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Symposium in Paris - Program & Audio of the Panels

Yale Law School International Symposium on:
Assessing Corporate Law Reform in the Transatlantic Context
October 21, 2003
Paris, France

Introduction andWelcome - Anthony T. Kronman '75 Dean and Edward J. Phelps Professor of Law, Yale Law School

CORPORATE GOVERNANCE REFORM
Listen to audio of welcome and panel

This panel discussed current corporate governance reforms in Europe and the US, including the impact of legislation such as the Sarbanes-Oxley Act of 2002 and comparable measures in Europe, the significance and prospect of harmonization of corporate governance codes, and current research on the impact of different legal regimes on market performance and corporate organization.

Chair: Michael E. Levine '65, Professor (Adjunct) of Law, Yale Law School and former Dean, Yale School of Management.

Panel members:

  • Andreas Cahn, Professor and Director, Institute for Law and Finance, Johann Wolfgang Goethe University Frankfurt/Main
  • Paul Davies '69 LLM, Cassel Professor of Commercial Law, London School of Economics and Political Science
  • Florencio López-de-Silanes, Professor of Finance and Economics and Director, International Institute for Corporate Governance, Yale School of Management

 

FINANCIAL MARKET REFORM
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This panel focused on current issues in financial market reform, such as a single European securities regulator, the proposed directives on transparency and investor protection, and international accounting standards harmonization, and their impact on the competitive position of stock exchanges and alternative trading systems.

Chair: Roberta Romano '80, Allen Duffy/Class of 1960 Professor of Law, Yale Law School.

Panel members:

  • Eilís Ferran, Faculty of Law, University of Cambridge
  • Jean-François Théodore, Chairman and Chief Executive Officer, Euronext
  • David Wright, Director, Financial Markets, European Commission
  • Eddy Wymeersch, Chairman, Banking and Finance Commission, Belgium and Professor of Commercial Law, University of Ghent

KEYNOTE ADDRESS: JEAN-FRANCOIS LEPETIT
Download Keynote address

Jean-François Lepetit, Chairman of the Commission des Opérations de Bourse

Jean-François Lepetit was named in October 2002 the President of the French Commission des Opérations de Bourse (COB), which is an independent French government agency responsible for maintaining orderly financial markets and protecting the interests of investors. It is scheduled to be merged during 2003 with other agencies to create the new French financial market authority, the Autorité du Marché Financier (AMF).

PROPOSED EU TAKEOVER DIRECTIVE
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This panel focused on the proposed EU Takeover Directive, including the impact of the ECJ cases on golden shares on the prospects for its enactment, and recent developments in US takeover law.

Chair: Alan Schwartz '64, Sterling Professor of Law and Director, Center for the Study of Corporate Law, Yale Law School

Panel members:

  • Richard G. Asthalter '71, Partner, Sullivan & Cromwell LLP
  • Marco Becht, Professor of Finance, Université Libre de Bruxelles and Executive Director of the European Corporate Governance Institute (ECGI)
  • Klaus Hopt, Professor and Director, Max Planck Institute of Foreign Private and Private International Law, Hamburg and member of the EU High Level Group of Company Law Experts
  • Alain Pietrancosta, Professor, François Rabelais University Tours and member of the Financial Law Research Center, University of Paris I (Panthéon-Sorbonne)

CORPORATE RESTRUCTURING AND MOBILITY
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This panel examined the significance of the local legal environment and jurisdictional competition for corporate organization and performance, and the mechanisms to delocalize and/or migrate, such as cross-border mergers, including issues raised by the Überseering case, the European Company directive and the proposed cross-border merger directive.

Chair: Reid Feldman '71, Partner, LeBoeuf Lamb Greene & MacRae LLP

Panel Members:

  • Gérard Hertig, Professor of Law, Swiss Federal Institute of Technology (ETH Zurich)
  • Colin Mayer, Peter Moores Professor of Management Studies, Saïd Business School, University of Oxford
  • Hélène Ploix, Chairman, Pechel Industries; and member of the boards of BNP Paribas, Boots Group plc, Lafarge and Ferring S.A.
  • Roberta Romano '80, Allen Duffy/Class of 1960 Professor of Law, Yale Law School.