The Shareholder Forum

supporting investor access

for the informed use of capital to produce goods and services


The Shareholder Forum


The Shareholder Forum provides all decision-makers – from the ultimate owners of capital to the corporate managers who use their capital, and all of the professionals in between – with reliably effective access to the information and views participants consider relevant to their respective responsibilities for the common objective of using capital to produce goods and services.

Access Policies

To provide the required investor access without regulatory constraints, the Forum developed policies and practices allowing it to function as an SEC-defined independent moderator. We also adopted well-established publishing standards to assure essential participant privacy and communication rights.

These carefully defined and thoroughly tested Forum policies are the foundation of our unique marketplace resource for clearly fair access to information and exchanges of views.


We have been doing this for more than two decades. The Forum programs were initiated in 1999 by the CFA Society 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 the Society’s members.

Independently supported by Mr. Lutin since 2001, the Forum’s public programs – often in collaboration with the CFA Society as well as with other educational institutions such as the Columbia Schools of Business and Journalism, the Yale School of Management and The Conference Board – have achieved wide recognition for their effective definition of both company-specific and marketplace issues, followed by an 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.


The Forum welcomes suggestions for its continuing support of fair access to the information needed by both shareholders and corporate managers.

Responding to the recent increases in investor engagement and activism, we have established a strong policy commitment to supporting corporate managers who wish to provide the leadership expected of them by assuring orderly reviews of issues. We will of course also continue to welcome the initiation of company-specific programs by shareholders concerned with the use of their capital to produce goods and services, and we naturally remain committed to addressing general marketplace interests in collaboration with educational institutions and publishers.


Forum Report: Willamette and Weyerhaeuser Chairmen's Responses to May 29 Letter

(June 5, 2001)

From: Gary Lutin
To: Distribution: Willamette Shareholders
Sent: Tuesday, June 05, 2001 10:28 AM
Subject: Responses to 5/29 letter

The responses of both Willamette's and Weyerhaeuser's chairmen -- or, more accurately, their failure to respond -- indicates that both sides are dedicated to fighting rather than negotiating.
Willamette's Swindells essentially reaffirmed his "go away" position.
Weyerhaeuser's Rogel never called, apparently changing his mind after asking me to wait for his return on Monday (yesterday).
Under these circumstances, shareholders should assume that there is a high probability that both sides will continue their squabbling after the June 7th vote.  Willamette's management has demonstrated their dedication to a "no surrender" strategy and can be expected to focus on disparaging Weyerhaeuser and its delegates' disruption of Willamette's board.  Weyerhaeuser, by their failure to exploit my letter's opportunity to position themselves for negotiations, has signaled their very logical adoption of a standard strategy for completing the acquisition of a "captive" company at the lowest possible cost -- after allowing some deterioration in market value, which they will of course blame on Willamette's management.
There appears to be little chance now that either side will be genuinely receptive to a cooperative process of negotiation, either before or after the vote.  (Of course, as part of their positioning, both sides will probably claim that they would be willing but that the other side is obstructive.)  But I will continue to observe the situation, and will welcome suggestions of anything I might do to support shareholder interests.
                GL - 6/5/01 




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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.

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