Millstein Center Hosts International Forum on Capital Market Changes and Corporate Governance
New York, July 2, 2014—Are activist investors a constructive or destructive force in the world of corporate governance? How have institutional shareholders responded to their presence? And how have the disparate goals of a diverse set of shareholders impacted companies’ decision making? Experts from around the world gathered at Columbia Law School recently to discuss these questions and more at the 9th annual Millstein Governance Forum presented by the Ira M. Millstein Center for Global Markets and Corporate Ownership.
|Ira M. Millstein '49 welcomes guests at the 9th annual Millstein Governance Forum on "The State of Corporate Governance."|
|Professors Harvey J. Goldschmid '65, Jeffrey N. Gordon, and Robert J. Jackson Jr. share their perspectives on the changing shareholder landscape and the future of the global economy.|
“We are about to see the management and shareholder plates of corporate governance geology collide sharply,” Gilson and Gordon write. “The change in the ownership distribution makes all the difference, because large investment intermediaries have both a significant ownership stake in their portfolio companies and sufficient diversification to allow for knowledgeable observation of an activist’s behavior across many governance targets. Institutions, unlike diffuse shareholders, can observe repeat play. Activists can acquire a reputation that reverses the prior presumption about the pursuit of private benefits.”
|At the forum's keynote lunch, Millstein and Russell L. Carson of Welsh, Carson, Anderson & Stowe explore in-depth the evolving role of private equity in capital markets.|
Bridging the Gap Between Research and Real-World Issues