Forum Home Page [see Broadridge note below]

 The Shareholder ForumTM`

Fair Investor Access

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

For graphs of specific company voting for the past 5 years, see

Shareholder Support Rankings





For a subsequently published joint statement of the co-chairpersons of the Task Force referenced below, see


To download a printable copy of this report, click here.


Forum Report: Fair Investor Access


The Conference Board’s Task Force Definition of Responsibilities for Investor Access

The reports

Continuing search for examples addressing long term value enhancement

Concluding a year and a half of research and debate, The Conference Board’s Task Force on Corporate/Investor Engagement has published reports this morning of its recommendations, guidelines and policy considerations.

The staff and advisors of The Conference Board Corporate Governance Center will welcome Forum participants’ comments on the Task Force views, which are intended to provide a foundation for continuing discussion and a variety of case-specific applications.

The reports

The Task Force’s work is presented in the following three reports, published by The Conference Board:

Recommendations of the Task Force on Corporate/Investor Engagement (20 pages, 441 KB, in PDF format)

Guidelines for Investor Engagement (35 pages, 1,920 KB, in PDF format)

The Conference Board Governance Center White Paper, by Barbara Blackford, Donna Dabney, Suneela Jain, and James D. Small III: “What Is the Optimal Balance in the Relative Roles of Management, Directors, and Investors in the Governance of Public Corporations?” (76 pages, 999 KB, in PDF format)

It should be noted that the “White Paper” includes a very useful review of the continuing evolution of corporate organization and capital markets, supported by The Conference Board’s authoritative statistics on the composition of institutional investment.

Continuing search for examples addressing long term value enhancement

We will continue to welcome proposals of a suitable activist situation for a Forum project to apply the Task Force recommendations in a real marketplace resolution of substantive investor interests. The past year’s review of situations, however, is not encouraging. The increasingly standardized activist playbooks have generated the development of similarly standardized professional defense playbooks that avoid attention to actual shareholder interests by either attacking or appeasing the activist. To justify Forum support, one side or the other must provide responsible leadership to address issues relevant to a company’s long term value enhancement.

GL – March 11, 2014

Gary Lutin

Chairman, The Shareholder Forum

575 Madison Avenue, New York, New York 10022

Tel: 212-605-0335



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.

This Forum program was initiated to address issues and objectives defined by participants in the 2010 "E-Meetings" program relevant to broad public interests in marketplace practices, rather than investor decisions relating to only a single company. The Forum may therefore invite program support of several companies that can provide both expertise and examples of leadership relating to the issues being addressed.

Inquiries about this Forum program and requests to be included in its distribution list may be addressed to

The information provided to Forum participants is intended for their private reference, and permission has not been granted for the republishing of any copyrighted material. The material presented on this web site is the responsibility of Gary Lutin, as chairman of the Shareholder Forum.

Shareholder Forum™ is a trademark owned by The Shareholder Forum, Inc., for the programs conducted since 1999 to support investor access to decision-making information. It should be noted that we have no responsibility for the services that Broadridge Financial Solutions, Inc., introduced for review in the Forum's 2010 "E-Meetings" program and has since been offering with the “Shareholder Forum” name, and we have asked Broadridge to use a different name that does not suggest our support or endorsement.