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 and securities analysts, this SEC -defined independent moderator function has proved to be consistently effective in managing orderly processes of issue definition for rational analysis by all of the various principals, fiduciaries, advisers and corporate managers 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.

After concluding a collaborative public program addressing broad policy interests in 2012-2015, the Forum has resumed its original focus on company-specific investor decisions, with particular encouragement of private programs to achieve carefully defined objectives. Currently important applications of the Forum’s independent management of communication exchanges include the support of corporate managers who wish to provide the leadership expected of them by responding to either shareholder engagement or activist challenges with orderly reviews of issues relevant to long term investor interests. The Forum continues, of course, to offer this support to investors concerned with the use of their capital to produce goods and services.

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.  


For other reports and legal views, and for the SEC release of final rules, see

New SEC Rules


Shareholder Forums, November 29, 2007 article

The Practical Corporate & Securities Law Blog

Broc Romanek and Dave Lynn are Editors of


November 29, 2007


SEC Adopts Rules to Facilitate Shareholder E-Forums: My Ten Cents (Sorta)

As noted in this press release and Corp Fin Staff statement, the SEC also voted to amend the proxy rules to facilitate the use of electronic shareholder forums. The rules enable participation in an electronic shareholder forum, which could potentially constitute a solicitation subject to the current proxy rules, to be exempt from most of the proxy rules if the exemption conditions are satisfied. Here is a statement from Chairman Cox.

What does this mean? The demise of the traditional annual meeting? No more shareholder proposals (the rule itself doesn't prohibit proposals, but maybe shareholders will find better avenues for their concerns and wishes)? Or will nothing happen? With Web 2.0 in its infancy, I think it's too soon to tell what the future holds.

Borrowing very liberally from Gary Lutin (who has done a related podcast described below), here is a 10,000 feet level perspective on how e-forums might work effectively:

- The nature of a forum process depends on the issue or agenda that's defined, and on who's attracted to participate. If a genuinely open forum is established to address value issues, I think it will attract a fairly broad range of "mainstream" investors interested in how management will make the company successful.

- Rather than a narrow constituency that's attracted to protest rallies, corporate managers can - and should - make effective use of the "forum" processes themselves to define issues, rather than simply respond once someone else has defined an issue.

- A genuinely open forum can actually be a very effective means for management to understand and respond to investor concerns, assuming one defines the agenda properly and keeps it on track.

The Future? Independent Shareholder Forums

Quite an interesting person with some great ideas - and who has executed some of these ideas! (that's the hard part) - Gary Lutin, CEO of Lutin & Company and Founder of, shares some insight into how an independent shareholder forum works in this podcast, which includes discussion on:

- What is
- How do the shareholder forums work?
- Can you describe what happened recently with the forum devoted to Verizon?
- What should be the goals of independent shareholder forums?

- Broc Romanek

Posted by broc at 06:24 AM




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 had been offering for several years with the “Shareholder Forum” name, and we have asked Broadridge to use a different name that does not suggest our support or endorsement.