March 2018 Roundtable

I. The Coming Proxy Season

• An Overview of U.S. Shareholder Proposal Filings, Institutional Shareholder Services, Inc.

II. Board Oversight

A. Risk Oversight

• Statement on Cybersecurity Interpretive Guidance, Jay Clayton, U.S. Securities and Exchange Commission
• Public Company Cybersecurity Disclosures, Kara M. Stein, U.S. Securities and Exchange Commission
• Critical Update Needed: Cybersecurity Expertise in the Boardroom, David F. Larcker, Peter C. Reiss, and Brian Tayan
• Ten Questions Every Board Should Ask in Overseeing Cyber Risks, Yafit Cohn and Karen Hsu Kelley, Simpson Thacher & Bartlett LLP

B. Managing Crisis and Overseeing Culture

• How Your Board Can Be Ready for Crisis, Paula Loop, PricewaterhouseCoopers LLP
• Federal Reserve Takes Severe and Unprecedented Action Against Wells Fargo: Implications for Directors of All Public Companies, Edward D. Herlihy, Richard K. Kim, and Sabastian V. Niles, Wachtell, Lipton, Rosen & Katz
• Reforming Culture and Conduct in the Financial Services Industry: How Can Lawyers Help?, Michael Held, Federal Reserve Bank of New York

III. Executive Compensation and Director Pay

A. Executive Pay Structures

• U.S. Tax Reform: Changes to 162(m) and Implications for Investors, David Kokell, John Roe, and Kosmas Papadopoulos, Institutional Shareholder Services, Inc.
• The Impact of Pending Tax Reform on Executive Compensation: The Need for Deductive Reasoning, Holly M. Bauer, Michelle L.C. Carpenter and Austin Ozawa, Latham & Watkins LLP

B. Executive Pay Levels

• 2017 Proxy Season Review: Compensation, Subodh Mishra, Institutional Shareholder Services, Inc.
• S&P 500 CEO Compensation Increase Trends, Aubrey E. Bout and Brian Wilby, Pay Governance LLC

C. Director Pay

• The Evolution and Current State of Director Compensation Plans, John Ellerman, Peter England, and Blaine Martin, Pay Governance LLC
• The Limits of Shareholder Ratification for Discretionary Director Compensation, Gail Weinstein, Philip Richter, and Adam Kaminsky, Fried, Frank, Harris, Shriver & Jacobson LLP

IV. Investor Stewardship, Communications and Rights

A. The Continuing Work of the ISG

• The Investor Stewardship Group: An Inflection Point in U.S. Corporate Governance?, John C. Wilcox, Morrow Sodali
• Common-Sense Capitalism, David A. Katz and Laura A. McIntosh, Wachtell, Lipton, Rosen & Katz

B. Communications Between Investors and Issuers

• Engagement—Succeeding in the New Paradigm for Corporate Governance, Martin Lipton, Wachtell, Lipton, Rosen & Katz
• What Do Investors Ask Managers Privately?, Eugene F. Soltes and Jihwon Park

C. Virtual Meetings

• A Practical Guide to Virtual-Only Shareholder Meetings, Steven M. Haas and Charles L. Brewer, Hunton & Williams LLP
• Virtual-Only Shareholder Meetings: Streamlining Costs or Cutting Shareholders Out?, Robert Richardson, Glass, Lewis & Co.

D. Repatriation of Cash

• Tax Reform Implications for U.S. Businesses and Foreign Investments, Philip Wagman, Richard Catalano, and Alan Kravitz, Clifford Chance

E. Opting Out of Securities Laws

• The SEC and Mandatory Shareholder Arbitration, Cooley LLP
• Reviving the U.S. IPO Market, Michael S. Piwowar, U.S. Securities and Exchange Commission
• Mandatory Arbitration: An Illusory Remedy for Public Company Shareholders, Rick A. Fleming
• Eclipse of the Public Corporation or Eclipse of the Public Markets?, Craig Doidge

F. Direct Listings Without IPO

• New NYSE Rules For Non-IPO Listings, Skadden, Arps, Slate, Meagher & Flom LLP

V. Investor Attention to Corporate Social Impact

A. Larry Fink’s 2018 Annual Letter

• A Sense of Purpose, Larry Fink, BlackRock, Inc.
• BlackRock Talks … and U.S. Companies Must Listen, Ed Batts, Orrick, Herrington & Sutcliffe LLP

B. Activists and Socially Responsible Investing

• Letter from JANA Partners & CalSTRS to Apple, Inc., Anne Sheehan, California State Teachers’ Retirement System
• Activists and Socially Responsible Investing, Charles Nathan, Finsbury LLC

C. ESG Proposals

• Environmental and Social Proposals in the 2017 Proxy Season, Thomas Singer, The Conference Board, Inc.
• Doubling Down on Two-Degrees: The Rise in Support for Climate Risk Proposals, Cristina Banahan, ISS Corporate Solutions

D. ESG Metrics and Disclosures

• Looking Beyond Sustainability Disclosure, Linda-Eling Lee & Matt Moscardi, MSCI, Inc.
• ISS QualityScore: Environmental and Social Metrics, Ning Chiu, Davis Polk & Wardwell LLP
• Key Trends in Corporate Incidents, Sustainalytics
• From Talking the Talk to Voting the Votes, Jonathan Bailey and Jake Walko, Neuberger Berman Group LLC

E. Exclusion of “Ordinary Business” Proposals

• Analysis of SEC Ruling on Apple Shareholder Proposal, Arthur H. Kohn, Sandra Flow, and Mary E. Alcock, Cleary Gottlieb Steen & Hamilton LLP
• Shareholder Proposals in an Era of Reform, David A. Katz and Laura A. McIntosh, Wachtell, Lipton, Rosen & Katz

VI. Board Composition

A. NYC Comptroller’s Boardroom Accountability Project

• NYC Comptroller’s Boardroom Accountability Project, Michael Garland and Rhonda Brauer, New York City Office of the Comptroller
• NYC Pension Funds Boardroom Accountability Project Version 2.0, CamberView Partners

B. Gender Diversity

• Corporate Governance Update: Boards, Sexual Harassment, and Gender Diversity, David A. Katz and Laura A. McIntosh, Wachtell, Lipton, Rosen & Katz
• CEO Gender and Corporate Board Structures, Melissa B. Frye and Duong T. Pham

VII. The Continuing Debate Over Dual-Class Stock

• Mutualism: Reimagining the Role of Shareholders in Modern Corporate Governance, Kara M. Stein, U.S. Securities and Exchange Commission
• Perpetual Dual-Class Stock: The Case Against Corporate Royalty, Robert J. Jackson, Jr., U.S. Securities and Exchange Commission
• The Untenable Case for Perpetual Dual-Class Stock, Lucian A. Bebchuk & Kobi Kastiel
• The Perils of Small-Minority Controllers, Lucian A. Bebchuk & Kobi Kastiel
• Dual-Class Stock and Private Ordering: A System That Works, David J. Berger, Wilson Sonsini Goodrich & Rosati