Forum Home Page [see Broadridge note below]

 The Shareholder ForumTM`

Fair Investor Access

This public program was initiated in collaboration with The Conference Board Task Force on Corporate/Investor Engagement and with Thomson Reuters support of communication technologies. The Forum is providing continuing reports of the issues that concern this program's participants, as summarized  in the January 5, 2015 Forum Report of Conclusions.

"Fair Access" Home Page

"Fair Access" Program Reference


Related Projects 2012-2019

For graphed analyses of company and related industry returns, see

Returns on Corporate Capital

See also analyses of

Shareholder Support Rankings


Forum distribution:

Re-launching of venture supporting direct corporate communication with retail investors


For the research cited in the article below projecting significant growth in direct investing by individual "ultimate owners" of capital, see

For evolving efforts to communicate directly with retail investors, see the following reports and their linked references to other articles:


Source: Axios, January 23, 2023, article

Updated Jan 23, 2023 - Economy & Business

Exclusive: Robinhood-owned Say launches shareholder messaging


Illustration: Sarah Grillo/Axios

Say Technologies, a Robinhood subsidiary, is launching a new messaging feature that enables public companies to send tailored communications directly to retail investors within its network, and allows them to respond.

Why it matters: Newer trading apps, including Robinhood, Public and WeBull, are all competing for younger investors, and building ways to connect companies directly with shareholders.

  • Individual investors — through retail and private banks, wealth managers, and self-directed accounts — are expected to dominate global investing by 2030, making up more than 61% of worldwide assets.
  • That necessitates a shift toward more multi-channel, virtual and conversational communications, a report from consultancy Indefi concluded last year.

How it works: Right now, there are about 50 companies that compensate Say, based on their size and depth of engagement with verified shareholders.

  • Existing features like Q&A and shareholder proxy voting aim to gather feedback. The new messaging function can build a better direct relationship between companies and their shareholders.

Our thought bubble: According to Alexander Lebow, co-founder and CEO of Say Technologies, retail investors generally tend to be more pro-management. Therefore, companies that engage with shareholders could mobilize that base against activists proposals.

What they're saying: "We don't take sides ... we're on [a] multi-decade project ... to totally reconstruct the shareholder communications infrastructure," Lebow tells Axios in an interview.

  • At the same time, Lebow said that Say has also discovered that public companies view new forms of engagement as "interesting in the activism defense world," because of how costly attacks can be.
  • "These are existential situations for the companies. And we have access ... to not just to get the message out to large numbers of shareholders, but get them to vote," he said.

The big picture: Because Say's platform enables voting and messaging in one place, the ease has already proven successful in driving retail voting — "the Holy Grail of retail engagement," according to Lebow.

What to watch: Millions of investors have used Say's proxy voting and Q&A services, and the company's APIs mean "other brokerage platforms, whoever wants to incorporate our experiences in [their] app, can do so."

Go deeper:



This Forum program was 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 purpose of this public Forum's program was 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 was 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 in 2012 in collaboration with The Conference Board and with Thomson Reuters support of communication technologies to address issues and objectives defined by participants in the 2010 "E-Meetings" program relevant to broad public interests in marketplace practices. The website is being maintained to provide continuing reports of the issues addressed in the program, as summarized in the January 5, 2015 Forum Report of Conclusions.

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.