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.  


COMPANIES & FINANCE INTERNATIONAL: Weyerhaeuser snubbed again in Willamette fight
Financial Times; Jan 5, 2002

Weyerhaeuser was frus-trated again yesterday in its 14-month pursuit of Willamette Industries after the rival forest products group rejected its Dollars 6bn takeover offer.

Shares in Willamette plunged 12 per cent to Dollars 44.15 by lunchtime after the target said it would terminate discussions on the Dollars 55 per share all-cash offer, because it was inadequate. The stock rose last month when Willamette said it would discuss the bid.

Weyerhaeuser said it "remained committed to this transaction", but repeated that Dollars 55 per share was the highest price it was prepared to offer.

The group added it would withdraw its bid if Willamette went ahead with a proposed bid for the building materials business of Georgia-Pacific, another forest products group. Willamette said it would continue negotiations with Georgia-Pacific as it believed this deal would create significant shareholder value.

Weyerhaeuser raised the prospect of extending its long proxy battle until the summer, saying it would propose another three nominees for election to Willamette's board at the next annual meeting.

It secured three seats on its rival's board at Willamette's shareholder meeting last July.

Some shareholders and corporate governance activists expressed frustration with Willamette yesterday.

Gary Lutin, an investment banker who acts as a corporate governance adviser, said: "Shareholders have the weapons to influence the outcome. The question is whether any of them have the stomach to do so."

Peter Schoenfeld, chairman of P Schoenfeld Asset Management and a Willamette shareholder, added: "Shareholders should have the opportunity to vote on the Georgia-Pacific transaction, particularly since it is in the middle of a proxy fight and a tender offer."

Copyright: The Financial Times Limited




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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.

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.