The Shareholder Forum

supporting investor access

for the informed use of capital to produce goods and services


The Shareholder Forum


The Shareholder Forum provides all decision-makers – from the ultimate owners of capital to the corporate managers who use their capital, and all of the professionals in between – with reliably effective access to the information and views participants consider relevant to their respective responsibilities for the common objective of using capital to produce goods and services.

Having pioneered what became the widespread practice of "corporate access" events over two decades ago, the Forum continues to refine its "Direct Access" practices to assure effective support of marketplace interests.

Access Policies

To provide the required investor access without regulatory constraints, the Forum developed policies and practices allowing it to function as an SEC-defined independent moderator. We also adopted well-established publishing standards to assure essential participant privacy and communication rights.

These carefully defined and thoroughly tested Forum policies are the foundation of our unique marketplace resource for clearly fair access to information and exchanges of views.


We have been doing this for more than two decades. The Forum programs were initiated in 1999 by the CFA Society New York (at the time known as the New York Society of Security Analysts) with lead investor and former corporate investment banker Gary Lutin as guest chairman to address the professional interests of the Society’s members.

Independently supported by Mr. Lutin since 2001, the Forum’s public programs – often in collaboration with the CFA Society as well as with other educational institutions such as the Columbia Schools of Business and Journalism, the Yale School of Management and The Conference Board – have achieved wide recognition for their effective definition of both company-specific and marketplace issues, followed by an orderly exchange of the information and views needed to resolve them.

The Forum's ability to convene all key decision-making constituencies and influence leaders has been applied to subjects ranging from corporate control contests to the establishment of consensus marketplace standards for fair disclosure, and has been relied upon by virtually every major U.S. fund manager and the many other investors who have participated in programs that addressed their interests.


The Forum welcomes suggestions for its continuing support of fair access to the information needed by both shareholders and corporate managers.

Responding to the recent increases in investor engagement and activism, we have established a strong policy commitment to supporting corporate managers who wish to provide the leadership expected of them by assuring orderly reviews of issues. We will of course also continue to welcome the initiation of company-specific programs by shareholders concerned with the use of their capital to produce goods and services, and we naturally remain committed to addressing general marketplace interests in collaboration with educational institutions and publishers.


Forum Report: Letter to Willamette CEO Following Meetings

(May 17, 2001)

From: Gary Lutin
To: Distribution: Willamette Shareholders
Sent: Thursday, May 17, 2001 9:30 PM
Subject: Letter to CEO McDougall following NYC presentation

Willamette's CEO McDougall and CFO Hawley presented the management position and responded to questions from shareholders at a meeting today, as part of management's campaign tour of New York.  After discussing reactions with a few of you who attended, and from some of you who met separately with management, I sent a letter to Mr. McDougall with two additional questions.  The text of the letter is copied below.
Please call me (212/605-0335) if you'd like to hear more about the meeting, or discuss your views.
                GL - 5/17/01

Text of 5/17/01 letter to Duane C. McDougall
Telephone (212) 605-0335
Facsimile (212) 605-0325
May 17, 2001
By telecopier: 503/273-5604
Mr. Duane C. McDougall
Willamette Industries, Inc.
1300 Southwest Fifth Avenue, Suite 3800
Portland, Oregon  97201
Dear Mr. McDougall:
    Glad that we were able to meet during your visit to New York, I appreciated the opportunity to learn more about your views of how Willamette's management can most effectively serve the interests of your shareholders.
    Based on a review of your presentations and comments with a sampling of representative shareholders, two additional questions are submitted for your response:
1.    Regarding the election of directors, are you and the other two management nominees, Messrs. Hergenhan and Smelick, willing to commit yourselves to a process of open and cooperative explorations of a possible combination with Weyerhaeuser?  If you want to make this "campaign promise" to win the votes of shareholders, I will be pleased to confer with you in the wording of a position statement.
2.    On the subject of strategic alternatives, the merits of your proposed "consolidator" role is supported by industry observations as well as by the superior performance record of Willamette's management.  But is not clear why you suggest it as an alternative to the proposed combination with Weyerhaeuser.  Is there some reason why you could not pursue the "consolidator" strategy with at least equal and probably greater effect as part of a combined Willamette-Weyerhaeuser enterprise?
    Finally, as a personal observation, I want to compliment you on the open candor with which you have been responding to investor concerns.  It demonstrates fundamental respect for your shareholders, including those who disagree with you, and I hope that respect is recognized and reciprocated.
Gary Lutin





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Publicly open programs of the Shareholder Forum are conducted for free participation of all shareholders of a subject company and any fiduciaries or professionals concerned with their decisions, according to the Forum’s stated "Conditions of Participation." In all cases, each participant is expected to make independent use of information obtained through the Forum, and participation is considered private unless the party specifically authorizes identification.

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 had been offering for several years with the “Shareholder Forum” name, and we have asked Broadridge to use a different name that does not suggest our support or endorsement.