Panel debates whether directors of companies should be personally liable

On Friday, Novemeber 4, The Program on Corporate Governance at HLS will host a panel discussion to debate personal liability for corporate directors. This question became a central one in the recent WorldCom and Enron cases, in which directors paid settlement fees out of their own pockets. Panelists will consider whether personal liability makes directors accountable, or whether it could deter directors from serving and make serving directors excessively defensive.

“This panel brings together distinguished speakers with a wide range of perspectives and views of the subject,” said Professor Lucian Bebchuk, director of the Program on Corporate Governance. “It should be a treat for anyone interested in our corporate system.”

The 12 participants will include Roel Campos, commissioner of the SEC; attorney Bill Lerach; John Wilcox from TIAA-CREF; former CEO Bob Mendelsohn; representatives of state governments and advocates for both business and shareholder interests. The event will take place from 3 – 5 p.m. in the Vorenberg Classroom of Langdell Hall.