When An Activist Calls, What Do You Do? Surprising and Practical Answers at The Deal's Inaugural Corporate Governance Event
NEW YORK, June 9, 2016 /PRNewswire/ -- When an activist calls, what do you do? That's the question the inaugural event program "Corporate Governance 2016: Shareholder Activism and Value Creation" on June 6th in New York City tackled, and the answers were at once surprising and practical.
"Until The Deal's first Corporate Governance conference, most board members, CEOs and even seasoned advisors weren't sure of the protocols and the options," James J. Cramer, founder of the street, who led the event, which was produced by The Deal, a business unit of TheStreet (NASDAQ:TST).
The Deal's editors are now in the process of creating an e-book that will offer buyers a succinct summary of the experiences and conclusions drawn from the impressive line up of panelists and speakers, including video, and will give readers a discussion of the optimal courses of action in each type of challenge to a board's authority.
"Clearly all of the panelists demonstrated their commitment to create as much short and long term value for all shareholders as possible, but have struggled to figure out the right way to do it," said Larry Kramer, Chairman of TheStreet, Inc.
The e-book, "Corporate Governance in the Era of Activism" which will include a summary of the discussions and the protocols suggested from them, will be available July 6th.
"But by putting together thought leaders including J. Travis Laster, Vice Chancellor of the Delaware Court of Chancery, Nelson Peltz of Trian Fund Management, a highly engaged shareholder fund, Brent Saunders, Chief Executive Officer of Allergan, and Peter Hancock, President and Chief Executive Officer of AIG as well as more than twenty other seasoned professionals," Cramer added, "we began the process of developing a code of conduct for the most important issue facing boards today: the activist's challenge to the public corporation and its stewards."
Throughout the 8 hour program the panelists hammered out how to handle all the permutations of that challenge: threatened proxy fights, demands for board seats, tussles over corporate conduct, executive compensation and even the conditions where the CEOs may be forced out if certain conditions and processes aren't being met.
"The panelists gave directors the blueprints they need to create shareholder value both short and long term with regardless of the challenge," Kramer said. "We believe this conference defined the current set of processes and codes of conduct that protect boards from unfair challenges while encouraging constructive engagement with those who have a lot to offer.
"Our hope is that this e-book will be at the epicenter going forward of all discussions involving responses to activists by CEOs, chairmen of the board and all its members, as well as the key advisers including lawyers, consultancies, public relations experts and the media", said Kramer.
Other speakers at the event included Greg Dean Brenneman, Lead Independent Director, The Home Depot; Dr. Martha Carter, Senior Managing Director, Teneo Governance; Andre Choulika, Chairman of the Board of Directors and CEO, Cellectis; Craig Clay, EVP Capital Markets and Global Outsourcing, RR Donnelley; David Faber, co-anchor, CNBC's "Squawk on the Street"; Peter Feld, Managing Member and Portfolio Manager, Starboard Value; Joseph Frumkin, Partner, Sullivan & Cromwell; Robert J. Hugin, Executive Chairman, Celgene Corporation; Eric Jackson, Managing Director, SpringOwl Asset Management; Paula Loop, Leader, PwC Governance Insights Center; Richard Mansouri, Managing Director, Sandell Asset Management; Leslie H, Moeller, Global Leader, Strategy& part of the PwC network; Zach Oleksiuk, Head Americas Corporate Governance, BlackRock; Ron Orol, Senior Editor, The Deal; Thomas Quinlan III, President & CEO, RR Donnelley & Sons; Clifton S. Robbins, Chief Executive Officer, Blue Harbour Group; David Rosewater, Global Head of Shareholder Activism and Corporate Defense, Morgan Stanley; Susan Salka, Chief Executive Officer, AMN Healthcare Services; Anne Sheehan, Director of Corporate Governance, The California State Teachers Retirement System; James Snyder Jr., Former SVP, CG & Secretary, Family Dollar; Marc Trevino, Partner, Sullivan & Cromwell; Frits van Paasschen, Former CEO, Starwood Hotels and Resorts Worldwide; Steven R. Walker, General Counsel and Managing Director, National Association of Corporate Directors; Colin Wittmer, Divestitures Leader, PwC; James C. Woolery, Founder & Managing Partner, Hudson Executive Capital.
Sponsors of the Corporate Governance 2016 conference included PwC, Sullivan & Cromwell LLP, Morgan Stanley, RR Donnelley, Teneo and the National Association of Corporate Directors.
For sponsorship and speaking inquiries about next year's event, please contact Emily Newman (212-321-5565; [email protected]).
About The Deal
The Deal is a media and technology company providing over 100,000 users with actionable ideas from its two services - The Deal & BoardEx. Law firms, investment banks, private equity firms and hedge funds use The Deal service to find their next deal and BoardEx to connect the dots between their organizations and clients. The Deal is a business unit of TheStreet, Inc. and has offices in New York, London, Washington, D.C., Petaluma, CA and Chennai, India. For more information, visit www.thedeal.com.
About TheStreet
TheStreet is a leading digital financial media company whose network of digital services provides users, subscribers and advertisers with a variety of content and tools through a range of online, social media, tablet and mobile channels. Our mission is to provide the most actionable ideas from the world of investing, finance and business in order to break down information barriers, level the playing field and help all individuals and organizations grow their wealth. With an unmatched suite of digital services, TheStreet offers all of the tools and insight needed to make the best decisions about earning, investing, saving and spending money.
Contact: Nicole Harris, 212.321.5567, nharris at thedeal.com
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