Restatement of the Law,

Corporate Governance

The Institute first tackled the subject of corporate governance more than 25 years ago in Principles of the Law, Corporate Governance: Analysis and Recommendations. Although it provided valuable guidance in a new and unfamiliar area of law at the time, this area has evolved quite a bit in the intervening decades. This project will examine the state of the law today and reflect it in the Restatement.
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At its October 2023 meeting, the Council approved the following material in Council Draft No. 2: §§ 1.13 and 1.27 of Chapter 1, Definitions, and § 5.05 of Chapter 5, Duty of Loyalty. The Council discussed but did not vote on § 5.04; the Reporters will revise the section for future consideration by the Council. Due to time constraints, the Council did not complete its discussion of the remainder of the draft.

At the 2022 Annual Meeting, the membership voted to approve the following from Tentative Draft No. 1: §§ 1.10, 1.23, and 1.24 of Chapter 1, Definitions; § 2.01 of Chapter 2, The Objective of a Corporation; §§ 4.01 and 4.02 of Chapter 4, Duty of Care and the Business of Judgment Rule; and §§ 5.01 and 5.10 of Chapter 5, Duty of Loyalty. After discussion, the Reporters agreed to revisit § 5.02. Accordingly, there was no vote on § 5.02.

All draft approvals are subject to the discussion at the meeting and usual editorial prerogative. 

Reporter
Edward B. Rock New York University School of Law
New York, NY
Associate Reporters
Elisabeth de Fontenay Duke University School of Law
Durham, NC
Marcel Kahan New York University School of Law
New York, NY
Advisers
Frederick H. Alexander The Shareholder Commons
Randall J. Baron Robbins Geller Rudman & Dowd LLP
San Diego, CA
Lucian Bebchuk Harvard Law School
Cambridge, MA
Allison Bennington PJT Partners
London, England
David J. Berger Wilson Sonsini Goodrich & Rosati
Palo Alto, CA
Andre G. Bouchard Paul, Weiss, Rifkind, Wharton & Garrison, LLP
Wilmington, DE
Elizabeth J. Cabraser Lieff Cabraser Heimann & Bernstein, LLP
San Francisco, CA
John Joseph Cannon, III Shearman & Sterling LLP
New York, NY
Kathleen L. Casey Patomak Global Partners
Washington, DC
John C. Coates IV Harvard Law School
Cambridge, MA
H. Rodgin Cohen Sullivan & Cromwell LLP
New York, NY
James D. Cox Duke University School of Law
Durham, NC
Robert E. Denham Munger, Tolles & Olson LLP
Los Angeles, CA
Frank H. Easterbrook U.S. Court of Appeals, Seventh Circuit
Chicago, IL
Lisa M. Fairfax University of Pennsylvania Carey Law School
Philadelphia, PA
John Finley The Blackstone Group
New York, NY
Jill Fisch University of Pennsylvania Carey Law School
Philadelphia, PA
Ivan K. Fong Medtronic PLC
Minneapolis, MN
Anne C. Foster Richards, Layton & Finger, PA
Wilmington, DE
Merritt B. Fox Columbia Law School
New York, NY
Stephen Fraidin Cadwalader, Wickersham & Taft LLP
New York, NY
Kenneth C. Frazier Merck & Co., Inc.
Rahway, NJ
Jesse M. Fried Harvard Law School
Cambridge, MA
Joel Friedlander Friedlander & Gorris, P.A.
Wilmington, DE
Charles Gill United Technologies
Farmington, CT
Ronald J. Gilson Stanford Law School
San Francisco, CA
Jeffrey N. Gordon Columbia Law School
New York, NY
Kevin Gross Richards, Layton & Finger
Wilmington, DE
Lawrence A. Hamermesh Widener University Delaware Law School
Wilmington, DE
William H. Hinman Simpson Thacher
Washington, DC
Jack B. Jacobs Young Conaway Stargatt & Taylor, LLP
Wilmington, DE
Kent A. Jordan U.S. Court of Appeals, Third Circuit
Wilmington, DE
David Andrew Katz Wachtell, Lipton, Rosen & Katz
New York, NY
Stanley Keller Locke Lord LLP
Boston, MA
Scott Kupor Andressen Horowitz
Menlo Park, CA
William M. Lafferty Morris, Nichols, Arsht & Tunnell LLP
Wilmington, DE
Douglas M. Lankler Pfizer Inc
New York, NY
J. Travis Laster Court of Chancery of the State of Delaware
Wilmington, DE
Mark Lebovitch Bernstein Litowitz Berger & Grossmann LLP
New York, NY
Martin Lipton Wachtell, Lipton, Rosen & Katz
New York, NY
Raymond J. Lohier, Jr. U.S. Court of Appeals, Second Circuit
New York, NY
Simon M. Lorne Millennium Management LLC
New York, NY
Susan H. Mac Cormac Morrison Foerster
San Francisco, CA
Deborah P. Majoras P&G
Cincinnati, OH
Lori A. Martin WilmerHale
New York, NY
David C. McBride Young Conaway Stargatt & Taylor, LLP
Wilmington, DE
Kathaleen S. McCormick Delaware Court of Chancery
Wilmington, DE
Christopher J. Meade BlackRock
New York, NY
Amelia Miazad UC Berkeley School of Law
Berkeley, CA
Ira M. Millstein Weil, Gotshal & Manges LLP
New York, NY
Robert H. Mundheim Shearman & Sterling LLP
Tucson, AZ
Annette L. Nazareth Davis Polk & Wardwell LLP
Washington, DC
Eileen T. Nugent Skadden, Arps, Slate, Meagher & Flom LLP
New York, NY
John F. Olson Gibson, Dunn & Crutcher LLP (Retired)
Washington, DC
Ronald L. Olson Munger, Tolles & Olson LLP
Los Angeles, CA
Vance K. Opperman Key Investment, Inc.
Saint Paul, MN
Gregory K. Palm Goldman Sachs & Co. LLC
New York, NY
Roberta Cooper Ramo Modrall Sperling
Albuquerque, NM
Anne E. Robinson Vanguard
Wayne, PA
Steven R. Rodgers Intel Corporation (Retired)
Santa Clara, CA
Phillip T. Rollock TIAA (Retired)
New York, NY
Faiza Saeed Cravath, Swaine & Moore
New York, NY
Hillary A. Sale Georgetown University Law Center
Washington, DC
William D. Savitt Wachtell, Lipton, Rosen & Katz
New York, NY
Melissa Sawyer Sullivan & Cromwell LLP
New York, NY
Brian L. Schorr Trian Fund Management, L.P.
New York, NY
Collins J. Seitz, Jr. Supreme Court of Delaware
Wilmington, DE
Damon Silvers AFL-CIO
Washington, DC
Peter Y. Solmssen Abiquiu Valley Farm LLC
Abiquiu, NM
Larry W. Sonsini Wilson Sonsini Goodrich & Rosati
Palo Alto, CA
A. Gilchrist Sparks, III Morris, Nichols, Arsht & Tunnell LLP
Wilmington, DE
Myron T. Steele Potter Anderson & Corroon LLP
Wilmington, DE
Karen Lynn Valihura Supreme Court of Delaware
Wilmington, DE
Kent Walker Google
Mountain View, CA
Henry Weissmann Munger, Tolles & Olson LLP
Los Angeles, CA
Mary Jo White Debevoise & Plimpton LLP
New York, NY
Gregory P. Williams Richards, Layton & Finger
Wilmington, DE
Liaison
Howard Brod Brownstein The Brownstein Corporation
Conshohocken, PA
Members Consultative Group
Afra Afsharipour University of California, Davis School of Law
Davis, CA
José F. Anderson University of Baltimore School of Law
Baltimore, MD
Christopher Edward Appel Shook, Hardy & Bacon LLP
Washington, DC
Dwyer Arce Virgin Islands Bar Association
Christiansted, VI
Jennifer H. Arlen New York University School of Law
New York, NY
Jerald David August Fox Rothschild LLP
Philadelphia, PA
Larry Catá Backer Penn State Law
University Park, PA
Michael St. Patrick Baxter Covington & Burling LLP
Washington, DC
Shawn J. Bayern Florida State University College of Law
Tallahassee, FL
John S. Beckerman New Harbor, ME
Mary Beckman Massachusetts Attorney General's Office
Boston, MA
Alan J. Berkeley K&L Gates LLP
Washington, DC
Allen D. Black Fine, Kaplan and Black, RPC
Philadelphia, PA
Nikhil Bodade American Industrial Partners
New York, NY
Matthew T. Bodie University of Minnesota Law School
Minneapolis, MN
Mary Jane Bowes Superior Court of Pennsylvania
Pittsburgh, PA
Willard L. Boyd III Nyemaster Goode, PC
Des Moines, IA
Rachel L. Brand Walmart Inc.
Bentonville, AR
Peter Bray U.S. District Court, Southern District of Texas
Houston, TX
Jennifer M. Broder Munger, Tolles & Olson LLP
Los Angeles, CA
Michael K. Brown Brown Gee & Wenger LLP
Walnut Creek, CA
Russell J. Bruemmer WilmerHale (Retired)
Washington, DC
Henry Sill Bryans Aon Risk Services Northeast, Inc. (Retired)
Radnor, PA
Timothy W. Burns Burns Bair LLP
Madison, WI
John P. Burton Rodey, Dickason, Sloan, Akin & Robb, P.A.
Santa Fe, NM
Stephen Calkins Wayne State University Law School
Detroit, MI
J. William Callison Holland & Hart LLP
Denver, CO
Eric C. Chaffee Case Western Reserve University School of Law
Cleveland, OH
Jaclyn F. Cherry University of South Carolina School of Law
Columbia, SC
Douglas K. Chia Soundboard Governance LLC
Princeton, NJ
Eric A. Chiappinelli Texas Tech University School of Law
Lubbock, TX
Sylvia Fung Chin White & Case LLP
New York, NY
Cynthia K. Ching Department of Corporation Counsel, City and County of Honolulu
Honolulu, HI
Stephen Yee Chow Stephen Y. Chow, PC
Boston, MA
William H. Clark, Jr. Faegre Drinker Biddle & Reath LLP (Retired)
Philadelphia, PA
George W. Conk Fordham University School of Law
New York, NY
Daniel A. Cotter Howard & Howard Attorneys PLLC
Chicago, IL
Pamela Craven Amber Road, Inc.
Edgartown, MA
Christopher Scott D'Angelo Montgomery, McCracken, Walker & Rhoads, LLP
Philadelphia, PA
Patrick D. Daugherty Foley & Lardner LLP
Chicago, IL
George A. Davidson Hughes Hubbard & Reed LLP
New York, NY
Anthony E. DiResta Holland & Knight LLP
Washington, DC
Joel C. Dobris University of California, Davis School of Law
Davis, CA
Byron F. Egan Jackson Walker LLP
Dallas, TX
Byron F. Egan Jackson Walker LLP
Dallas, TX
Marguerite M. Elias Gogo Inc.
Chicago, IL
J. William Elwin, Jr. Novus Law LLC
Chicago, IL
David G. Epstein University of Richmond School of Law
Richmond, VA
James A. Fanto Brooklyn Law School
Brooklyn, NY
Russell D. Feingold The American Constitution Society for Law and Policy
Washington, DC
Arthur Norman Field Field Consulting Services LLC
New York, NY
John F. Fischer Oklahoma Court of Civil Appeals
Tulsa, OK
Mark E. Foster Law Offices of Mark Foster
Walnut Creek, CA
Paul J. Fraidenburgh Pillsbury Winthrop Shaw Pittman LLP
San Diego, CA
Caroline Rose Fredrickson Georgetown University Law Center
Washington, DC
Joseph B. Frumkin Sullivan & Cromwell LLP
New York, NY
Meredith Fuchs Plaid Inc
Washington, DC
Eduardo Gallardo Paul Hastings LLP
New York, NY
Paul R. Garcia Frontier Communications Corporation
Norwalk, CT
Nicholas L. Georgakopoulos Indiana University, Robert H. McKinney School of Law
Indianapolis, IN
Elizabeth Barrowman Gibson Toyota Motor North America, Inc.
Dallas, TX
Leonard H. Gilbert Holland & Knight LLP
Tampa, FL
Israel Gilead Hebrew University of Jerusalem, Faculty of Law
Jerusalem, Israel
Daniel C. Girard Girard Sharp LLP
San Francisco, CA
Martin Glenn U.S. Bankruptcy Court, Southern District of New York
New York, NY
Carol Rose Goforth University of Arkansas School of Law
Fayetteville, AR
Andrew Gold Brooklyn Law School
Brooklyn, NY
Philip S. Goldberg Shook, Hardy & Bacon LLP
Washington, DC
Elizabeth Goff Gonzalez Eighth Judicial District Court, Clark County
Las Vegas, NV
Jeffrey J. Greenbaum Sills Cummis & Gross P.C.
Newark, NJ
Kent Greenfield Boston College Law School
Newton Center, MA
Holly J. Gregory Sidley Austin LLP
New York, NY
Charles E. Griffin Butler Snow LLP
Ridgeland, MS
Benjamin Gruenstein Cravath, Swaine & Moore LLP
New York, NY
Steven M. Haas Hunton Andrews Kurth LLP
Richmond, VA
Anton G. Hajjar Chevy Chase, MD
Sarah Hammer The Wharton School of the University of Pennsylvania
Philadelphia, PA
James J. Hanks, Jr. Venable LLP
Baltimore, MD
Michael A. Harring Chicago, IL
Genevieve Helleringer ESSEC Business School
Cergy-Pontoise, France
Joan M. Heminway University of Tennessee College of Law
Knoxville, TN
Andrew D. Hendry Pinehurst, NC
William C. Heuer Westerman Ball Ederer Miller Zucker & Sharfstein LLP
Uniondale, NY
Gregory Alan Hicks University of Washington School of Law
Seattle, WA
Frances R. Hill University of Miami School of Law
Washington, DC
Robert W. Hillman University of California, Davis School of Law
Davis, CA
Eric L. Hirschhorn Winston & Strawn LLP
Washington, DC
Cornish F. Hitchcock Washington, DC
Christina Michelle Houston DLA Piper US LLP
Wilmington, DE
John Patrick Hunt University of California, Davis School of Law
Davis, CA
Kristin N. Johnson U.S. Commodity Futures Trading Commission
Washington, DC
Lyman P. Q. Johnson Washington and Lee University School of Law (Retired)
Lexington, VA
Roscoe Jones, Jr. Gibson, Dunn & Crutcher LLP
Washington, DC
Thomas W. Joo University of California, Davis School of Law
Davis, CA
Maha Jweied Responsible Business Initiative for Justice
Washington, DC
Jeffrey A. Kaplan LyondellBasell Industries
Houston, TX
Robert R. Keatinge Holland & Hart LLP
Denver, CO
Robert L. Kehr Valensi Rose, APC
Los Angeles, CA
Harold H. Kim U.S. Chamber of Commerce
Washington, DC
Daniel S. Kleinberger Mitchell Hamline School of Law (Retired)
Mendota Heights, MN
Donald J. Kochan George Mason University Antonin Scalia Law School
Arlington, VA
Sivan R. Korn Lewis Roca Rothgerber Christie, LLP
Tucson, AZ
David N. Kragseth Guy Carpenter & Company LLC
Philadelphia, PA
Ajay B. Kundaria Google LLC
San Francisco, CA
Stephen P. Lamb Paul, Weiss, Rifkind, Wharton & Garrison LLP
Wilmington, DE
Stewart M. Landefeld Perkins Coie LLP
Seattle, WA
John K. Lawrence Dickinson Wright PLLC
Ann Arbor, MI
Peter V. Letsou University of Memphis, Cecil B. Humphreys School of Law
Memphis, TN
Penina K. Lieber OGC Law LLC
Pittsburgh, PA
John Linarelli University of Pittsburgh School of Law
Pittsburgh, PA
Gail A. Lione Georgetown University Law Center
Washington, DC
Mark J. Loewenstein University of Colorado Law School
Boulder, CO
Lynn M. LoPucki University of Florida, Levin College of Law
Gainesville, FL
Houston Putnam Lowry Ford & Paulekas, LLP
Hartford, CT
Thomas S. Lue DeepMind
Mountain View, CA
Andrés W. López The Law Offices of Andrés W. López P.S.C.
San Juan, PR
Jonathan R. Macey Yale Law School
New Haven, CT
C. Scott Maravilla U.S. Federal Aviation Administration
Washington, DC
Hugh J. Marbury Cozen O'Connor
Washington, DC
Jennifer S. Martin Albany Law School
Albany, NY
Michael C. Massengale JAMS
Houston, TX
Lloyd H. Mayer Notre Dame Law School
Notre Dame, IN
Douglas Earl McLaren Law Offices of Douglas Earl McLaren
Washington, DC
Grace Lee Mead Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A.
Miami, FL
Raffi Melkonian Wright Close & Barger, LLP
Houston, TX
Randal S. Milch New York University School of Law
Chilmark, MA
Joseph Scott Miller University of Georgia School of Law
Athens, GA
Robert T. Miller University of Iowa College of Law
Iowa City, IA
Theodore N. Mirvis Wachtell, Lipton, Rosen & Katz
New York, NY
Douglas K. Moll University of Houston Law Center
Houston, TX
Darren B. Moore Bourland, Wall & Wenzel P.C.
Fort Worth, TX
George Marshall Moriarty Ropes & Gray LLP (Retired)
Boston, MA
Cyril Moscow Honigman LLP
Detroit, MI
Kevin Reid Murray Holland & Hart LLP
Salt Lake City, UT
Donna M. Nagy Indiana University, Maurer School of Law
Bloomington, IN
Robert G. Newman Fulbright & Jaworski LLP (Retired)
San Antonio, TX
Jennifer Gillian Newstead Meta Platforms, Inc.
Menlo Park, CA
Trevor S. Norwitz Wachtell, Lipton, Rosen & Katz
New York, NY
Charles R. T. O'Kelley Seattle University School of Law
Seattle, WA
Arden J. Olson Harrang Long P.C.
Eugene, OR
Barak Orbach University of Arizona, James E. Rogers College of Law
Tucson, AZ
John Edward Osborn University of Washington School of Law
Chadds Ford, PA
Eric J. Pan Investment Company Institute
Bethesda, MD
Henry L. Parr Wyche, P.A.
Greenville, SC
Jeffrey M. Pollock Fox Rothschild LLP
Princeton, NJ
Norman M. Powell Young Conaway Stargatt & Taylor, LLP
Wilmington, DE
Theresa J. Pulley Radwan Stetson University College of Law
Gulfport, FL
Stephen A. Radin Weil, Gotshal & Manges LLP
New York, NY
Connor N. Raso Public Company Accounting Oversight Board
Washington, DC
E. Lee Reichert, III Colorado Attorney General's Office
Denver, CO
Martin F. Richman K&L Gates LLP (Retired)
New York, NY
Henry duPont Ridgely Delaware Supreme Court (Retired)
Wilmington, DE
Thomas L. Riesenberg Alexandria, VA
Armand James Robertson, II Superior Court of California, City and County of San Francisco (Retired)
San Francisco, CA
Michael Lindsay Robinson North Carolina Business Court
Winston Salem, NC
Reginald L. Robinson Howard University School of Law
Washington, DC
Usha R. Rodrigues University of Georgia School of Law
Athens, GA
Blake Rohrbacher Richards, Layton & Finger, PA
Wilmington, DE
Ronald S. Rolfe Cravath, Swaine & Moore LLP (Retired)
New York, NY
Paul Rose The Ohio State University, Moritz College of Law
Columbus, OH
Kenneth M. Rosen University of Alabama School of Law
Tuscaloosa, AL
Darren Rosenblum McGill University School of Law
New York, NY
Rod J. Rosenstein King & Spalding LLP
Washington, DC
Victoria P. Rostow National Association of Real Estate Investment Trusts
Washington, DC
Allan R. Roth Auburndale, MA
Irma S. Russell University of Missouri-Kansas City School of Law
Shawnee Mission, KS
Timothy C. Russell RussellADR
Phoenixville, PA
Thomas E. Rutledge Stoll Keenon Ogden PLLC
Louisville, KY
Donald J. Savery Blue Cross Blue Shield of Massachusetts
Boston, MA
Mark E. Schneider Kirkland & Ellis LLP
Chicago, IL
Steven L. Schwarcz Duke University School of Law
Durham, NC
Victor E. Schwartz Shook, Hardy & Bacon LLP
Washington, DC
Marc M. Seltzer Susman Godfrey LLP
Los Angeles, CA
Randolph Stuart Sergent CareFirst BlueCross BlueShield
Baltimore, MD
William P. Shelley Gordon Rees Scully Mansukhani, LLP (Retired)
Philadelphia, PA
Leopold Z. Sher Sher Garner Cahill Richter Klein & Hilbert, LLC
New Orleans, LA
Robert E. Shields Lakeview Capital, Inc.
Birmingham, MI
Lorraine A. Smiley TAK Advisory Limited (Retired)
Seattle, WA
D. Gordon Smith Brigham Young University, J. Reuben Clark Law School
Provo, UT
Douglas G. Smith Aurelius Law Group LLC
Chicago, IL
Mary L. Smith Lansing, IL
Victor P. Stabile Superior Court of Pennsylvania
Harrisburg, PA
Marc I. Steinberg Southern Methodist University, Dedman School of Law
Dallas, TX
David E. Sternberg Brown Brothers Harriman
New York, NY
H. Mark Stichel RKW Law Group
Baltimore, MD
Elizabeth S. Stong U.S. Bankruptcy Court, Eastern District of New York
Brooklyn, NY
Guy Miller Struve Davis Polk & Wardwell LLP (Retired)
New York, NY
Jim Odell Stuckey, II Dominion Energy, Inc.
Cayce, SC
Frank Sullivan, Jr. Indiana University, Robert H. McKinney School of Law
Indianapolis, IN
William E. Tanis Ireland, Stapleton, Pryor & Pascoe
Denver, CO
Jennifer S. Taub Western New England School of Law
Springfield, MA
Louise Ellen Teitz Roger Williams University School of Law
Bristol, RI
Kellye Y. Testy Law School Admission Council
Newtown, PA
Anne M. Tucker Georgia State University College of Law
Atlanta, GA
Thomas A. Tupitza Knox McLaughlin Gornall & Sennett, P.C.
Erie, PA
E. Peter Urbanowicz Alvarez & Marsal
Dallas, TX
Debra A. Valentine Touchstones Discussion Project
New York, NY
R. Patrick Vance Jones Walker LLP
New Orleans, LA
E. Norman Veasey Gordon, Fournaris & Mammarella, P.A.
Wilmington, DE
Julian Velasco Notre Dame Law School
Notre Dame, IN
Andrew Verstein University of California, Los Angeles School of Law
Los Angeles, CA
Victor A. Vilaplana Practus LLP
San Diego, CA
Victor D. Vital Barnes & Thornburg LLP
Dallas, TX
Chang Wang Kingsfield Law Office
Bloomington, MN
John L. Warden Sullivan & Cromwell LLP
New York, NY
Manning Gilbert Warren, III University of Louisville, Brandeis School of Law
Louisville, KY
Donald J. Weidner Florida State University College of Law
Tallahassee, FL
Robert A. Wexler Adler & Colvin
San Francisco, CA
Kelli Alces Williams Florida State University College of Law
Tallahassee, FL
Wendell Lewis Willkie, II American Enterprise Institute
Darien, CT
David B. Wilson Sherman & Howard L.L.C.
Denver, CO
James C. Wilson, Jr. Vestavia, AL
Gerard E. Wimberly, Jr. Akerman LLP (Retired)
New Orleans, LA
Richard J. Wolf The Secura Isaac Group LLC
New York, NY
LaVerne Woods Davis Wright Tremaine LLP
Seattle, WA
Richard B. Zabel Elliott Management Corporation
Brooklyn, NY
Jennifer Zachary Merck & Company, Inc.
Rahway, NJ

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