Shareholder Forum for Options Policies

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Program Reference



Report of Meeting



Initial Open Meeting

of the

Shareholder Forum for Options Policies



Wednesday, December 6, 2006


3:00pm to 5:00pm


Four Seasons Hotel, Metropolitan Suite (2nd Floor)

57 East 57th Street (between Madison and Park Avenues)

New York, New York 10022


Reservations required,* 50 places to be allocated for diverse representation of marketplace constituencies


To Be Decided: Scope of Principles


1. What kind of information do investors need for their capital allocation and voting decisions?

2. Who is responsible for the processes of defining, controlling and reporting a company’s equity-based compensation practices?




I.        Introduction, brief presentations by invited experts on subjects such as adaptive indexing that may be relevant to issues being addressed at the meeting.  (Forum participants are encouraged to offer any suggestions of relevant subjects prior to the meeting, allowing time to seek the expertise.*)

II.     Exchange of views among meeting participants on the scope of principles to be defined for the authorized use of capital in fair marketplace competition.

III.   Identification of issues that should be considered in the definition of principles.

IV.  Suggestions of prospective Corporate Participants that may provide effective representation of important marketplace perspectives.

V.     Conclusion, suggestions of any special workshops or projects needed to address particular subjects identified during the meeting.


More Information


Information about the Options Policies Forum, including its purposes and Conditions of Participation, can be found posted on its web site:

*Reservation requests and agenda suggestions may be addressed to the Forum's chairman, Gary Lutin, c/o Lutin & Company, 575 Madison Avenue, New York, New York 10022 (telephone 212-605-0335; email

December 5, 2006 (revised)





This Forum program is open, free of charge, to all shareholders of the invited corporate participants, and to any fiduciaries or professionals concerned with the investment decisions of those shareholders, according to the posted Conditions of Participation.  The Forum's purpose is to provide shareholders with access to information and a free exchange of views on issues relating to their investment interests described in the Forum Summary As stated in the Conditions, all Forum participants are 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 has been organized with the support of Hermes Equity Ownership Services, Ltd.  It is the first in an expected series that will be managed by a not-for-profit “Institute” to be established for the purpose of continuing the Forum programs conducted by Gary Lutin.

Inquiries and requests to be included in the Forum's 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.

All material on this web site is published by Gary Lutin, who is responsible for conducting the Forum.