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See related case examples of

Dell Inc.

investor rights to intrinsic value realization


Walgreen Co.

stock buyback policies

"Fair Access" Home Page

"Fair Access" Program Reference

For graphs of specific company and related industry returns, see

Returns on Corporate Capital

See also 2011-2019 analyses of

Shareholder Support Rankings





For the memorandum summarized in the letter below, see


Source: Sodali, November 13, 2012 email letter to clients

[text of November 13, 2012 email letter from Alvise Recchi, Chief Executive Officer of Sodali]

For the fifth year in a row, we are proud to send you a memorandum written by our Chairman, John Wilcox, anticipating some of the trends for the year to come.

In previous years, Sodali’s Memo has been successful in bringing to the attention of practitioners concepts such as the convergence of Corporate Governance and Investor Relations, the role of the Board in communicating with shareholders and the rise of the so-called “value activism”.


The emergence of factors that are fundamentally reshaping the way in which companies relate to their shareholders and the persistence of elements of confrontation, exacerbated by the effects of the financial crisis, is challenging companies and practitioners to rethink the Annual General Meeting, to avoid being surprised or forced into a defensive posture or losing control of the event.


This year, the core ideas are:


-          Make the annual meeting a marketing event that highlights the company’s strengths rather than a forum for confrontation with shareholders. 


-          Treat shareholders as customers rather than as enemies, and bring to shareholder relations the same resources and techniques that are used in investor relations and marketing. 


-          Define a role for the board of directors in communication with shareholders. 


-          Beef up the content of explanations for decisions such as compensation, governance policies and other matters that are red flags for shareholders.


-          Start preparing early and thoroughly for the AGM by doing benchmarking, internal analysis of strengths and weaknesses, shareholder surveys and dialogue with top shareholders and proxy advisors.


We hope that the document contributes to your internal thinking and reflection over the subject and are available to discuss our findings and their likely impact on the upcoming Annual Meeting season at your convenience.


This Forum program is open, free of charge, to anyone concerned with investor interests in the development of marketplace standards for expanded access to information for securities valuation and shareholder voting decisions. As stated in the posted Conditions of Participation, the Forum's purpose is to provide decision-makers with access to information and a free exchange of views on the issues presented in the program's Forum Summary. Each participant is expected to make independent use of information obtained through the Forum, subject to the privacy rights of other participants.  It is a Forum rule that participants will not be identified or quoted without their explicit permission.

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