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
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
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
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
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.
Investor Relations Magazine, August 21, 2008 article
CEO sees project as ‘unique’ rival
to investor chat rooms
NEW YORK -- Broadridge Financial Solutions, the technology outsourcing
company, plans to launch an electronic shareholder forum that
distinguishes itself from other online investment forums by validating
participants as genuine shareholders.
The company revealed the project – which it is calling Investor Network
– in an earnings call last week. ‘We are uniquely positioned to create a
vibrant social network that validates real shareholders while allowing
both anonymity and accountability for any statements made online,’ said
Broadridge CEO Richard Daly on the call.
Broadridge’s proposal carries weight because the company has a virtual
monopoly over the retail shareholder communications market in the US, a
result of its extensive links with brokerage firms.
In the call, Daly said the SEC might decide shareholders have the right
to discuss their investments online in a secure environment. ‘If that was
the case, I can’t see it getting done in any way other than through the
plumbing we have in place,’ he commented. Daly confirmed he has had
meetings with SEC staff and chairman Christopher Cox on the topic.
Daly added, however, that Investor Network is still ‘early in its
development’ and experts working with Broadridge differ on the project’s
The SEC has been encouraging companies to set up e-shareholder forums
on their own websites for some time. In February, it changed its rules on
web disclosure to remove some of the liability issues that held firms back
from communicating with shareholders online.
‘E-shareholder forums are soon going to become a common communications
medium for shareholders and companies,’ predicts Michael O’Brien, vice
president of sales at iMiners, a technology company that sets up e-forums
on company websites.
‘The trend of companies using electronic shareholder forums to
communicate with shareholders via web 2.0 technology will continue to
accelerate, and we believe forums will become standard on company IR
websites in the near future.’
By Tim Human
© copyright 2008 Cross Border Ltd
Broadridge Financial Solutions, Inc. F4Q08 (Qtr End 06/30/08) Earnings Call
Marvin Sims – VP, IR
Rich Daly – CEO
Dan Sheldon – VP and CFO
I believe one of the new and exciting opportunities is
around what we're calling the Investor Network. It's really unusual for us
to be talking about something so early in its development, but the range of
this opportunity could be anything from negligible to a unique and
meaningful financial social network which could be really big. The Investor
Network is an online electronic form that will facilitate shareholder to
shareholder communications with a unique feature that will differentiate it
from the chat rooms in existence today. Investors who use our Investor
Network will be validated as real shareholders. This feature will not only
enhance shareholder to shareholder communications, but it will provide a new
channel of communication between shareholders and companies.
When the SEC expressed a desire to enable better communications between
shareholders using today's online technology, Broadridge stepped up to help
provide a workable solution by leveraging our unique capabilities. The
Investor Network will validate shareholders through the core plumbing [ph]
of the Investor Communications segment while allowing institutional, retail
and professional investors to remain anonymous. We are uniquely positioned
to create a vibrant social network that validates real shareholders while
allowing both anonymity and accountability for any statements made online.
Through providing industry-wide technology-based solutions for Notice &
Access, summary prospectus and the new Investor Networks, we continue to
demonstrate that we are in the communications solution business and it's so
much more than merely an ink on paper or physical distribution business.
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