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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
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
C. ESG Proposals
D. ESG Metrics and Disclosures
E. Exclusion of “Ordinary Business” Proposals
III. Investor Activism
A. General
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:
D. Activism by Institutional Investors:
E. Cash Reserves and Shareholder Payouts:
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