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Nonprofit Governance Reforms
The advent of significant corporate governance reforms in response to the Sarbanes-Oxley law, as well as scandals involving several leading nonprofit institutions, has created a climate of uncertainty for the management and Boards of Directors of nonprofit organizations. Controversy has arisen as to the extent to which these entities should emulate the behavior of comparably sized public corporations, even though most of Sarbanes-Oxley does not apply to entities that do not have securities registered with the Securities and Exchange Commission.
Pressure is building for governance reform in nonprofit organizations from several quarters. Directors who serve in management or on the boards of public companies may insist on certain reforms they have enacted elsewhere, out of a concern for personal liability. Outside auditors are demanding broader representations in management letters and are assessing the quality of governance in the context of their reports on the adequacy of internal financial controls. Rating agencies, such as Fitch's and Moody's, have suggested that they will take “governance” into account in assigning ratings for tax exempt debt. Legislative proposals by the Attorneys General of California, Massachusetts and New York would impose specific governance and certification requirements on nonprofit organizations subject to charitable trust oversight. Finally, the IRS has recently announced its intention to weigh in on standards for corporate governance in the context of conflicts of interest, inurement and private benefit that may give rise to intermediate sanctions.
New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
How AI Has Affected PR
When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.