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REPORT OF THE AMERICAN LAW INSTITUTE OF THE MACARTHUR FOUNDATION . . . (WITH BIBLIOGRAPHY) 1 (1993)

handle is hein.ali/alicgv0079 and id is 1 raw text is: Report of The American Law Institute To the MacArthur Foundation On Principles of Corporite Govemanc: Analysis and Recommendations On May 13, 1992, the membership of The American Law Institute voted its approval of the Proposed Final Draft of the Institute's Principles of Corporate Governance: Analysis andRecommendatios, thereby clearing the way for publication of the project's final, official text following approval of the Reporters' ultimate revisions by the Institute's Council. The 1068-page Proposed Final Draft, a copy of which is enclosed, was the first integrated version of the entire text to be publicly available. It had been preceded by 11 Tentative Drafts and two Discussion Drafts submitted to the membership between 1982 and 1991; 17 Council Drafts submitted to the Council of the Institute between 1981 and 1991; 12 Advisory Group Drafts submitted to the project's Consultants and Advisers between 1981 and 1991; and seven Memorandums submitted to the Consultants between 1980 and 1984. In addition to these regular components of the Institute drafting cycle, at each stage of which the draft was subject to extensive review and revision, the project's Advisers to the Council played an extremely active role in overseeing the revisions of the Reporters; this involved participating for hours at a time in frequent telephone conferences and collaborating directly in the Reporters' successive refinements of the text. The Reporters also met regularly with a special committee established by the American Bar Association's Business Law Section to review the project, and took into account the committee's criticisms and suggestions for improvement, as well as the many submitted by others both in print and in correspondence throughout the duration of the project.