2018 Shareholder Engagement Roundtable

June 5-6, 2018 
Wasserstein Hall, Harvard Law School
1585 Massachusetts Avenue,  Cambridge, MA 02138

Co-Organizers: Lucian Bebchuk, Stephen Davis, Matt Filosa, and Scott Hirst

Supported by

The Harvard Roundtable on Shareholder Engagement is grateful for the co-sponsorship of Abernathy MacGregor, the AES Corporation, American Express, Bank of America, Broadridge, Brunswick Group, Cartica Management, CFA Institute, Chevron, Citi, the Coca-Cola Company, ConocoPhillips, Deloitte, Edelman, Eli Lilly, Evercore, Freeport-McMoRan, FTI Consulting, Gilead Sciences, Gladstone Place Partners, Goldman Sachs, Innisfree M&A Incorporated, Joele Frank, JPMorgan Chase, Kekst, Kingsdale Advisors, Kleinberg Kaplan, KPMG, LabCorp, Lazard Freres, McDonald’s, Morgan Stanley, Nasdaq, Norfolk Southern, Okapi Partners, PepsiCo, Pfizer, Prudential Financial, PwC, Range Resources, Regions Financial, Schulte Roth & Zabel, State Street Corporation, Strategic Governance Advisors, Synchrony Financial, Teneo Governance, Visa, and Wells Fargo.

The Program on Corporate Governance wishes to thank its Knowledge Partners: Akin Gump, Cadwalader, Wickersham & Taft, Cleary Gottlieb, Cornerstone Research, Davis Polk, Debevoise & Plimpton, Fenwick & West, Fried Frank, Gibson Dunn, Jenner & Block, Kirkland & Ellis, Latham & Watkins, Mayer Brown, Ropes & Gray, Shearman & Sterling, Sidley Austin, Simpson Thacher, Skadden, Sullivan & Cromwell, Vinson & Elkins, White & Case, Wilson Sonsini Goodrich & Rosati, and Winston & Strawn.

The Program on Institutional Investors wishes to thank the institutional members of the Harvard Institutional Investor Forum: BlackRock, Caisse de Dépôt et Placement du Québec, California Public Employees’ Retirement System, California State Teachers’ Retirement System, Charles Schwab Investment Management, Colorado Public Employees’ Retirement Association, Dimensional Fund Advisors, Fidelity Investments, Franklin Templeton Investments, Goldman Sachs Asset Management, JPMorgan Asset Management, MFS Investment Management, Norges Bank Investment Management, Northern Trust, Nuveen, Ontario Teachers’ Pension Plan, PGGM Investments, State Board of Administration of Florida, State Street Global Advisors, USS Investment Management, Vanguard, and Wellington Management.

Finally, the Program on Corporate Governance and the Program on Institutional Investors would like to thank the members of the Program on Corporate Governance Advisory Board, the Harvard Institutional Investors Forum Advisory Council, and the Corporate Governance Forum Advisory Council.


List of Participants

Background Materials



Contact Information


June 5, 2018
Loeb House
17 Quincy Street, Cambridge, MA 02138 

6:45 pm Reception
7:30 pm Dinner

June 6, 2018
Harvard Law School

Wasserstein Hall, Room 2012 (second floor)
1585 Massachusetts Avenue, Cambridge, MA 02138 

8:00–9:00 am Registration and continental breakfast
9:00–10:00 am First morning session
10:00–10:20 am Coffee break
10:20 -11:20 am Second morning session
11:20–11:40 am Coffee break
11:40 am–12:40 pm Third morning session
12:40–1:40 pm Lunch
1:40–2:35 pm First afternoon session
2:35–2:55 pm Coffee break
2:55–3:50 pm Final session
3:50–5:00 pm Closing reception
4:00–5:00 pm Issuer-only meeting in Room 3007 and
Mutual fund and pension fund-only meeting in Room 3012

Roundtable Discussion Topics

The Roundtable will begin with presentations about, and a discussion of, the advantages and disadvantages of dual-class structures. The Roundtable will then move to consideration of proposals regarding the inclusion of companies with such structures in equity indices, including MSCI’s ongoing consultation on the issue. Next, the Roundtable will proceed to a discussion of environmental, social, and governance (ESG) engagement. Depending on the interest of participants, topics to be discussed may include Larry Fink’s 2018 Letter to CEOs, ESG shareholder proposals, ESG metrics and disclosures, and the role of hedge funds in ESG initiatives. Finally, the Roundtable will move to a discussion of recent developments in investor activism. Depending on the interest of participants, issues to be discussed may include proxy contests and settlements, activist and issuer strategies, activism by investment managers and pension funds, and activism regarding payouts to shareholders.

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List of Participants

Maryellen Andersen Corporate Governance Officer, Vice President, Institutional Investor and Corporate Relations, Broadridge Financial Solutions
Donna Anderson Vice President, Global Corporate Governance, T. Rowe Price
Travis Antoniono Activist and Sustainability Investment Officer, California State Teachers’ Retirement System
Lindsey Apple Senior Corporate Governance Analyst, MFS Investment Management
Anthony Augliera Deputy General Counsel & Corporate Secretary, Wells Fargo
Lucian Bebchuk James Barr Ames Professor of Law, Economics, and FinanceHarvard Law School
David J. Berger Partner, Wilson Sonsini Goodrich & Rosati
Andre Bouchard Chancellor, Delaware Court of Chancery
Carol Bowie Senior Advisor, Teneo Governance
Margaret Brown Investment Banking Associate, Morgan Stanley
Stephen Brown Senior Advisor, KPMG
Maureen Bujno Managing Director – Center for Board Effectiveness, Deloitte LLP
Megan Campbell Assistant Secretary, The AES Corporation
Janet Carrig Senior Vice President, Legal, General Counsel and Corporate Secretary, ConocoPhillips
Chris Cernich Founding Partner, Strategic Governance Advisors
Joan Conley Senior Vice President and Corporate Secretary, Nasdaq, Inc.
Arthur B. Crozier Chairman, Innisfree M&A Incorporated
Douglas Currault Deputy General Counsel and Corporate Secretary, Freeport-McMoRan
Christopher P. Davis PartnerKleinberg Kaplan
Eva Davis Co-Chair, Global Private Equity, Winston & Strawn
Stephen Davis Associate Director and Senior Fellow, Programs on Corporate Governance and Institutional InvestorsHarvard Law School
Paul DeNicola Managing Director – Governance Insights Center, PricewaterhouseCoopers
Monika Driscoll CFA, Partner, Brunswick Group
David Dubner Managing Director, Goldman Sachs
Steven Epstein Partner and Co-Head of M&A, Fried Frank
Michael Fein EVP, Head of US Operations, Kingsdale Advisors
Jeremy Fielding President & CEO, Kekst
Matt Filosa Associate Director, Programs on Corporate Governance and Institutional InvestorsHarvard Law School
Virginia Fogg General Counsel, Norfolk Southern
Peggy Foran Chief Governance Officer, Senior Vice President and Corporate Secretary, Prudential Financial, Inc.
Mary A. Francis Corporate Secretary and Chief Governance Officer, Chevron Corporation
Tara Gabbai Assistant General Counsel, Pfizer
Patrick Gadson NY Activism Chair, Vinson & Elkins
Eduardo Gallardo Partner, Gibson Dunn
Edward Gehl Director, Investment Proxy Research, Fidelity Investments
Linda Giuliano Senior Vice President and Head of Responsible Investment, AllianceBernstein
Cristiano Guerra Head of ISS’ Special Situations Research, ISS
Larry Hamdan Head of M&A – Americas, Barclays Capital
James Hamilton Director, BlackRock Investment Stewardship, BlackRock
Jessy Hayem Director, Relationship Investing, Equity Markets, Caisse de Dépôt et Placement du Québec
Alexandra Higgins Managing Director, Okapi Partners
Keith Higgins Chair, Securities & Governance Practice, Ropes & Gray
Paul Hilal Founder & CEO, Mantle Ridge LP
Scott Hirst Research Director, Program on Institutional InvestorsHarvard Law School
Sophia Hudson Partner, Davis Polk
Jack B. Jacobs Senior Counsel, Sidley Austin LLP
Ross E. Jeffries, Jr. Deputy General Counsel and Corporate Secretary, Bank of America
Carl Jenkins Managing Director, FTI Consulting
Tom Johnson Chief Executive Officer, Abernathy MacGregor
Jonas Jølle Head of Policy, Norges Bank Investment Management
Robert Katz Partner, Shearman & Sterling LLP
Ele Klein Partner, Co-Head of Global Shareholder Activism Group and Member of Executive Committee, Schulte Roth & Zabel
Jerry Krulewitch Executive Vice President, General Counsel and Secretary, McDonald’s Corporation
Nishesh Kumar Managing Director, J.P. Morgan Asset Management
Shawn Lampron Partner, Fenwick & West
Beau Lescott Portfolio Manager, Inherent Group
Marc Lindsay Senior Strategist, Vanguard
Steve Lipin Chairman and CEO, Gladstone Place Partners
Mike Lubrano Co-Founder and Managing Director, Corporate Governance and Sustainability, Cartica Management
Jeff Mahoney General Counsel, Council of Institutional Investors 
Jennifer Manning Associate General Counsel and Corporate Secretary, The Coca-Cola Company
Bob Marese Managing Director, MacKenzie Partners
Glenn McGrory Partner, Cleary Gottlieb
Kern McPherson Senior Director of North American Research, Glass Lewis
Caitlin McSherry Assistant Vice President, Asset Stewardship, State Street Global Advisors
Hope Mehlman Chief Governance Officer & Assistant Corporate Secretary, Regions Financial
Dimitris Melas Managing Director and Global Head of Core Equity Research, MSCI
Sean Mersten SVP, Senior Counsel – Securities & Finance, Synchrony Financial
Catherine Moyer Proxy Analyst, Northern Trust Asset Management
Toby Myerson Chairman & CEO, Longsight Strategic Advisors
Andrew Noreuil Partner, Mayer Brown
Christine O’Brien Head of Investment Stewardship, Elliott Management
Betsy Oliphant Senior Vice President and Managing Counsel, Global Compensation and Employment, State Street Corporation
Muir Paterson CFA, Managing Director, Global Head of Strategic Shareholder Advisory, Citi
Morton Pierce Partner, White & Case
Brett Pletcher EVP, General Counsel, Chief Compliance Officer and Corporate Secretary, Gilead Sciences
Michael Rachlin Senior Manager, Deloitte Advisory
Peter Reali Senior Director, Responsible Investing, Nuveen
Marc Regenbaum Managing Director & Portfolio Manager, Neuberger Berman
William Regner Partner, Debevoise & Plimpton
Tangela Richter Corporate Secretary and Chief Governance Officer, American Express
Luz Rodriguez Director, Corporate Governance and Legal Services, Colorado PERA
Gary Schmirer Principal, Cornerstone Research
Joel Schneider Senior Portfolio Manager and Vice President, Dimensional Fund Advisors
Paul Schneider Head of Corporate Governance, Public Equities, Ontario Teachers’ Pension Plan
Linda E. Scott Managing Director, Associate Corporate Secretary, JPMorgan Chase
David Segal Portfolio Manager, Franklin Templeton Investments
Scott Spieth Managing Director, Evercore
Darla C. Stuckey President & CEO, Society for Corporate Governance
Lex Suvanto Global Managing Director, Financial Communications & Capital Markets, Edelman
Roberto Tallarita Senior Fellow, Harvard Law School Program on Corporate Governance
Sarah Teslik Partner, Joele Frank
Rebecca Tyler Senior Counsel, Akin Gump
Sandra van der Vaart SVP and Deputy Chief Legal Officer, LabCorp
Kurt von Moltke Partner and Co-Chair of M&A, Jenner & Block
Dieter Waizenegger Executive Director, CtW Investment Group
Catherine Winner Vice President; Fundamental Equity ESG & Stewardship, Client Portfolio Management – New York, Goldman Sachs Asset Management
Daniel Wolf Partner, Kirkland & Ellis
Andrew Wood Vice President, Lazard Freres
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Background Materials

I. The Continuing Debate Over Dual-Class Stock

A. The Pros and Cons of Dual-Class

B. The MSCI Index Adjustment Proposal

II. Environmental and Social Activism

A. Larry Fink’s 2018 Annual Letter

B. Activists and Socially Responsible Investing

C. ESG Proposals

D. ESG Metrics and Disclosures

E. Exclusion of “Ordinary Business” Proposals

III. Investor Activism

A. General

B. Proxy Contests and Settlements

C. Activist and Issuer Strategies:

D. Activism by Institutional Investors:

E. Cash Reserves and Shareholder Payouts:

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Below we have provided maps from the nearby hotels to the location of the conference at Harvard Law School. If you’re arriving by taxi, direct the driver to 1585 Massachusetts Avenue in Cambridge, north of Harvard Square.

Dinner on Tuesday, June 5, will take place at Loeb House, located at 17 Quincy Street in Cambridge. The conference on Wednesday, June 6, will be held at Harvard Law School, Wasserstein Hall, Room 2012 (second floor), 1585 Massachusetts Avenue, Cambridge, MA 02138.

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The Charles Hotel
1 Bennett Street
Cambridge, MA 02138

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Sheraton Commander Hotel
16 Garden Street
Cambridge, MA 02138

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Hyatt Regency Cambridge
575 Memorial Drive
Cambridge, MA 02139

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Hotel Marlowe
25 Edwin H. Land Boulevard
Cambridge, MA 02141

Directions to the Pre-Conference Dinner on Tuesday, June 5

Tuesday, June 5, we will hold a reception and dinner at Loeb House, 17 Quincy Street, Cambridge. The reception will commence at 6:45 pm and the dinner at 7:30 pm.

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Loeb House
17 Quincy Street
Cambridge, MA 02138

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Below is the information for recommended hotels in the Cambridge area. The Charles Hotel and the Sheraton Commander are within walking distance of the law school, but please note that the Hyatt Regency Cambridge and the Hotel Marlowe would require a taxi to the law school.

The Charles Hotel: charleshotel.com

Sheraton Commander: sheratoncommander.com

Hyatt Regency Cambridge: cambridge.hyatt.com/en/hotel/home.html

Hotel Marlowe: hotelmarlowe.com

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Contact Information

For more information please contact Kat Linnehan, Administrative Director, at:

Office (617) 495-8254
[email protected]

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