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October 28, 2008 Forum Report:

Plans for Second Open Meeting on December 4, 2008



Forum Report


Plans for Second Open Meeting on December 4, 2008

            The second open meeting of the Shareholder Forum program for “Say on Pay” will be on Thursday, December 4, 2008, from 3:00PM to 5:00PM at a New York City location to be determined.

            Your views of what should be included in the meeting’s agenda will be appreciated.  Preliminarily, based on discussions at the first meeting and evolving conditions, we are currently organizing workshop projects to develop presentations of the following subjects:

    Questions investors can ask – For both corporate and investor participants to consider how they might adapt the example of TIAA-CREF and its “Ten Questions,” we will try to define examples of what can be asked as well as processes for the associated investor-management communications to develop mutual understandings relating to compensation policies.

    Data and research requirements – Recognizing the practical challenges of collecting and analyzing the information required for responsible fiduciary decisions about compensation policies of hundreds or thousands of companies in an investor’s portfolio, we will seek the advice of experts in both compensation and electronic data management to offer suggestions about what should be obtained and how it can be organized.

    Shareholder surveys – Looking at the recently announced Schering-Plough experiment and other examples of investor surveys, we will try to provide a foundation for meeting participants to consider how surveys might be conducted to determine shareholder views, as either alternatives or supplements to formal shareholder voting.

            We may also include other subjects in the agenda, of course, such as any unfinished exchange of views between Professors Gordon and Nowak or the program we discussed at the last meeting for sharing investor research.  Please let me know what interests you.


           GL – October 28, 2008


Gary Lutin

Lutin & Company

575 Madison Avenue, 10th Floor

New York, New York 10022

Tel: 212-605-0335





This Forum program is open, free of charge, to anyone concerned with investor interests relating to shareholder advisory voting on executive compensation, referred to by activists as "Say on Pay." As stated in the posted Conditions of Participation, the Forum's purpose is 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 is 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.

The organization of this Forum program was supported by Sibson Consulting to address issues relevant to broad public interests in marketplace practices, rather than investor decisions relating to only a single company. The Forum may therefore invite program support of several companies that can provide both expertise and examples of performance leadership relating to the issues being addressed.

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