Keith Paul Bishop

Keith Paul Bishop

Allen Matkins Leck Gamble Mallory & Natsis LLP

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CalPERS And Pay For Performance

A few weeks ago, CalPERS’ Director of Corporate Governance, Anne Simpson, sent a letter to the Securities and Exchange Commission in support of the SEC’s proposed pay for performance disclosure rule. Her letter notes CalPERS’...more

8/3/2015 - C-Suite Executives CalPERS Compensation Committee Pay Ratio Pay-for-Performance Proposed Regulation Public Employees Publicly-Traded Companies SEC

CalPERS And Pay Equity

The Securities and Exchange Commission has given notice of its intent to adopt final pay ratio disclosure rules at its meeting next week.  In applauding the SEC’s proposed rules, the California Public Employees’ Retirement...more

7/31/2015 - CalPERS CalSTRS Compensation & Benefits Disclosure Requirements Dodd-Frank Pay Ratio Public Employees SEC

Senate Appropriations Committee Is Next Stop For California Finders Bill

AB 667 (Wagner) continues to wend its way through the California legislature.  The bill, which was sponsored by the Corporations Committee of the Business Law Section of the California State Bar, defines a finder as a natural...more

7/30/2015 - Accredited Investors Department of Business Oversight Filing Requirements Finders Issuers Pending Legislation Regulation D

California Crowdfunding Bill In Suspense

Yesterday, Broc Romanek published several posts regarding crowdfunding.  Meanwhile here in California, crowd funding has stalled in the legislature.  AB 722 (Perea) passed unanimously out the Assembly Committee on Judiciary...more

7/29/2015 - Crowdfunding Pending Legislation

CalPERS Claims Success; Proxy Monitor Says CalPERS Success Leads To Lower Stock Prices

“Fair is Foul, and Foul is Fair” - In this press release issued last week, CalPERS congratulated itself on the “success” of its proxy voting initiatives:...more

7/28/2015 - CalPERS Corporate Governance Proxy Season Proxy Voting Guidelines Public Pension Shareholder Activism Shareholder Proposals Shareholders

Court Declines To Declare “S” Corporation Shareholders’ Agreement Unenforceable

In general, shareholders of a corporation that has elected to be taxed under Subchapter S of the Internal Revenue Code are taxed on corporate profits regardless of whether the corporation makes any distribution of those...more

7/27/2015 - Articles of Incorporation Board of Directors Corporations Code Income Taxes IRC Public Policy S-Corporation Shareholder Distributions Shareholders Shareholders' Agreements

When It Comes To Director Compensation, California Is Not Delaware

Yesterday, I wrote about my disagreements with the approach to director compensation adopted by the Delaware Court of Chancery in Calma v. Templeton, 114 A.3d 563 (Del. Ch. 2015) and Seinfeld v. Slager, 2012 Del. Ch. LEXIS...more

7/24/2015 - Board of Directors Corporations Code Director Compensation Equity Compensation Fairness Standard Interested Parties Restricted Stocks

No Calm In Delaware After Calma v. Templeton

In derivative suits, cases are essentially lost and won at the motion to dismiss stage.  Unless the defendants succeed in winning dismissal, they must confront an unhappy choice between continued litigation with all of its...more

7/23/2015 - Board of Directors Business Judgment Rule Corporate Governance Delaware General Corporation Law Derivative Suit Executive Compensation Fairness Standard Independent Directors Motion to Dismiss SEC Shareholders

Out-of-State M&A Lawyer Can Be Sued In California

Many M&A transactions are negotiated across state lines.  When an out-of-state lawyer misrepresents facts in a phone call and email to a lawyer in California, do those communications render the foreign lawyer amenable to suit...more

7/22/2015 - Attorney Malpractice Cross-Border Transactions Foreign Corporations Forum Selection Personal Jurisdiction Residency Test

Does The SEC Know How To Assess Risks And Rewards?

The Securities and Exchange Commission’s proposed rules governing stock exchange listing standards governing recovery of erroneously awarded compensation cause me to wonder whether the SEC understands how to assess risks and...more

7/21/2015 - Clawbacks Issuers Listing Standards Risk Assessment Rule 10D-1 SEC

Implementation Issues Abound For The SEC’s Proposed Clawback Rules

When adopted, the incentive compensation clawback rules recently proposed by the Securities and Exchange Commission are likely to present issuers with a number of implementation challenges. Some of these challenges have been...more

7/20/2015 - Change in Control Chief Compliance Officers Clawbacks Compensation Committee Executive Compensation Issuers Proposed Regulation Publicly-Traded Companies SEC Section 10D Securities Exchange Act

Can The SEC Ignore Congress’ Plain Language?

In proposing executive incentive compensation clawback rules, the Securities and Exchange Commission departs materially from the plain words of Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act....more

7/17/2015 - Clawbacks Dodd-Frank Executive Compensation SEC Section 10D Securities Exchange Act Statutory Interpretation

Some California General Corporation Law Nonsense

Recently, I gave a brief presentation concerning various provisions of the California General Corporation Law that could apply to corporations incorporated outside of California.  I emphasized that the CGCL defines the terms...more

7/16/2015 - Corporations Code Foreign Corporations SCOTUS State of Incorporation

The SEC’s Unconvincing Case Against Indemnification

The Securities and Exchange Commission’s proposed rules take a hard line against issuers indemnifying executives against clawbacks: We believe that indemnification arrangements may not be used to avoid or nullify the recovery...more

7/15/2015 - C-Suite Executives Clawbacks Executive Compensation Indemnification Clauses Listing Rules Proposed Regulation Rule 10D-1 SEC Stock Exchange

SEC Clawback Proposal Overlooks Contract Law Fundamentals

In proposing the clawback rules for stock exchanges mandated by Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the Securities and Exchange Commission evinces little regard for contrary...more

7/14/2015 - Bylaws Clawbacks Corporate Governance Dodd-Frank Employment Contract Executive Compensation Indemnity Agreements SEC

The SEC’s Clawback Proposal – An Unconstitutional Taking?

In proposing incentive compensation clawback rules, the Securities and Exchange Commission studiously ignored any constitutional restraints on its actions.  Buried in the 198-page proposal is this chilling assertion...more

7/13/2015 - Clawbacks Contracts Clause Executive Compensation Fifth Amendment Proposed Regulation SEC Takings Clause

What The SEC Pretermitted In Proposing Clawback Policy Rule

The Securities and Exchange Commission began the month by issuing proposed rules that would direct national securities exchanges and associations to establish listing standards requiring companies to adopt policies that...more

7/10/2015 - Clawbacks Dodd-Frank Executive Compensation Incentive Compensation Listing Standards Preemption Proposed Regulation Rule 10D-1 SEC

Uniform Voidable Transactions Act Becomes Law (Almost)

(1985)On June 2, 1897, the New York Journal famously quoted Samuel Clemens (aka Mark Twain) as saying “The report of my death was an exaggeration”.   This widely quoted (and misquoted) denial was a riposte to a story that...more

7/9/2015 - Avoidable Transfer Debtors Fraudulent Transfers Lenders Pending Legislation

Paralepsis: Mentioning The Unmentionable

This blog is devoted to corporate and securities law issues. Therefore I refrain from venturing into other are topics even though they touch upon lawyers and lawyering. Lawyers, however, can learn a lot about trial conduct...more

7/8/2015 - Attorney Misconduct Jury Trial Litigation Strategies

Court Rules Unincorporated Association Aided Director’s Breach Of Fiduciary Duty

Nearly four years ago, I devoted this post about California’s Unincorporated Association Law. Typically, an unincorporated association is a club, church, or other social organization. A criminal street gang might also be an...more

7/7/2015 - Directors Fiduciary Duty General Corporation Law

Court Rules Shareholders May Be Sued In De Facto Dissolution

California Corporations Code Section 2011 provides that causes of action against a dissolved corporation, whether arising before or after dissolution, may be enforced against its shareholders if any of the assets of the...more

7/6/2015 - Corporate Dissolution Corporations Code Debt Shareholder Distributions Shareholders

Professor Bainbridge Takes On S.B. 75 And The Delaware Bar

UCLA Law Professor Stephen Bainbridge recently posted an article calling Delaware’s recently enacted S.B. 75 a “self-inflicted wound”. SB 75, which was signed into law late last month, limits the ability of Delaware stock...more

7/2/2015 - Bylaws Delaware General Corporation Law Fee-Shifting

Why Foreign Corporations Might Not Care Where You Live

I noticed the following description of California’s principal “pseudo-foreign” corporation statute in a recently filed registration statement: Section 2115(b) of the California Corporations Code imposes certain...more

7/1/2015 - Corporations Code Foreign Corporations

Unwaivable Statutes May Doom Forum Selection Provision

Nearly four years ago, I wrote this post asking whether California’s anti-waiver statute voids choice of forum agreements.  The statute in question was California Corporations Code Section 25701 which provides "Any condition,...more

6/30/2015 - Employment Contract Forum Selection Forum Selection Clause

New LLC Is Not Delivered By Sale Membership Interests

Readers of this blog should be well aware of California’s general antipathy to covenants not to compete. See links below. Other jurisdictions, however, are less averse. Assuming that a covenant not to compete is...more

6/29/2015 - Assignments Injunctions LLC Non-Compete Agreements NV Supreme Court Preliminary Injunctions Restrictive Covenants

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