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 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.  


Gary Lutin

Chairman, The Shareholder Forum


Gary Lutin has been conducting the Shareholder Forum programs since 1999, when he was invited by the New York Society of Security Analysts (“NYSSA”) to serve as the guest chairman of their pioneering project to show how investors could obtain the information they needed for buy-sell and voting decisions. The influential and sometimes controversial series of Forum demonstration cases, from the dot-com era insistence on reality metrics about to the recent use of appraisal rights for an intrinsic value alternative in the Dell buyout, have led the way to many of the marketplace and regulatory reforms that currently support investor interests. He has also chaired Forum programs that addressed broadly applicable investment issues such as executive compensation and fair investor access, convening key constituencies to provide a foundation for both private and public policy decisions.  (See

Prior to his activities chairing Shareholder Forum programs, Mr. Lutin had been the lead investor in acquisitions of companies with the management oversight of J. Keith Louden.  Starting his career in investment banking, he had founded Lutin & Company in 1976 when he was 28 years old, and within five years established the firm’s clear dominance in the niche for capital access and acquisitions supporting the growth of competitively superior mid‑size companies, making it the model for a subsequent generation of “boutique” and “merchant banking” firms.  Mr. Lutin had been trained at Manufacturers Hanover Trust, Weeden & Company, the Committee for Economic Development, and Salomon Bros. & Hutzler, and had graduated from Yale University in 1969 with an economics degree.

Mr. Lutin can be reached at Lutin & Company, 575 Madison Avenue, New York, New York 10022, by telephone at 212-605-0335 or by email at

October 2008 (updated 2014)





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 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.