

FEBRUARY 2, 2024

Using detailed holding data of mutual funds, our paper first documents a rising trend in mutual fund dual holdings of U.S. Consequently, fund families managing both equity and bond funds are more likely to hold stocks and bonds from the same company simultaneously (“dual holdings”). publicly traded firms.

Corporate Finance 289

Corporate Finance Finance Equity Marketability 289

Harvard Corporate Governance

JANUARY 15, 2023

Properly documenting the board’s deliberative process takes on heightened significance for “mission-critical matters” such as major deals, oversight of monoline businesses or significant revenue flows, or catastrophic events, where board actions may be the subject of stockholder litigation.

229

229

Appraisers Blog

JUNE 20, 2025

Document their answer. _ If any are missing, document it — and consider filing a FOIA appeal or complaint to the Office of Government Information Services (OGIS). _ Document Retaliation Why it matters: If you speak out, file FOIA requests, or push back — and then experience access blocks, threats, or delays — it may be retaliation.

Appraisal 86

Appraisal Start-ups 86

Harvard Corporate Governance

MARCH 22, 2022

One of these documents is the “Chief Legal Officer Survey” published annually by the Association of Corporate Counsel (“ACC”). The other document is the survey, “General Counsel in the Boardroom”, from a partnership of Diligent Corporation and Corporate Counsel.

189

189

Harvard Corporate Governance

JULY 16, 2022

Denner provides a useful reminder of the importance of documenting board meetings, updates, and communications in formal corporate board documents, as they will likely later be part of the record on any motion to dismiss in a direct or derivative action. Vice Chancellor Laster’s recent opinion in Goldstein v.

189

189

Harvard Corporate Governance

DECEMBER 2, 2022

But, for the purposes of this document, the term refers to the efforts of any investor to leverage their rights and privileges as an owner to change a company’s practices or strategy. For many people, the phrase may conjure images of hedge funds waging proxy battles as they try to win control of their target’s board.

Marketability 324

Marketability 324

IVSC

JANUARY 24, 2024

This substantial update includes new chapters on Data & Inputs, Documentation, and Financial Instruments , alongside a reordered General Standards section that more accurately reflects the modern valuation process. Documentation Updated requirements for comprehensive record-keeping in line with national standards and regulations.

Intangible Assets 279

Intangible Assets Compliance Marketability Banking 279

Harvard Corporate Governance

DECEMBER 3, 2022

Furthermore, only nine, or 18%, and five, or 10%, of the companies had provided disclosure in their proxy statements or standalone reports, respectively, with three companies providing disclosure in both documents. Five of the companies reviewed in 2022 provided ESG disclosure in both documents.

Compliance 211

Compliance 211

Harvard Corporate Governance

DECEMBER 6, 2022

This year we’ve made noteworthy revisions in the following areas, which are summarized below but discussed in greater detail in the relevant section of this document: Board Diversity. Glass Lewis evaluates these guidelines on an ongoing basis and formally updates them on an annual basis. Gender Diversity.

230

230

Harvard Corporate Governance

SEPTEMBER 26, 2022

Great CEO succession starts with a success profile—a documented view of what your organization needs in its next CEO. How do you find high-potential candidates? And how do you nurture them to ensure they’re ready to step up when the time comes? Define what you need in a CEO.

Start-ups 240

Start-ups 240

Harvard Corporate Governance

MAY 10, 2022

Virtual capabilities and electronic documents are double-edged swords. McIntosh is consulting attorney at Wachtell, Lipton, Rosen & Katz. This post is based on their article , forthcoming in Directors and Boards Magazine.

Technology 188

Technology 188

Harvard Corporate Governance

OCTOBER 9, 2022

Boards need to ensure that they are devoting enough attention to risks and compliance and carefully document their oversight efforts. Directors’ fiduciary duty of loyalty to the company and its stockholders includes a duty to oversee the company’s operations.

Compliance 247

Compliance 247

Harvard Corporate Governance

SEPTEMBER 16, 2022

As an initial point, individualized indemnification agreements offer several advantages over any indemnification provisions in organizational documents, as outlined below. In fact, looking to the company for indemnification vis-à-vis its charter provisions and indemnification agreements is generally the first line of defense.

Marketability 229

Marketability 229

Harvard Corporate Governance

SEPTEMBER 1, 2022

As you will see below, under the new rules, in most circumstances, nominating stockholders will not be required to prepare additional documents or follow an accelerated timeframe for nominations, as the required disclosures can be addressed in the nomination notice and proxy statement as submitted/filed on typical timeframes.

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268

Harvard Corporate Governance

JULY 25, 2022

They have also increasingly turned to books-and-records demands, seeking company documents and other information. Despite recent dismissals of securities claims challenging ESG-related disclosures, plaintiffs remain undeterred, filing amended complaints alleging fraud and breach of fiduciary duty claims.

233

233

Peak Business Valuation

JUNE 27, 2025

No matter where you are in the sales process, an eCommerce business valuation report is a c ritical document. Preparing to Receive an eCommerce Business Valuation To get started, business owners should gather documents and information for the appraiser. See more about documentation at Documents Needed for a Business Valuation.

eCommerce 52

eCommerce Business Valuation Fair Market Value Appraisal 52

Peak Business Valuation

JULY 8, 2025

Collect Financial Documentation When valuing a business, valuation experts like Peak Business Valuation require access to key financial records. It is best to prepare for a business valuation by compiling and organizing the financial documents beforehand. Learn more at Valuing a Business for Divorce.

Business Valuation 52

Business Valuation Fair Market Value Appraisal Start-ups 52

Harvard Corporate Governance

MARCH 12, 2024

2023) document, buy-and-hold investors realize negative post-merger returns while those who redeem their shares optimally at the time of the merger realize significant excess returns. In 2021, the U.S. witnessed an exceptional boom in SPAC deals, with 613 IPOs raising over $161 billion. As Ghang et al.

229

229

ISA

JULY 1, 2025

There are two correct options for placing your signature: Option 1 Include the certification statement on a separate, standalone page in the Cover document with your signature. Then, continue the Cover document and sign again at the end. This way, one signature satisfies both USPAP and ISA requirements.

Appraisal 40

Appraisal Compliance 40

Harvard Corporate Governance

JUNE 12, 2025

A bill set to become law would permit Texas-based and listed public companies to amend their governing documents to impose much greater ownership thresholds on shareholders seeking to submit proposals. Other bills, including one already signed into law, would insulate Texas companies and their boards from private litigation.

113

113

Harvard Corporate Governance

AUGUST 20, 2023

The federal government on July 13 launched the implementation plan for its National Cybersecurity Strategy , just four months after releasing the strategy document — an unheard-of pace. This post is based on their PwC memorandum.

189

189

Harvard Corporate Governance

APRIL 15, 2024

In a new paper , I document extensive activist short involvement in the WBP, show why this involvement may undermine deterrence, and offer reforms. Considered separately, these are generally understood to be two valuable innovations that help detect and deter fraud. But, it turns out, they are not so separate.

Finance 210

Finance 210

Harvard Corporate Governance

NOVEMBER 2, 2022

This document summarizes the findings of the ISS 2022 Global Benchmark Policy Survey, which opened on August 3 and closed on Aug. This post is based on an ISS Corporate Solutions publication by Kathy Belyeu, Michael Ellis, Hailey Knowles, and Renata Schmitt Silva. Overview of Process and Response.

182

182

Harvard Corporate Governance

JANUARY 16, 2024

Corporate policies have evolved from relatively informal internal documents meant primarily for employees into critical sources of information for various stakeholders and government authorities. more…)

Compliance 173

Compliance 173

Harvard Corporate Governance

AUGUST 24, 2022

Private fund sponsors will also be affected, namely, they will need to (i) evaluate whether the QPAM Exemption remains available, if a fund holds “plan assets,” and, if not, whether an alternative exemption may be available, (ii) revise, as necessary, subscription and offering documents that refer to the QPAM Exemption, and (iii) consider whether any (..)

214

214

Harvard Corporate Governance

SEPTEMBER 14, 2024

Although portability has not been a common feature of loan documentation, during the past 12 months, private equity sponsors have increasingly looked to take advantage of portable debt facilities to support M&A transaction flow. This post is based on their White & Case memorandum. more…)

Equity 113

Equity Marketability 113