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Private Ordering with Shareholder Bylaws
Fordham Law Review
  • D. Gordon Smith
  • Matthew Wright
  • Marcus Kai Hintze
Publication Date
  • shareholder empowerment,
  • shareholder bylaws,
  • corporate governance,
  • private ordering,
  • Delaware corporations,
  • Rule 14a-8
Document Type

In this Article, we propose legal reforms to empower shareholders in public corporations. Most shareholders participate in corporate governance in three ways: they vote, they sell, and they sue. We would expand the menu for shareholders in public corporations by enabling them to contract using shareholder bylaws. We contend that private ordering will improve shareholder monitoring of managers and create laboratories of corporate governance that benefit the entire corporate governance system.

General Notes
Reprinted in 54 Corporate Practice Commentator 147 (2012).
Citation Information
D. Gordon Smith, Matthew Wright & Marcus Kai Hintze, π˜—π˜³π˜ͺ𝘷𝘒𝘡𝘦 π˜–π˜³π˜₯𝘦𝘳π˜ͺ𝘯𝘨 𝘸π˜ͺ𝘡𝘩 𝘚𝘩𝘒𝘳𝘦𝘩𝘰𝘭π˜₯𝘦𝘳 π˜‰π˜Ίπ˜­π˜’π˜Έπ˜΄, 80 Fα΄Κ€α΄…Κœα΄€α΄ L. Rᴇᴠ. 125 (2011).