Professor Lucian Bebchuk, director of the HLS Program on Corporate Governance, recently delivered the John R. Raben Fellowship Lecture at Yale University. The lecture was based on a working paper titled “The Myth of the Shareholder Franchise,” in which Bebchuk argues that shareholders rarely, if ever, successfully vote to replace the board of a public company.

Click here to read an abstract of Bebchuk’s research on this issue (PDF file).

Appointed to the Harvard Law faculty in 1986, Bebchuk is an expert in corporate governance, law and finance, and law and economics. He was elected to the American Academy of Arts and Sciences in 2000.

To learn more about Bebchuk’s recent work — including his acclaimed book “Pay Without Performance: The Unfulfilled Promise of Executive Compensation” — visit his faculty web page.