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23 U. Pa. J. Bus. L. 179 (2020-2021)
Boards in Information Governance

handle is hein.journals/upjlel23 and id is 183 raw text is: BOARDS IN INFORMATION GOVERNANCE Faith Stevelman* & Sarah C. Haant INTRODUCTION ................................................................................. 181 I.THE FALL OF THE TWIN PARADIGMS OF TWENTIETH-CENTURY CORPORATE GOVERNANCE.................................................... 187 A. Agency Theory's Market-Based Governance ................187 1. The Agency Cost Paradigm of Board Monitoring.... 189 2. Expanded Board Informational Tasks under Federal Law ...........................................................................194 3. New Information Technologies and Emergent Fiduciary Duties........................................................ 196 4. Passive Institutional Investors................................... 199 5. The Mobilization of Activist Hedge Funds .............. 201 6. Facing Activists, Boards Cannot Defer to Stock Prices ..................................................................................205 B. The End of Separate Realms Thinking........................... 209 1. The Rise and Demise of Technocratic Governance ...212 2. Stakeholders Care About ESG ................................... 216 3. Demands for ESG Information...................................225 4. Corporations in the Political Sphere...........................228 II.FOUNDATIONS OF INFORMATION GOVERNANCE .......................... 233 A. Why the Board?.............................................................. 234 B. New Information Technology ....................................... 236 C. Governing Corporate Identity and Reputation for Value238 D. Audit Committees and Financial Reporting ...................243 E. Boards in Risk Management and Legal Compliance ..... 249 F. ESG Governance ............................................................ 256 Professor of Law, New York Law School. B.A., M.Phil., Yale University; J.D., NYU Law School. This paper represents a true scholarly partnership between the authors. For their comments on early drafts, the authors would like to thank Bill Bratton, Lawrence Cunningham, Lynne Dallas, Jill Fisch, Jeffrey Gordon, Joan Heminway, Kristin Johnson, Lyman Johnson, Ann Lipton, Martha McCluskey, Jamee Moudud, Chuck O'Kelley, Frank Partnoy, Elizabeth Pollman, as well as participants in the APPEAL scholars colloquia and the 2020 National Business Law Scholars Conference opening plenary session. t Professor of Law, Washington and Lee University School of Law. B.A., Yale University; J.D., Columbia Law School. 179

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