Caremark Compliance for the Next Twenty‐Five Years

One of the most influential cases in corporate governance is In re Caremark International Inc. Derivative Litigation (Caremark). In 1996, Caremark imposed a novel duty on boards of directors to make a good faith attempt to implement and exercise oversight over obligations leading to liability. Breach of this minimal duty has been difficult for plaintiffs to plead and prove, and the case law is littered with dismissed Caremark lawsuits. As Caremark's reign reaches a quarter‐century, however, its duties are primed to evolve. Two cases, Marchand v. Barnhill and In re Clovis Oncology, Inc. Derivative Litigation, took the rare step of allowing Caremark claims to survive motions to dismiss. These cases signal a new understanding of Caremark obligating boards not merely to attempt oversight, but to ensure proactively that such oversight is effective. This subtle but significant change in board duties is one to which the academic literature should respond. This article first reviews the Marchand and Clovis cases and argues that these cases hold significance for the future of Caremark claims. Second, this article studies client advisories from law firms and other sources that evaluate the Clovis and Marchand cases. It finds that while these advisories offer useful tactical responses, they lack strategic advice that would benefit boards over the long term. Filling the gap, this article presents long‐term strategic advice for boards not only to meet Caremark duties but also to thrive as exemplars of good governance and ethical leadership for the next twenty‐five years.     

证券等金融交易所治理结构的公司化改革趋势研究

证券等金融产品交易所的治理结构是实现交易所效率的关键所在。在国外公司化的交易所已是大势所趋。我国2006年实施的新《证券法》也为我国证券交易所走公司化之路预留了制度空间。公司制期货、证券等交易所在克服传统交易所产权不明等弊病的同时,不可避免地产生新的矛盾:股东利益最大化与市场公平效率的平衡、交易参与者与交易所股东之间的利益冲突、完善内部治理与强化外部监督等一系列问题,将构成运营与监管的利益化冲突,这些问题都急需研究。     

The Mariel refugee and the New York Criminal Court

In the spring of 1980, the Mariel Boat Lift brought refugees from Communist Cuba to the shores of Florida. Most refugees came seeking political freedom, but many were sent by the Cuban Government directly from its prisons and mental institutions. Literal rejects of their own society, they arrived in this country and spent many months interned in refugee camps. As they moved out into local communities, their behavioral problems began to come to the attention of local authorities. This paper describes the "Marielitos" seen in the Forensic Psychiatry Clinic for the Criminal and Supreme Courts of New York between mid-1980 and mid-1985. It explores how their reactions to their new environment may be affected by their past psychiatric and criminal histories, their language barrier, and the stress of the emigration experience.     

新《公司法》若干突破的评析

从比较法的视角看,新《公司法》是一部借鉴西方国家公司法的立法经验,总结我国《公司法》施行十余年存在的问题而制定的较先进的公司制度,在公司资本制度、公司治理结构、对中小股东和债权人的利益保护、“一人公司”的引入、“公司法人人格否认”制度的确立等方面都有重大的突破。     

“十一五”，金山软件正走向国际化

在中央提出的“十一五”规划中,特别强调了信息产业,要根据数字化、网络化、智能化总体趋势, 大力发展集成电路、软件等核心产业,重点培育数字化音视频、新一代移动通信、高性能计算机及网络设备等信息产业群,加强信息智能开发和共享,推进信息技术普及和应用。金山软件有限公司作为国内知名的软件企业,其所处的行业——软件信息产业,对知识产权制度的依赖程度非常高,金山软件公司如何应对这个规划,吸引了不少业内人士的注意。     

Fifty Years After the 1967 Crime Commission Report

In the 50 years since the U.S. President's Commission on Law Enforcement and Administration of Justice under President Johnson issued its report, feminist activism and both feminist and mainstream research have resulted in defining domestic violence (DV) as a social problem. This awareness of the seriousness and expansiveness of DV has spurred the development of unprecedented programs and policies. Although DV policing changes have been significant, so too have been the development of and changes in safehouses, no‐drop court policies, domestic violence courts, community‐coordinated responses, and batterer intervention programs. In this article, we review the nonpolice responses to DV cases and outcomes and provide recommendations. First, research and policies need to more regularly be aimed at addressing victims’ safety and their diverse needs and experiences. Second, assessments should include addressing the processing of these cases through the impact of responses by individual community and criminal legal system actors (e.g., victim advocates, police, prosecutors, and judges) to victims and offenders.     

企业法人营业执照吊销后商标权的认定和处置

吊销营业执照是工商行政管理机关依照职权对具有违法行为的市场主体所实施的最严厉的一种行政处罚。企业法人一旦受到吊销营业执照的制裁,则意味着被强制关闭、解散,从此被清理出局,从而退出市场。随着市场监督管理和行政执法的不断深入,尤其在每年的企业年检期间或之后,各地都会有一大批企业法人被工商行政管理机关依法吊销营业执照。这其中不少企业法人拥有注册商标,对如何认定、处置这些企业遗留商标或商标权,已成为当前我们亟待解决的问题。以下是笔者的几点看法。     

New York State TrueAllele® Casework Validation Study

DNA evidence can pose interpretation challenges, particularly with low‐level or mixed samples. It would be desirable to make full use of the quantitative data, consider every genotype possibility, and objectively produce accurate and reproducible DNA match results. Probabilistic genotype computing is designed to achieve these goals. This validation study assessed TrueAllele^® probabilistic computer interpretation on 368 evidence items in 41 test cases and compared the results with human review of the same data. Whenever there was a human result, the computer's genotype was concordant. Further, the computer produced a match statistic on 81 mixture items (for 87 inferred matching genotypes) in the test cases, while human review reported a statistic on 25 of these items (30.9%). Using match statistics to quantify information, probabilistic genotyping was shown to be sensitive, specific, and reproducible. These results demonstrate that objective probabilistic genotyping of biological evidence can reliably preserve DNA identification information.     

论新《公司法》的现代化

本文结合我国当前《公司法》修改过程中的热点与难点问题,从立法技术与立法内容两个层面探讨了我国公司法现代化的若干思路。作为立法技术方面的建议,作者主张对公司法进行全面修改;公司法的国际化与本土化应当有机结合;公司法与相邻法的关系应当体现协调立法、统一立法的思想;大小公司应当区分立法;应当增强公司法条款的可操作性,特别是可诉性。作为立法内容方面的建议,作者主张立法者相信商人的智慧,扩张公司与股东的自治空间;以降低交易成本为导向,进一步减少和规范行政干预;落实股东平等原则,对各类股东提供平等保护;正确处理公司自治与司法干预的关系,鼓励司法权积极审慎地介入公司生活;完善公司资本制度,维护交易安全与鼓励投资并重;在追求股东价值最大化的同时,应当强化公司的社会责任。