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Global Legal Monitor: March Highlights

With this series of posts, published at the beginning of each month, I do two things: highlight a few of the Global Legal Monitor (GLM) articles published in the previous month that I found particularly interesting, and provide a list of the ten GLM articles that were viewed the most times during the month.

So, let me get right to it.  Thirty-two articles were published in the GLM in March.  Of these, three articles regarding measures to regulate banks as well as bankers’ and executives’ pay caught my eye:

  • The first discusses a recent popular referendum in Switzerland on a proposal to limit executive pay.  The proposal, which was adopted with the support of 68% of  the voters, among other things, amends the country’s Constitution to impose a requirement that compensation payable to members of board of directors and the board of advisors of companies as well as company executives be set at annual shareholder meetings.
  • The second article describes a measure in the European Union aimed at curbing bankers’ annual bonuses and raising the minimum bank capital requirements.   If adopted, the measure would cap bankers’ bonuses at an amount equivalent to their annual salary.  A higher bonus would require shareholders’ approval and a five year deferral in payment of a certain percentage of the total amount.  With regard to the bank capitalization requirements, the measure would impose a requirement that banks maintain a minimum of 8% low risk capital.
  • The third summarizes a recent decree in Finland imposing special taxes on banks. The measure, scheduled to take effect in January 2013, would impose a .125% tax on banks’ “risk assets” (“assets related to the bank’s capital and solvency”).

Now to the second part of the task: providing a list of the top ten GLM articles for March.  If you are wondering why we do this, it is because we think it helps gauge (albeit in a non-scientific way) the issues our readers are interested in or care about.  So, here is a list of the top ten articles in the order of their popularity:

  1. Iceland: Internet Porn Ban Considered (Feb. 2013)
  2. Burma: Amended Foreign Investment Law Published (Nov. 2012)
  3. China: Maternity Leave Extended from 90 Days to 98 Days (Apr. 2012)
  4. U.N. Human Rights Council: First Resolution on Internet Free Speech (July 2012)
  5. Taiwan: Cabinet Approves Increase in Minimum Hourly Wage (Sept. 2012)
  6. Sri Lanka: Foreigners to Be Banned from Purchasing Property (Feb. 2013)
  7. South Korea: Permanent Dual Nationality Allowed after 60 Years (Aug. 2010)
  8. Indonesia: New Regulation on Phone Imports (Jan. 2013)
  9. China: Amendment of Criminal Procedure Law (Apr. 2012)
  10. Somalia: New Constitution Approved (Aug. 2012)

For more articles on legal developments around the globe, please visit the GLM page on the Law Library of Congress website.  You may also sign-up for email alerts or RSS feeds.  If you’re in the Twitterverse, you can also find out about some GLM articles through tweets via @lawlibcongress.

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