The Shareholder Forum™
The Shareholder Forum provides all decision-makers –
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
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
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
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.
Shareholder Forum Processes
The SEC released new rules in January 2008 "to facilitate communication and
thereby encourage the creation of, and participation in, electronic
shareholder forums," formalizing support of the policies and practices its
staff had helped to define.
For a later review of regulations
relating to shareholder forum communications in the context of the
2010 SEC Vote to Seek Public Comment on U.S. Proxy System, see the
following responses to Staff requests:
March 24, 2022, Bloomberg | Opinion: "The SEC Wants to Stop Activism"
July 30, 2018, Chairman Jay Clayton of the U.S. Securities and Exchange
Commission: "Statement Announcing SEC Staff Roundtable on the Proxy Process"
September 27, 2015 Wall Street Journal: "How Some Investors Get Special
Access to Companies | In meetings with top executives, facts and body language
flow from public companies to handpicked recipients"
October 5, 2014, John Endean of the American Business Conference published in
The Wall Street Journal: "The Untapped Power of Individual Investors"
July 30, 2014 Forum Report: Supporting the Definition of Issues to Be
Considered by Investors and related
August 11, 2014 Forum Report: Corporate Responsibilities for Issue Definition
and Information Access
July 24, 2014 Reuters: "Republican lawmaker to grill U.S. SEC over
June 27, 2014 Forum Report: Preliminary Review of Objectives for Investor
Initiation of Issues
June 5, 2014 Forum Report: Support for Shareholder-Initiated Engagement
May 30, 2014 The Deal:
"Ackman pushes unorthodox shareholder proposal," followed
June 2, 2014 The Deal: "Ackman ditches referendum and launches proxy
May 28, 2014 Wall Street Journal: "Lawmaker Raises Concerns to SEC
About Ackman's Allergan Referendum | Regulator Is Expected to Review Proxy
Materials Pershing Square Has Filed"
May 21, 2014 Forum Report: Questions About Shareholder-Hosted Meetings of
First Quarter 2011, Directors & Boards: cover story, "Fixing the Annual
December 23, 2010 Securities Technology Monitor: "SEC Shouldn’t Mandate
Social Media: The Shareholder Forum"
December 20, 2010 Forum Report: Response to Proposed SEC Rule Requiring
December 8, 2010 Securities Technology Monitor: "Broadridge to SEC:
Mandate Use of Social Media"
November 16, 2010, Securities Transfer Association: "Comment letters on proxy
reform show strong support for change" (9
pages, 589 KB, in
November 5, 2010, Broadridge Financial Solutions, Inc., as presented to the
U.S. Securities and Exchange Commission: "Discussion of Investor
Participation" (12 slides, 1,508 KB,
PowerPoint format); see also
November 8, 2010 U.S. Securities and Exchange Commission: Memorandum re:
"Meeting with Representatives of Broadridge Financial Solutions, Inc."
(including scanned copies of "Discussion of Investor Participation" and other
presentations) (31 pages, 1,350 KB, in
or download full record from
SEC web site for
Comments on Concept Release on the U.S. Proxy System, 234 pages, 17,640
KB, in PDF
October 20, 2010 Forum Report: Responding to Investor Information Requirements
October 19, 2010 U.S. Securities and Exchange Commission, speech by Chairman
Mary L. Shapiro: Remarks at the NACD Annual Corporate Governance Conference,
October 14, 2010 Forum Report: SEC Invitation of Comments on Proxy System
August 30, 2010 Agenda: "What’s to Fear in Proxy Access?"
July 17, 2010 Wall Street Journal: "For
Investors, Shaking Up Is Hard to Do"
March 9, 2010 Corporate Secretary:
"Prudential offers gifts to boost proxy vote"
6, 2010 New York Times: "Voting Your Shares May Start to Matter"
March 3, 2010 IR Magazine: "IR
Society webinar emphasizes getting the vote out"
March 3, 2010 IR Magazine: "Poor
take-up of electronic voting [among German companies] | But DIRK survey shows
IROs’ overall mood improving"
February 2010 Corporate Secretary:
"Where will 452 lead N&A?"
January 25, 2010 Agenda: "Could
Traditional Annual Meetings Go On-line Only?"
January 25, 2010 Corporate
Secretary: "Intel scraps online-only annual meeting | Investor outcry
forces chip giant to rethink plans"
January 15, 2010 Forum Report: Example of the
"Proxy Plumbing" Problem; see also
December 14, 2009 Forum Report: Survey of Investor Voting Criteria for
December 2009 IR Magazine: "Conversation starter"
November 19, 2009 U.S. Securities and Exchange
Commission press release: "SEC Names Senior Officials to Investor Education
and Advocacy Efforts"
November 1, 2009 New York Times: "When
Shareholders Crack the Whip"
September 10, 2009
TheCorporateCounsel.net: "The Return of Virtual-Only Shareholder Meetings?
Herman Miller's Third Year in a Row"
8, 2009 Forum Report: Defining the New Rules for Shareholder Communication
May 27, 2009 Broadridge Financial
Solutions, Inc., press release: "CalSTRS Turns to Broadridge for Electronic
Voting Proxy Services"
May 24, 2009 New York Times: "Elect a Dissident,
and You May Win a Prize"
April 27, 2009 Wall Street Journal:
"Corporate Blogs and 'Tweets' Must Keep SEC in Mind"
April 9, 2009 Investor Relations Magazine: "Intel to hold virtual
get-togethers for shareholders"
January 14, 2009 Investor Relations Magazine: "Broadridge
competitor slashes fees"
December 5, 2008 Investor Relations Magazine: "Even major investors
wary of 'say on pay' legislation | Pros may not outweigh cons, forum
August 21, 2008 Investor Relations
Magazine: "Broadridge plans shareholder e-forum"
May 16, 2008 Reuters: "Companies
shrug off shareholder e-forum idea"
April 2008 Corporate
Secretary: "The lost art of communication"
February 15, 2008 Investor Relations
Magazine: "Broadridge gets clients to open up about e-proxy
experience"; see also reports:
February 2008 Investor Relations Magazine: "The hunt is on"
February 2008, Directors & Boards
E-Briefing: "Who Knows Best?"
January 22, 2008 Forum Report: SEC Rules Encouraging
Shareholder Forum Programs
January 15, 2008 Compliance Week:
"Shareholder e-Forums: Useful Tool or Pitfall?"
November 29, 2007
TheCorporateCounsel.net: "SEC Adopts Rules to Facilitate
November 28, 2007 Forum Report: New SEC
Rules for “Electronic Shareholder Forums”
October 23, 2000, Performance Analysis and Information Standards (“PAIS”) Panel of
the New York Society of Security Analysts: "Agenda for Meeting #3:
Analysts’ Views of Regulation FD - What’s Changed?"
November 12, 2022, Ning Chiu, Robert A. Cohen and Michael Kaplan of Davis Polk
& Wardwell LLP, posting in The Harvard Law School Forum on Corporate
Governance: "Rare Court Decision in Regulation FD Litigation Highlights
Risks of Calls with Analysts" [Recent clarification of regulation
supporting fair investor access to information]
September 8, 2019, Gaia Balp and Giovanni Strampelli of Bocconi University
Department of Law: "Institutional Investor Collective Engagements:
Non-Activist Cooperation vs Activist Wolf Packs" (69 pages, 723 KB, in
see also the authors' subsequently published summary in
November 1, 2019, Giovanni Strampelli and Gaia Balp of Bocconi University
Department of Legal Studies posting in Columbia Law School CLS Blue Sky
Blog: "The Case for Institutional Investors’ Collective Engagements"
[European academic support of institutional investor collaborations]
September 5, 2014, Daniel M. Gallagher of the U.S. Securities and Exchange
Commission posting in The Harvard Law School Forum on Corporate Governance
and Financial Regulation: "Outsized Power & Influence: The Role of Proxy
March 19, 2014, Charles Nathan of RLM Finsbury and Arthur H. Kohn of Cleary
Gottlieb Steen & Hamilton posting in The Harvard Law School Forum on
Corporate Governance and Financial Regulation: "Recommendations from
Conference Board Task Force on Corporate/Investor Engagement"
November 22, 2010, Society of Corporate Secretaries and Governance
Professionals, report of membership survey presented to the U.S. Securities
and Exchange Commission: "Society Concept Release Survey"
(14 pages, 127 KB, in
November 22, 2010, Society of Corporate Secretaries and Governance
Professionals, letter to the U.S. Securities and Exchange Commission, Re:
Concept Release on the U.S. Proxy System, File No. S7-14-10 Regarding
Accuracy, Transparency, and Efficiency of the Voting Process (Section III.)
(32 pages, 698 KB, in
June 11, 2010, Securities Industry and Financial Markets Association (SIFMA):
"SIFMA Supports Prudent and Balanced Enhancements to Current Shareholder
Communications System;" see also full report:
June 10, 2010, Securities Industry and Financial Markets Association (SIFMA),
report by the SIFMA Proxy Working Group prepared with the assistance of Frank
G. Zarb, Jr. of Katten Muchin Rosenman LLP: "Report on the Shareholder
Communications Process with Street Name Holders, and the NOBO-OBO Mechanism"
(28 pages, 169 KB, in
Katten Muchin Rosenman LLP, January 21, 2010
Q&A: "Communicating with Retail Shareholders: How Much Can an Issuer Say
Outside the Proxy Materials?" (4 pages,
135 KB, in
format); see also Katten Muchin
Rosenman LLP, January 4, 2010 Q&A: "Frequently Asked Questions Regarding the
SEC’s NOBO-OBO Rules and Companies’ Ability to
Communicate with Retail Shareholders" (4 pages,
169 KB, in
Shareholder Communications Coalition, August 4,
2009 letter to Securities and Exchange Commission with discussion draft:
"Public Company Proxy Voting: Empowering Individual Investors and Encouraging
Open Shareholder Communications" (9 pages,
463 KB, in
Cary I. Klafter, Intel Corporation and The Society of Corporate
Secretaries & Governance Professionals, May 4, 2009 interview in The Metropolitan
Corporate Counsel: "Systemic Defects In Proxy Voting Machinery Undermine
Good Corporate Governance"
Dechert LLP, February 1, 2008 Special Alert:
"SEC Amends Rules to Facilitate Use of Electronic Shareholder Forums" (3 pages,
97 KB, in
Alston & Bird LLP, January 29, 2008 Securities Law Advisory: "SEC Releases
Final Rules on Electronic Shareholder Forums" (4 pages, 330 KB, in
Latham & Watkins LLP, January 29, 2008
Corporate Governance Commentary: "A Practitioner’s Guide To Electronic
Shareholder Forums" (9 pages, 71 KB, in
Jeffrey N. Gordon, Alfred W. Bressler
Professor of Law, Columbia Law School, abstract and January 15, 2008 draft: "Proxy Contests
in an Era of Increasing Shareholder Power: Forget Issuer Proxy Access and
Focus on E-Proxy"