2014 Roundtable on Long-Term Value Creation

May 20–21, 2014


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

The Program on Corporate Governance wishes to thank its supporting organizations: Cleary Gottlieb, Compass Lexecon, Cornerstone Research, Corporation Service Company, Davis Polk, Debevoise & Plimpton, Gibson Dunn, Latham & Watkins, Mayer Brown, Pearl Meyer & Partners, Ropes & Gray, Shearman & Sterling, Simpson Thacher, Skadden, and White & Case.

The Program on Institutional Investors wishes to thank the institutional members of the Harvard Institutional Investor Forum.

The Harvard Roundtable on Long-Term Value Creation is grateful for the sponsorship of Broadridge, CFA Institute, Chevron Corporation, Coca-Cola, Deloitte, Ernst & Young, Evercore Partners, Houlihan Lokey, Innisfree M&A Inc., JPMorgan Chase, KPMG, Lazard, Pearl Meyer & Partners, PepsiCo, Pfizer, PricewaterhouseCoopers, Prudential Financial, Relational Investors LLC, Sard Verbinnen & Co, and United Health.

Agenda

May 20, 2014

Loeb House, 17 Quincy Street

6:45–7:30 pm Reception
7:30 pm Dinner

May 21, 2014

Wasserstein Hall, 1585 Massachusetts Avenue

8:15–9:00 am Registration and continental breakfast
9:00–10:25 am First morning session
10:25–10:45 am Coffee Break
10:45–12:10 pm Second morning session
12:10–1:20 pm Buffet lunch
1:20–2:35 pm First afternoon session
2:35–2:55 pm Coffee Break
2:55–4:10 pm Final session
4:10–5:00 pm Closing reception

Discussion Topics

The first part of the Roundtable will focus on short-termism and investor engagement with issuers. Participants will discuss the opposing views regarding the extent to which investor engagement produces short-termism and discourages long-term value creation. The discussion will consider some current issues within this broad debate, such as classified boards and annual elections, poison pills (including low-threshold poison pills), incentive schemes for nominees of activist investors, Section 13(d) reporting requirements, and other related topics that may be of interest to participants.

The second part of the Roundtable will focus on short-termism and the internal organization of issuers and investors. The discussion will consider the internal arrangements and compensation practices of institutional investors, arrangements for encouraging long-term shareholder loyalty, the internal arrangements of issuers, and other related topics that may be of interest to participants.

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Background Materials

Short-Termism and Investor Engagement with Issuers

Different Views on the Long-Term Effects of Engagement

Current Issues Regarding Short-Termism

Classified Boards and Annual Elections

Poison Pills and Low-Threshold Poison Pills

Incentive Schemes for Nominees of Activist Investors

Section 13(d) Reporting Requirements

The Current Landscape of Shareholder Activism

A consolidated PDF of materials regarding ‘Short-Termism and Investor Engagement with Issuers’ is available here. The consolidated PDF contains the shorter pieces from the materials, and summaries or excerpts from the longer papers.

Short-Termism and the Internal Organization of Issuers and Investors

The Internal Arrangements and Compensation Practices of Institutional Investors

Arrangements for Encouraging Long-Term Shareholder Loyalty

The Internal Arrangements of Issuers

A consolidated PDF of materials regarding ‘Short-Termism and the Internal Organization of Issuers and Investors’ is available here. The consolidated PDF contains the shorter pieces from the materials, and summaries or excerpts from the longer papers.

 

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