June 2018 Roundtable

I. The Continuing Debate Over Dual-Class Stock

A. The Pros and Cons of Dual-Class

• The Untenable Case for Perpetual Dual-Class Stock, Lucian A. Bebchuk & Kobi Kastiel
• The Life-Cycle of Dual Class Firms, Martijn Cremers, Beni Lauterbach and Anete Pajuste
• 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
• 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
• Why Dual-Class Stock: A Brief Response to Commissioners Jackson and Stein, David Berger, Wilson Sonsini Goodrich & Rosati

B. The MSCI Index Adjustment Proposal

• Summary of MSCI Consultation Paper on Voting Rights and Index Inclusion, Dimitris Melas, MSCI
• CII Comment Letter to MSCI On Unequal Voting Structures, Ken Bertsch, CII
• Open Letter Regarding Consultation on the Treatment of Unequal Voting Structures in the MSCI Equity Indexes, Barbara Novick, Blackrock

II. Environmental and Social Activism

A. Larry Fink’s 2018 Annual Letter

• A Sense of Purpose, Larry Fink, BlackRock, Inc.,
• BlackRock Investment Stewardship’s Approach to Engagement on Human Capital Management, Michelle Edkins, BlackRock Investment Stewardship
• BlackRock Talks … and U.S. Companies Must Listen, Ed Batts, Orrick, Herrington & Sutcliffe LLP
• Corporate Purpose: ESG, CSR, PRI and Sustainable Long-Term Investment, Martin Lipton, Wachtell, Lipton, Rosen & Katz

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

• An Early Look at US 2018 Proxy Season Trends, Institutional Shareholder Services, Inc.
• 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
• Materiality Matters: Targeting the ESG Issues that Impact Performance, Emily Steinbarth and Scott Bennett, Russell Investments

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

III. Investor Activism

A. General

• Activism in 2018, Ethan A. Klingsberg and Elizabeth Bieber, Cleary Gottlieb Steen & Hamilton LLP
• Activism: The State of Play, Martin Lipton, Wachtell Lipton Rosen & Katz

B. Proxy Contests and Settlements

• The Impact of Shareholder Activism on Board Refreshment Trends at S&P 1500 Firms Subodh Mishra, Institutional Shareholder Services, Inc.
• Dancing with Activists, Lucian A. Bebchuk, Alon Brav, Wei Jiang, and Thomas Keusch
• A Second Bite at the Apple for Shareholder Activists to Nominate Directors?, Steve Wolosky, Andrew Freedman, and Ron Berenblat, Olshan
• CEOs and ISS’ Proxy Contest Framework, Institutional Shareholder Services, Inc.
• ISS and the Removal of CEOs: A Call for an Enhanced Standard, Richard Grossman, Skadden, Arps, Slate, Meagher & Flom LLP
• Activism and Board Diversity, David A. Katz & Laura A. McIntosh, Wachtell, Lipton, Rosen & Katz

C. Activist and Issuer Strategies:

• Activist Investors’ Approaches to Targeting Boards, Jack “Rusty” O’Kelley III, Russell Reynolds Associates
• Top 5 Things Shareholder Activists Need to Know, Steve Wolosky, Andrew Freedman, and Ron Berenblat, Olshan Frome Wolosky LLP
• Activism’s New Paradigm, Gregory Taxin, Spotlight Advisors; and Betsy Atkins

D. Activism by Institutional Investors:

• The Changing Face of Shareholder Activism, Paula Loop, Catherine Bromilow, and Leah Malone, PricewaterhouseCoopers LLP
• An Investor Consensus on U.S. Corporate Governance & Stewardship Practices, Florida State Board of Administration

E. Cash Reserves and Shareholder Payouts:

• How “Shareholder Value” is Killing Innovation, William Lazonick
• Are Buybacks Really Shortchanging Investment?, Jesse Fried and Charles Wang