The Shareholder Forum

supporting investor interests in the use of their capital to produce goods and services


Purpose & History of Services

The Shareholder Forum

The Shareholder Forum supports investor interests in corporate enterprise value with services that require independence – and that may benefit from the Forum’s network resources and recognition for advocacy of long term investor interests – to assure a definition of relevant issues and fair access to information that can be relied upon by both corporate and investor decision-makers.

The policies that provide a foundation for the Forum’s marketplace functions have been carefully developed and tested to allow any investor to participate in its communications, either anonymously or visibly, without acting in concert. Established originally to accommodate professional fund managers, this independent moderator function has proved to be consistently effective in managing orderly processes of issue definition for rational analysis by fiduciaries who are responsible for informed decisions.

Initiated in 1999 by the CFA Society of New York (at the time known as the New York Society of Security Analysts) with lead investor and former corporate investment banker Gary Lutin as guest chairman to address the professional interests of its members, and independently supported by Mr. Lutin since 2001, Forum programs have achieved wide recognition for their effective definition of important issues and orderly exchange of the information and views needed to resolve them. The Forum's ability to convene all key decision-making constituencies and influence leaders has been applied to subjects ranging from corporate control contests to the establishment of consensus marketplace standards for fair disclosure, and has been relied upon by virtually every major U.S. fund manager and the many other investors who have participated in programs that addressed their interests.

Currently important applications of the Forum’s independent position include the support of corporate managers who wish to provide the leadership expected of them by responding to shareholder engagement as well as activist challenges with orderly reviews of issues relevant to long term investor interests.

Requests for Shareholder Forum consideration of support may be initiated confidentially by any investor or by the subject company, or by the professional advisors to either.  

Analytical Resources

Returns on Corporate Capital ("ROCC")

graphs of 5 year company performance compared to its industry,

based on GAAP-defined financial results as reported by companies in SEC filings

Shareholder Support Rankings

graphs of perceived corporate leadership respect for investor interests,

based on shareholder votes in support of the company's executive compensation 



New Programs

Proposals of public programs or private projects

addressing company-specific shareholder decisions

will be welcomed for confidential review.

The Forum will continue its convening of relevant constituencies
to define marketplace views of investment practices
either in its own public programs addressing applications to company-specific examples
or in its support of independent policy reviews managed by educational institutions.


2012-2015 Public Program

Defining Corporate and Shareholder Responsibilities


Informed Decisions

Fair Investor Access

a collaborative project with

The Conference Board

Task Force on Corporate/Investor Engagement


January 5, 2015 Forum Report

Conclusions of Program for Fair Investor Access

Responding to Activism

Observations are summarized in these sections:

Investing in enterprise value

Current conditions supporting professional activism

Confusion about responsibilities

See also

July 30, 2014 Forum Report

Supporting the Definition of Issues to Be Considered by Investors


August 11, 2014 Forum Report

Corporate Responsibilities for Issue Definition and Information Access

This program was initiated to address

corporate and investor communication interests

reported in the Forum’s 2010 “E-Meetings” program

that established consensus standards for

Electronic Participation in Shareholder Meetings

and in these reports of Forum surveys:

December 14, 2009

Investor Voting Criteria for Compensation Issues


October 6, 2010

Investor Communication Priorities for Voting Decisions



Archive of Publicly Open Programs

Since 1999






Inquiries, requests to be included in email distribution lists, and suggestions of new Forum subjects may be addressed to

Publicly open programs of the Shareholder Forum are conducted for free participation of all shareholders of a subject company and any fiduciaries or professionals concerned with their decisions, according to the Forum’s stated "Conditions of Participation." In all cases, each participant is expected to make independent use of information obtained through the Forum, and participation is considered private unless the party specifically authorizes identification.

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.