Shareholder Proxy Fight Expenses

Participation in the selection of directors of publicly held corporations requires expression through a proxy statement and involves costs of solicitation. Case decisions have firmly established management\u27s right to use the corporate treasury for the proxy costs of a statement of its slate of candidates for directors, the rationale being that management and incumbent directors have a positive duty to inform the shareholders and to encourage voting. Dissident shareholder groups, on the other hand, have normally been required to bear their own proxy expenses. Recent case law has permitted successful insurgent stockholders to gain reimbursement of their proxy expenses from the corporation. These cases, as well as the uncertainty and inadequacy of their application, require examination

Using remotely sensed night-time light as a proxy for poverty in Africa

BACKGROUND: Population health is linked closely to poverty. To assess the effectiveness of health interventions it is critical to monitor the spatial and temporal changes in the health indicators of populations and outcomes across varying levels of poverty. Existing measures of poverty based on income, consumption or assets are difficult to compare across geographic settings and are expensive to construct. Remotely sensed data on artificial night time lights (NTL) have been shown to correlate with gross domestic product in developed countries. METHODS: Using national household survey data, principal component analysis was used to compute asset-based poverty indices from aggregated household asset variables at the Administrative 1 level (n = 338) in 37 countries in Africa. Using geographical information systems, mean brightness of and distance to NTL pixels and proportion of area covered by NTL were computed for each Administrative1 polygon. Correlations and agreement of asset-based indices and the three NTL metrics were then examined in both continuous and ordinal forms. RESULTS: At the Administrative 1 level all the NTL metrics distinguished between the most poor and least poor quintiles with greater precision compared to intermediate quintiles. The mean brightness of NTL, however, had the highest correlation coefficient with the asset-based wealth index in continuous (Pearson correlation = 0.64, p < 0.01) and ordinal (Spearman correlation = 0.79, p < 0.01; Kappa = 0.64) forms. CONCLUSION: Metrics of the brightness of NTL data offer a robust and inexpensive alternative to asset-based poverty indices derived from survey data at the Administrative 1 level in Africa. These could be used to explore economic inequity in health outcomes and access to health interventions at sub-national levels where household assets data are not available at the required resolution

A green-gray path to global water security and sustainable infrastructure

Sustainable development demands reliable water resources, yet traditional water management has broadly failed to avoid environmental degradation and contain infrastructure costs. We explore the global-scale feasibility of combining natural capital with engineering-based (green-gray) approaches to meet water security threats over the 21st century. Threats to water resource systems are projected to rise throughout this period, together with a significant expansion in engineering deployments and progressive loss of natural capital. In many parts of the world, strong path dependencies are projected to arise from the legacy of prior environmental degradation that constrains future water management to a heavy reliance on engineering-based approaches. Elsewhere, retaining existing stocks of natural capital creates opportunities to employ blended green-gray water infrastructure. By 2050, annual engineering expenditures are projected to triple to $2.3 trillion, invested mainly in developing economies. In contrast, preserving natural capital for threat suppression represents a potential$3.0 trillion in avoided replacement costs by mid-century. Society pays a premium whenever these nature-based assets are lost, as the engineering costs necessary to achieve an equivalent level of threat management are, on average, twice as expensive. Countries projected to rapidly expand their engineering investments while losing natural capital will be most constrained in realizing green-gray water management. The situation is expected to be most restrictive across the developing world, where the economic, technical, and governance capacities to overcome such challenges remain limited. Our results demonstrate that policies that support blended green-gray approaches offer a pathway to future global water security but will require a strategic commitment to preserving natural capital. Absent such stewardship, the costs of water resource infrastructure and services will likely rise substantially and frustrate efforts to attain universal and sustainable water security