On mandating pod dating
“The aim must be to make sure that the solutions and strategies we develop to deal with global issues are complementary and mutually reinforcing, so that the Organization as a whole becomes greater than the sum of its parts,” the Secretary-General said.
These examples are from the Cambridge English Corpus and from sources on the web.
Using the pre-legislation variation in board composition and the differing thresholds on female representation mandated by the law as a source of exogenous variation, we show that the decline in shareholder wealth effects is related to the requirements for female director additions.
Announcement returns are more negative for companies for which the legislation is more binding and firms with a greater shortfall of female directors experience sharper declines in shareholder wealth than firms closer to the legislative requirements.
Sunwoo Hwang is a Ph D candidate at the University of North Carolina Kenan-Flagler Business School; Anil Shivdasani is the Wells Fargo Distinguished Professor of Finance at the University of North Carolina Kenan-Flagler Business School; and Elena Simintzi is Assistant Professor of Finance at the University of North Carolina Kenan-Flagler Business School. On September 30, 2018, California enacted Senate Bill 826 mandating that all publicly-traded companies headquartered in the state to have at least one female director by the end of 2019.
The law further requires that by year-end 2021, all firms have at least one female director if the board has four members or fewer, two female directors if the board has five members, and three female directors if the board has six members or more.
He said there was only so much the Secretary-General and his senior managers could effectively deliver and manage, especially when they were asked to do so within limited resources.
A priori, the effects of board regulatory mandates are ambiguous.In presenting his report, the Secretary-General recalled that the first review of mandates had been conducted, at the request of the membership, in 1954, when Dag Hammarskjöld had concluded that “the very nature of the responsibilities that must be assumed by the Secretary-General and his senior staff imposes a limit on the volume of the tasks that can be handled effectively”.Secretary-General Annan said that was even truer in 2006, when the number of mandates were so much greater.We argue that the costs of mandated female board membership arise from supply-side constraints on the pool of female board candidates.In addition, the negative wealth effects associated with the law are concentrated among firms with weak corporate governance or low profitability while those with strong corporate governance or strong profits do not experience significant changes in shareholder wealth.