The Shareholder Forum

supporting investor interests in long term enterprise value

 

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 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 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.

 

Forum Report: Letter to Willamette CEO Following Meetings

(May 17, 2001)

From: Gary Lutin
To: Distribution: Willamette Shareholders
Sent: Thursday, May 17, 2001 9:30 PM
Subject: Letter to CEO McDougall following NYC presentation

 
Willamette's CEO McDougall and CFO Hawley presented the management position and responded to questions from shareholders at a meeting today, as part of management's campaign tour of New York.  After discussing reactions with a few of you who attended, and from some of you who met separately with management, I sent a letter to Mr. McDougall with two additional questions.  The text of the letter is copied below.
 
Please call me (212/605-0335) if you'd like to hear more about the meeting, or discuss your views.
 
                GL - 5/17/01
 

Text of 5/17/01 letter to Duane C. McDougall
 
 
[Letterhead]
LUTIN & COMPANY
575 MADISON AVENUE, 10th FLOOR
NEW YORK, NEW YORK 10022
Telephone (212) 605-0335
Facsimile (212) 605-0325
 
May 17, 2001
 
By telecopier: 503/273-5604
 
Mr. Duane C. McDougall
Willamette Industries, Inc.
1300 Southwest Fifth Avenue, Suite 3800
Portland, Oregon  97201
 
Dear Mr. McDougall:
 
    Glad that we were able to meet during your visit to New York, I appreciated the opportunity to learn more about your views of how Willamette's management can most effectively serve the interests of your shareholders.
 
    Based on a review of your presentations and comments with a sampling of representative shareholders, two additional questions are submitted for your response:
 
1.    Regarding the election of directors, are you and the other two management nominees, Messrs. Hergenhan and Smelick, willing to commit yourselves to a process of open and cooperative explorations of a possible combination with Weyerhaeuser?  If you want to make this "campaign promise" to win the votes of shareholders, I will be pleased to confer with you in the wording of a position statement.
 
2.    On the subject of strategic alternatives, the merits of your proposed "consolidator" role is supported by industry observations as well as by the superior performance record of Willamette's management.  But is not clear why you suggest it as an alternative to the proposed combination with Weyerhaeuser.  Is there some reason why you could not pursue the "consolidator" strategy with at least equal and probably greater effect as part of a combined Willamette-Weyerhaeuser enterprise?
 
    Finally, as a personal observation, I want to compliment you on the open candor with which you have been responding to investor concerns.  It demonstrates fundamental respect for your shareholders, including those who disagree with you, and I hope that respect is recognized and reciprocated.
 
Sincerely,
/s/
Gary Lutin

 

 

 

 

Inquiries, requests to be included in email distribution lists, and suggestions of new Forum subjects may be addressed to inquiry@shareholderforum.com.

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.