Shareholder say-on-pay voting allows institutional investors to influence the incentives of managers and, consequently, corporate behaviour. Surprisingly, the preferences of investors on executive compensation have been largely overlooked in the ongoing debates on the role of say-on-pay in corporate governance and the impact of shareholder stewardship on sustainable corporate behaviour. The analysis of investor disclosed explanations of say-on-pay votes in the FTSE 100 companies during 2013–2021 shows that institutional investors rely repeatedly on several dominant themes aimed at improving the incentives of corporate managers and controlling managerial rent extraction. But shareholder interests remain the core focus of say-on-pay votes, with only few investors demanding that companies reward executive directors for protecting the interests of a broader range of affected stakeholders. Additionally, most investors can be grouped into several clusters formed around the voting recommendations of proxy advisers. A group of UK-based institutional investors stands out by taking a more individualistic and diverse approach to the stewardship of executive compensation. These findings highlight the role of local investors in the oversight of executive pay, the growing influence of proxy advisers along with the increasing share of foreign institutional investors, and the influence of best practice governance codes in driving investor stewardship preferences.
{"title":"Executive compensation: investor preferences during say-on-pay votes and the role of proxy voting advisers","authors":"Suren Gomtsian","doi":"10.1017/lst.2023.35","DOIUrl":"https://doi.org/10.1017/lst.2023.35","url":null,"abstract":"Shareholder say-on-pay voting allows institutional investors to influence the incentives of managers and, consequently, corporate behaviour. Surprisingly, the preferences of investors on executive compensation have been largely overlooked in the ongoing debates on the role of say-on-pay in corporate governance and the impact of shareholder stewardship on sustainable corporate behaviour. The analysis of investor disclosed explanations of say-on-pay votes in the FTSE 100 companies during 2013–2021 shows that institutional investors rely repeatedly on several dominant themes aimed at improving the incentives of corporate managers and controlling managerial rent extraction. But shareholder interests remain the core focus of say-on-pay votes, with only few investors demanding that companies reward executive directors for protecting the interests of a broader range of affected stakeholders. Additionally, most investors can be grouped into several clusters formed around the voting recommendations of proxy advisers. A group of UK-based institutional investors stands out by taking a more individualistic and diverse approach to the stewardship of executive compensation. These findings highlight the role of local investors in the oversight of executive pay, the growing influence of proxy advisers along with the increasing share of foreign institutional investors, and the influence of best practice governance codes in driving investor stewardship preferences.","PeriodicalId":46121,"journal":{"name":"Legal Studies","volume":"36 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2023-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138536205","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Review of Child Sexual Abuse Reported by Adult Survivors: Legal Responses in England and Wales, Ireland and Australia by Sinead Ring, Kate Gleeson and Kim Stevenson. Routledge, 2022, 350pp (£104 hardback) ISBN: 978 1 138 60535 0","authors":"James Gallen","doi":"10.1017/lst.2023.24","DOIUrl":"https://doi.org/10.1017/lst.2023.24","url":null,"abstract":"","PeriodicalId":46121,"journal":{"name":"Legal Studies","volume":"65 ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2023-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139245049","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract This paper is a revised version of a plenary lecture delivered at the SLS Annual Conference held at Oxford Brookes University in June 2023. It adopts an auto-ethnographic approach, drawing on the author's long experience of participating in the UK Research Excellence Framework (REF), to assess the current state of legal research in the UK and consider the implications of the increasing importance in the research landscape of engaging in research that serves the public good. The paper explores what falls within the scope of ‘legal research’, particularly for REF purposes, and reflects on how REF-focused research sits within the broader scope of legal scholarly activities. Ideas of the public good are examined and their relation to measures of research impact probed. The paper concludes by painting a broad-brush picture of the current research landscape, identifying key elements and engines of change, and speculating on the direction in which things are going and what should most concern legal scholars going forward. Although primarily focused on legal research in the UK, the paper should be of interest to legal scholars beyond the UK, particularly those in jurisdictions where research assessment exercises are a feature of academic life.
{"title":"Legal research and the public good: the current landscape","authors":"Joanne Conaghan","doi":"10.1017/lst.2023.37","DOIUrl":"https://doi.org/10.1017/lst.2023.37","url":null,"abstract":"Abstract This paper is a revised version of a plenary lecture delivered at the SLS Annual Conference held at Oxford Brookes University in June 2023. It adopts an auto-ethnographic approach, drawing on the author's long experience of participating in the UK Research Excellence Framework (REF), to assess the current state of legal research in the UK and consider the implications of the increasing importance in the research landscape of engaging in research that serves the public good. The paper explores what falls within the scope of ‘legal research’, particularly for REF purposes, and reflects on how REF-focused research sits within the broader scope of legal scholarly activities. Ideas of the public good are examined and their relation to measures of research impact probed. The paper concludes by painting a broad-brush picture of the current research landscape, identifying key elements and engines of change, and speculating on the direction in which things are going and what should most concern legal scholars going forward. Although primarily focused on legal research in the UK, the paper should be of interest to legal scholars beyond the UK, particularly those in jurisdictions where research assessment exercises are a feature of academic life.","PeriodicalId":46121,"journal":{"name":"Legal Studies","volume":"40 2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136347570","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Judicial institutions have become the standard solution to umpire multilevel polities across much of the European continent. However, such arrangement is not free from complexities. This paper analyses the problems associated with the construction of legitimacy regarding constitutional courts in European multilevel democracies. In these polities, constitutional courts tend to rely on three different forms of legitimacy, which are embedded into their institutional design: democratic, multilevel; and technocratic. However, these forms of legitimacy are in tension, often undermining one another when combined. Furthermore, this tension is exploited by political actors to attack the courts, resulting in reputational costs for these institutions.
{"title":"The imperfect legitimacy of judicial umpires in European multilevel democracies","authors":"Pablo Castillo-Ortiz","doi":"10.1017/lst.2023.36","DOIUrl":"https://doi.org/10.1017/lst.2023.36","url":null,"abstract":"Abstract Judicial institutions have become the standard solution to umpire multilevel polities across much of the European continent. However, such arrangement is not free from complexities. This paper analyses the problems associated with the construction of legitimacy regarding constitutional courts in European multilevel democracies. In these polities, constitutional courts tend to rely on three different forms of legitimacy, which are embedded into their institutional design: democratic, multilevel; and technocratic. However, these forms of legitimacy are in tension, often undermining one another when combined. Furthermore, this tension is exploited by political actors to attack the courts, resulting in reputational costs for these institutions.","PeriodicalId":46121,"journal":{"name":"Legal Studies","volume":"183 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135883752","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Austerity measures and the cost-of-living crisis have led to rising poverty rates and violations of socioeconomic rights in the UK and Europe. However, there are limited routes of redress for these violations in many European countries. Claims using Article 3 of the European Convention on Human Rights (ECHR) to address violations of socioeconomic rights are suggested but not fully described in the academic literature. The European Court of Human Rights has found violations of the Convention in very limited circumstances caused by poverty and destitution. These circumstances include violations of the ECHR in cases of insufficient food being provided to those detained by the state. This paper considers possible violations of Article 3 ECHR in relation to food poverty. It argues that hunger is a violation of human dignity and provides tangible evidence of degrading treatment. It identifies benefit caps, the two-child limit, and benefit sanctions as policies that can lead to food poverty and, as a result, could amount to degrading treatment. For some living in food poverty due to these policies, Article 3 ECHR may provide a route of redress.
{"title":"Food, dignity, and the European Court of Human Rights","authors":"Clare James","doi":"10.1017/lst.2023.34","DOIUrl":"https://doi.org/10.1017/lst.2023.34","url":null,"abstract":"Abstract Austerity measures and the cost-of-living crisis have led to rising poverty rates and violations of socioeconomic rights in the UK and Europe. However, there are limited routes of redress for these violations in many European countries. Claims using Article 3 of the European Convention on Human Rights (ECHR) to address violations of socioeconomic rights are suggested but not fully described in the academic literature. The European Court of Human Rights has found violations of the Convention in very limited circumstances caused by poverty and destitution. These circumstances include violations of the ECHR in cases of insufficient food being provided to those detained by the state. This paper considers possible violations of Article 3 ECHR in relation to food poverty. It argues that hunger is a violation of human dignity and provides tangible evidence of degrading treatment. It identifies benefit caps, the two-child limit, and benefit sanctions as policies that can lead to food poverty and, as a result, could amount to degrading treatment. For some living in food poverty due to these policies, Article 3 ECHR may provide a route of redress.","PeriodicalId":46121,"journal":{"name":"Legal Studies","volume":"70 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135884570","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract In this short piece we focus on two of the main changes brought in by the recent Nationality and Borders Act 2022 with a focus on sexually diverse claimants: inadmissibility and the increased standard of proof. The recent changes have a negative impact on all asylum seekers but we highlight that they have a particularly adverse impact on sexually diverse claimants because their diverse backgrounds have not been appropriately considered. The problematic provisions on inadmissibility on the basis of mode of entry and removal to a ‘third safe country’ pose particular risks for sexual minorities. Additionally, the increased standard of proof exaggerates issues already faced by sexually diverse claimants in relation to objective evidence gathering and decision-makers using guidance riddled with stereotypical understandings about sexual minorities.
{"title":"Sexual diversity and the Nationality and Borders Act 2022","authors":"Alex Powell, Raawiyah Rifath","doi":"10.1017/lst.2023.21","DOIUrl":"https://doi.org/10.1017/lst.2023.21","url":null,"abstract":"Abstract In this short piece we focus on two of the main changes brought in by the recent Nationality and Borders Act 2022 with a focus on sexually diverse claimants: inadmissibility and the increased standard of proof. The recent changes have a negative impact on all asylum seekers but we highlight that they have a particularly adverse impact on sexually diverse claimants because their diverse backgrounds have not been appropriately considered. The problematic provisions on inadmissibility on the basis of mode of entry and removal to a ‘third safe country’ pose particular risks for sexual minorities. Additionally, the increased standard of proof exaggerates issues already faced by sexually diverse claimants in relation to objective evidence gathering and decision-makers using guidance riddled with stereotypical understandings about sexual minorities.","PeriodicalId":46121,"journal":{"name":"Legal Studies","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135884733","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Disputes over frozen embryos represent a particularly problematic case, legally and ethically, due to the ambiguity of their moral and legal status and the potential rights-claims which can be made with regard to them. Recent work has contextualised frozen embryos as liminal and suggested a contextual approach to their legal classification. By appeal to personal property law, with a lens provided by Roman law doctrines, and reproductive bioethics, we argue that frozen embryos may be subjects of property rights, providing a more stable framework for dispute resolution. To illustrate how a property approach would work, we reconsider the facts of the influential Evans case and argue that if a proprietary rather than promissory estoppel claim had been pursued, the reverse outcome may have been reached, to the benefit of women who are disproportionately harmed in these scenarios.
{"title":"The law and ethics of a property rights approach to frozen embryo disputes","authors":"Mollie Cornell, Teresa Baron","doi":"10.1017/lst.2023.33","DOIUrl":"https://doi.org/10.1017/lst.2023.33","url":null,"abstract":"Abstract Disputes over frozen embryos represent a particularly problematic case, legally and ethically, due to the ambiguity of their moral and legal status and the potential rights-claims which can be made with regard to them. Recent work has contextualised frozen embryos as liminal and suggested a contextual approach to their legal classification. By appeal to personal property law, with a lens provided by Roman law doctrines, and reproductive bioethics, we argue that frozen embryos may be subjects of property rights, providing a more stable framework for dispute resolution. To illustrate how a property approach would work, we reconsider the facts of the influential Evans case and argue that if a proprietary rather than promissory estoppel claim had been pursued, the reverse outcome may have been reached, to the benefit of women who are disproportionately harmed in these scenarios.","PeriodicalId":46121,"journal":{"name":"Legal Studies","volume":"202 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135823776","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Daniella Lock, Fiona de Londras, Pablo Grez Hidalgo
Abstract The challenge that delegated legislation poses to parliamentary sovereignty and associated supremacy in the UK is purportedly addressed through what we term the ‘constitutional bargain of delegated law-making’. This has three elements: the proper limitation of delegation by Parliament through well-designed parent legislation; the exercise of self-restraint by the Executive in the use of delegated authority; and the enablement of meaningful scrutiny by Parliament. As a paradigm situation in which delegated law-making might be said to be necessary, the first year of the Covid-19 pandemic is an apposite context in which to assess the robustness of that bargain. Our analysis uses a sample of Westminster-generated pandemic-related secondary instruments as a peephole into the broader dynamics of this constitutional bargain and further reveals its significant frailties; frailties that are exposed, but not created, by the pandemic.
{"title":"Delegated legislation in the pandemic: further limits of a constitutional bargain revealed","authors":"Daniella Lock, Fiona de Londras, Pablo Grez Hidalgo","doi":"10.1017/lst.2023.25","DOIUrl":"https://doi.org/10.1017/lst.2023.25","url":null,"abstract":"Abstract The challenge that delegated legislation poses to parliamentary sovereignty and associated supremacy in the UK is purportedly addressed through what we term the ‘constitutional bargain of delegated law-making’. This has three elements: the proper limitation of delegation by Parliament through well-designed parent legislation; the exercise of self-restraint by the Executive in the use of delegated authority; and the enablement of meaningful scrutiny by Parliament. As a paradigm situation in which delegated law-making might be said to be necessary, the first year of the Covid-19 pandemic is an apposite context in which to assess the robustness of that bargain. Our analysis uses a sample of Westminster-generated pandemic-related secondary instruments as a peephole into the broader dynamics of this constitutional bargain and further reveals its significant frailties; frailties that are exposed, but not created, by the pandemic.","PeriodicalId":46121,"journal":{"name":"Legal Studies","volume":"97 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134974943","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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{"title":"Scholars of Contract Law edited by James Goudkamp and Donal Nolan. Oxford: Hart Publishing, 2020, xix + 416 pp (£85 hardback) ISBN: 978-1-50-993846-9","authors":"David Campbell","doi":"10.1017/lst.2023.31","DOIUrl":"https://doi.org/10.1017/lst.2023.31","url":null,"abstract":"An abstract is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content.","PeriodicalId":46121,"journal":{"name":"Legal Studies","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134912371","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The merits and means of accommodating non-binary populations into UK law is becoming an increasingly important issue for policymakers, judges, scholars and legal professionals. Following Elan-Cane's Supreme Court challenge to binary passport sex markers in 2021, the UK Government face another challenge this year concerning non-binary recognition on birth certificates. While an additional third sex option is perhaps the most well-known reform option for the current binary system, other options have been suggested, including additional multiple sex options and/or removing sex from the birth certificate. While scholars and policymakers debate the merits of these, little is known about non-binary people's own preferences towards these options. This paper therefore presents original empirical data on non-binary attitudes towards these options, demonstrating the various perceived opportunities and drawbacks of each, and reflecting on the possible consequences of reform.
{"title":"Legal sex status: the attitudes of non-binary people towards reform in England and Wales","authors":"Mollie Gascoigne","doi":"10.1017/lst.2023.30","DOIUrl":"https://doi.org/10.1017/lst.2023.30","url":null,"abstract":"\u0000 The merits and means of accommodating non-binary populations into UK law is becoming an increasingly important issue for policymakers, judges, scholars and legal professionals. Following Elan-Cane's Supreme Court challenge to binary passport sex markers in 2021, the UK Government face another challenge this year concerning non-binary recognition on birth certificates. While an additional third sex option is perhaps the most well-known reform option for the current binary system, other options have been suggested, including additional multiple sex options and/or removing sex from the birth certificate. While scholars and policymakers debate the merits of these, little is known about non-binary people's own preferences towards these options. This paper therefore presents original empirical data on non-binary attitudes towards these options, demonstrating the various perceived opportunities and drawbacks of each, and reflecting on the possible consequences of reform.","PeriodicalId":46121,"journal":{"name":"Legal Studies","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2023-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49160645","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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