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The Shareholder Forumtm

Direct Accesstm

hosted by

CFA Society New York

For related issues, see programs for

Fair Investor Access



January 24, 2023 Progress Update:

Having received suggestions of many more “exemplary company” candidates than expected for the Direct Access program reported in December (below), our review process is taking longer than expected.

We have narrowed the list to ten candidates, and will be starting to communicate with the management of some of those companies during the next couple of weeks to identify a few that present the best opportunities for professional analysts' attention to what they consider important in investor decisions. We will then consider the practical issues of scheduling for each of those companies, and hope to be able to report specific plans within a month for the first of those events.

While we had not anticipated the amount of time that would be required to plan this program, all of us working on the project are naturally very pleased that its purpose has justified so much support.

GL – January 24, 2023

Gary Lutin

Chairman, The Shareholder Forum


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

The Shareholder Forum

Direct Access

hosted by

CFA Society New York


Planning of 2023 Direct Access Programs

Analyzing Exemplary Companies

Forum participants are invited to offer views of what will be most important to both investor and corporate decision-makers for the post-pandemic start of regularly scheduled Direct Access programs hosted by the CFA Society New York (“CFANY”) and its affiliated co-hosting Societies.

We expect to be able to schedule our first event for late February or March, with the subject company identified by early January, and follow with additional events every two or three months during the year. Companies will be selected for the launch year’s programs based on their ability to provide investment analysts with the opportunity to examine what many of you found useful in the Direct Access test program with Oshkosh Corporation: “doing the right things the right way.”[*]

Selection of companies for Direct Access will be the responsibility of a panel including representatives of the Forum and CFANY’s Institutional Asset Management Group. More specific planning of each event, including careful definition of particular subjects to be addressed with the invited company and the selection of professional analysts to lead the live interview of company management, will be defined by an event-specific panel that includes representatives of the company.

In addition to your suggestions of exemplary companies and relevant issues to be addressed, we will also welcome your advice to guide our continuing refinement of the Direct Access programs to most effectively support

  • the professional interests of members of CFANY and affiliated Societies in the demonstrated benefits of their skills,

  • corporate management interests in the recognition of their effective use of investors’ capital to produce goods and services, and

  • public interests in fair and open access to information needed for responsible investment decisions.

Thanking you in advance for any advice you may provide, we look forward to providing Direct Access programs that benefit you and the broader marketplace.

GL – December 5, 2022

Gary Lutin

Chairman, The Shareholder Forum




Direct Access events are organized by the Shareholder Forum to provide effective examinations of investor interests in a subject company, according to the objectives defined in the Forum's public interest  program for "Fair Investor Access." The program for public presentations of these events, including their identification and professional analysis of investment issues, has been defined to support the mission of the hosting CFA Society New York, which had co-founded the Forum in 1999 to provide the required SEC-defined independent moderator functions for its pioneering programs that became known as "corporate access" events.

Communications for the planning of a Direct Access event are conducted according to the Forum's posted Conditions of Participation to provide both investor and corporate decision-makers with access to information and a free exchange of views relating to their interests. Each participant is expected to make independent use of information obtained through the Forum, subject to the privacy rights of other participants, and it is a Forum rule that participants will not be identified or quoted without their explicit permission.

Inquiries about Direct Access events 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. The Forum has no responsibility for services or communications of others using the “Shareholder Forum” name.

Direct Access is a trademark owned by Direct Access, Inc.