Enhanced Scrutiny and Corporate Peformance: The New Frontier for Corporate Directors
11 Pages Posted: 9 Mar 2012
Date Written: 1995
Four sentences into his classic work, The Common Law, Oliver Wendell Holmes pronounced: "The life of the law has not been logic: it has been experience."' Holmes contended that such things as the "felt necessities of the time, the prevalent moral and political theories," and "even the prejudices which judges share with their fellow-men have...more to do [with the determination of legal rules] than the syllogism." If the thesis of Holmes' first lecture - ominously titled "Early Forms of Liability" - holds true, a new legal rule may well be in the offing to deal with the subject of director responsibility for corporate performance.
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