The protections that corporation law provided to shareholders and to our economic community against the excesses and complacency of corporate directors and managers have undergone a general weakening. Although it is uncertain whether the ALI can accomplish effective and meaningful reforms, this effort may be the most important attempt by the corporate community to reform itself.
Donald E. Schwartz,
Federal Chartering Revisited,
U. Mich. J. L. Reform
Available at: https://repository.law.umich.edu/mjlr/vol22/iss1/3