Ira M. Millstein
Lecturer in Law
Director, Columbia Law School and Columbia Business School Program on Global, Economic and Regulatory InterdependenceAreas of Expertise
- Antitrust and competition
- Corporate governance
- Securities litigation
- B.S., Columbia University, 1947
- J.D., Columbia Law School, 1949
M. Millstein is the director of the Columbia Law School and Columbia
Business School Program on Global, Economic & Regulatory
Interdependence. He is a senior partner at the international law firm
Weil, Gotshal & Manges LLP, where, in addition to practicing in the
areas of government regulation and antitrust law, he has counseled
numerous boards on issues of corporate governance, including the boards
of General Motors, Westinghouse, Bethlehem Steel, WellChoice (fka,
Empire Blue Cross), the California Public Employees' Retirement System
(CalPERS), Tyco International, the Walt Disney Co., the New York State
Metropolitan Transportation Authority, the Ford Foundation, the Nature
Conservancy, and Planned Parenthood Federation of America, among others.
Millstein is a member of the board of the National
September 11 Memorial & Museum at the World Trade Center and serves
as pro bono counsel to the board of directors of the Lower Manhattan
Development Corporation, the agency overseeing the redevelopment of
Lower Manhattan. Millstein was appointed by former Governor George
Pataki as chairman of a New York State Commission on Public Authority
Reform, which led to the 2009 Public Authorities Reform Act, and he
currently serves as chairman of the governor's task force overseeing
implementation of the Act.
In addition to his active legal
practice, Millstein is the senior associate dean for corporate governance and the Theodore Nierenberg Adjunct Professor of Corporate
Governance at the Yale School of Management. In November 2006, the
School of Management renamed its corporate governance center the
Millstein Center for Corporate Governance and Performance in honor of Millstein. He is the chairman emeritus, having served as chairman from 1999 to 2005, of the Private Sector Advisory Group to the
Global Corporate Governance Forum founded by the World Bank and the
Organization for Economic Cooperation and Development (OECD). He served
as chairman of the OECD Business Sector Advisory Group on Corporate
Governance from 1997 to 1998 and as co-chair of the Blue Ribbon Committee on
Improving the Effectiveness of Corporate Audit Committees (sponsored by
the New York Stock Exchange and the National Association of Securities
Dealers) in 1998–1999.
In 1997, he was appointed by
Vice President Al Gore and Russian Prime Minister Viktor Chernomyrdin to the U.S.-Russia
Capital Markets Forum Working Group on Investor Protection. In 1996, Millstein chaired the National Association of Corporate Directors' blue ribbon commission on director professionalism.
He formerly has
served as chairman of the board of advisors of Columbia University's
Center for Law & Economic Studies' Institutional Investor Project; chairman of the New York State Pension Investment Task Force; adjunct professor at New York University School of Law; and fellow of the faculty of government at Harvard University's John F. Kennedy School of
An elected fellow of the American Academy of Arts
& Sciences, Millstein is a frequent lecturer and author on
corporate governance, antitrust, and government regulation. In 2001, he
received the first Award for Excellence in Corporate Governance by the
International Corporate Governance Network. In June 2006, the National
named Millstein one of the 100 Most Influential Lawyers
A graduate of Columbia Law School, Millstein is a life trustee and former chairman of the board of the Central Park
Conservancy, chairman emeritus and a member of the board of overseers of
the Albert Einstein College of Medicine, and chairman of the board of trustees of the American Red Cross of Greater New York. He is a member
of the board of the National Association of Corporate Directors,
serves on the Advisory Council of Transparency International, and is a
former member of the Yale School of Management Advisory Board. He is a
former chairman of the Antitrust Law Sections of both the American Bar
Association and the New York State Bar Association.
- The Recurrent Crisis in Corporate Governance, with Paul W. MacAvoy (Palgrave, 2003; paperback ed., Stanford University Press, 2004).
- "The Responsible Board," The Business Lawyer (1997).
- "The Professional Board," The Business Lawyer (1995).
- "The Evolution of the Certifying Board," The Business Lawyer (1992).
- The Battle for Corporate Control: Shareholder Rights, Stakeholder Interests, and Managerial Responsibility
(contributing author, New York University Press, 1991).
- The Impact of the Modern Corporation (co-editor, Columbia University Press, 1984).
- The Limits of Corporate Power, with Salem M. Katsh (MacMillan, 1981).