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Symposium on Executive Compensation 10/15/2004   
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Program Description
Executive compensation is now generally understood to be a critical corporate governance question, and it continues to be a subject of heated debate. What accounts for the rapid growth of pay? To what extent have pay arrangements been the product of market forces and loyal boards? Can the existing corporate governance system be relied on to self-correct flaws in compensation arrangements? This Symposium will examine these and other key questions concerning the current state of executive compensation and corporate governance.

The forthcoming book, PAY WITHOUT PERFORMANCE: THE UNFULFILLED PROMISE OF EXECUTIVE COMPENSATION by Profs. Lucian Bebchuk and Jesse Fried, provides a useful catalyst for the Symposium. Bebchuk and Fried argue that compensation arrangements are seriously flawed, as are the governance systems that have produced them, and thatreformsare necessary in the relationship between boards and shareholders. One aim of the Symposium is to assess the critique of executive compensation practices and governance that Bebchuk and Fried present and to reflect on reform possibilities. Given the range of views and perspectives that the Symposium will feature, there should be a vigorous debate on the issues.

The symposium will feature presentations by leading academics, investors, executives, advisers, and members of the media. Confirmed speakers include Joseph Bachelder (lawyer to many CEOs), Lucian Bebchuk (Harvard Law School), John Biggs (former CEO of TIAA-CREF), Matthew Bishop (The Economist), John Bogle (founder, the Vanguard Group), Patrick Bolton (Princeton Economics dept.), Brian Foley (compensation consultant, Brian Foley &Co.); Jesse Fried (Univ. California Berkeley Law School); Jeffrey Gordon (Columbia Law School); Bengt Holmstrom (MIT Economics Dept.), Ira Kay (National Director of Compensation Consulting, WatsonWyatt), Orin Kramer (Chairman, New Jersey State Investment Council), Arthur Levitt (former SEC Chairman), Bevis Longstreth (former SEC Commissioner), Joan Lublin (WSJ), Jerry Useem (Fortune Magazine), and Kenneth West (former CEO of Harris Trust Co.).

The participants will also include the three new Columbia deans, Glenn Hubbard (Business), Nick Lemann (Journalism) and David Schizer(Law), which reflects the many-sided approach we hope to bring to this discussion.

Schedule
The sessions will be held at Columbia Law School in Jerome Greene Hall room 106.

8:30 Registration and Continental Breakfast

9:00 Welcome

9:05 Presentation: An overview of Pay without Performance
Jesse Fried (Univ. Calif. Berkeley Law School)

9:35 The perspective of academics
Moderator: David Schizer (Columbia Law School)

Glenn Hubbard (Columbia Business School)
Patrick Bolton (Princeton Economics Department)
Jeffrey Gordon (Columbia Law School)
Bengt Holmstrom (MIT Economics Department)

10:55 Coffee Break

11:20 The perspective of executives, directors, and their advisors
Moderator: Merritt Fox (Columbia Law School)

Joseph Bachelder (Bachelder & Co.)
Ira Kay (WatsonWyatt)
Brian Foley (Brian Foley & Co.)
Kenneth West (TIAA-CREF; Former CEO, Harris Trust)

12:30 Lunch

1:40 Reactions to morning session speakers
Lucian Bebchuk (Harvard Law School)

2:10 The perspective of investors
Moderator: Jeffrey Gordon (Columbia Law School)

John Bogle (founder, Vanguard Group)
Arthur Levitt (Carlyle Group, former SEC Chairman)
Orin Kramer (Chairman, NJ State Investment Council)
John Biggs (former CEO, TIAA-CREF)
Bevis Longstreth (Debevoise & Plimpton, former SEC Commissioner)

3:45 Coffee break

4:05 Perspectives on the role of the media
Moderator: Nick Lemann (Columbia Journalism School)

Jerry Useem (Fortune)
Matthew Bishop (The Economist)
Joan Lublin (Wall Street Journal)

5:00 Reception

CLE: The morning session will provide 3.0 transitional CLE credits; 2.5 toward the Areas of Professional Practice requirement and .5 toward the Ethics and Professionalism requirement.The afternoon session will provide 3.0 transitional CLE credits; 2.5 toward the Areas of Professional Practice requirement and .5 toward the Ethics and Professionalism requirement.

Please Note: In order to receive NY CLE credit for the full-day program, participants are required to sign-in prior to the commencement of the morning session and again prior to the commencement of the afternoon session.

Under continuing legal education rules, CLE credit will be offered only to those attorneys completing the entire session; attorneys attending only part of a session are not eligible for partial credit. Attorneys arriving late are welcome to attend the program but will not be eligible for CLE credit; once a speaker begins the program, the sign-in sheets will be removed. Similarly, attorneys leaving the session early also are also ineligible for CLE credit.

Speakers' Biographies
Please find attached a full listing of the speakers participating in the program.
 
 
Date, Time and Location
The Program will be held at Columbia Law School on Friday October 15, 2004 from 8:30 a.m. until 5:00 p.m.

Location: Jerome Green Hall,  435 West 116th Street on the corner of 116th and Amsterdam Avenue.  The sessions will be in Room 106.

New York Continuing Legal Education Credits
The full day program will provide a total of 6 transitional NY CLE credits.  The morning session will provide 3.0 transitional CLE credits; 2.5 toward the Areas of Professional Practice requirement and .5 toward the Ethics and Professionalism requirement.  The afternoon session will provide 3.0 transitional CLE credits; 2.5 toward the Areas of Professional Practice requirement and .5 toward the Ethics and Professionalism requirement.

Please Note: In order to receive NY CLE credit for the full-day program, participants are required to sign-in prior to the commencement of the morning session and again prior to the commencement of the afternoon session.

Under continuing legal education rules, CLE credit will be offered only to those attorneys completing the entire session; attorneys attending only part of a session are not eligible for partial credit. Attorneys arriving late are welcome to attend the program but will not be eligible for CLE credit; once a speaker begins the program, the sign-in sheets will be removed. Similarly, attorneys leaving the session early also are also ineligible for CLE credit.

Reading Materials and Presentations
Each participants will receive a copy of the book, PAY WITHOUT PERFORMANCE: THE UNFULFILLED PROMISE OF EXECUTIVE COMPENSATION.  For more information about the book, please go to:

Below please also find written version of the remarks and presentations of several of the Symposium's Faculty.

 
 
Program Tuition and Registration
Tuition
The full-day program, inclusive of lunch, reading materials, breaks and evening reception is $325.00 for those individuals who register by October 8, 2004.

Individuals registering after October 8 will be charged $375.00. Those individuals from a governmental, educational or other non-profit organizations, will be charged $125.00.

Payment in full is due upon registration. Those individuals who cancel prior to September 30, 2004 will receive a full refund. Cancellations received after September 30 will receive a 50% refund.

Registration
To Register for the Symposium, please complete the attached form and return it to Thelma Twyman by facsimile at (212) 854-7946, or by email at Exec_Comp@law.columbia.edu.

Mailed registrations should be sent to:
Center for Law and Economics
Columbia Law School
435 West 116th Street
New York, NY 10027

 
 
Directions to Columbia Law School
CLS is located on the corner of Amsterdam and 116th street. The Symposium will be in the Jerome Greene Hall (main Law School building) in room 106. To get to Columbia by subway, you must take either the 1 or the 9 line and get off at the 116th street exit. When you exit the station, you will see the main gates of the University. Walk through the campus along College walk to Amsterdam Avenue. Cross Amsterdam Avenue and on the Northeast corner of 116th and Amsterdam you will find Jerome Greene Hall. Room 106 will be on your right as you enter the building.
Contact
For questions about the program, please contact Thelma Twyman at the Center for Law and Economics at Columbia Law School:

Telephone: (212) 854-3739
Facsimile: (212) 854-7946
Email: Exec_Comp@law.columbia.edu
This page is maintained by Amanda Maurer