Governance Watch is a new program from The Conference Board that helps senior legal and compliance professionals keep abreast of developments in corporate governance. It offers summaries and concise perspectives on developments affecting corporate governance. It focuses on issues that would be of interest to directors and senior business and finance executives, including issues affecting corporate democracy, shareholder communications and relationships, fiduciary obligations of directors, disclosure, compensation and insider trading.
Shareholder Activism Defenses in a time of Economic Uncertainty
02 November, 2011 | (01 hr)
Governance Watch is webcast that is produced by The Conference Board and sponsored by Cleary Gottlieb Steen & Hamilton.
Many boards are trying to resolve the tension among the competing objectives of: spending cash on capital expenditures and acquisitions to grow, returning cash to shareholders and maintaining a healthy balance sheet and liquidity outlook.
Shareholder activists have grown increasingly frustrated with the focus on balance sheet prudence and are pushing in a number of sectors for boards to accelerate growth through spending, to return greater amounts to shareholders and to fuel these activities through the use of debt.
This panel will examine the economic variables relating to these competing considerations, the appropriate way for directors and officers to approach this conundrum from a fiduciary duty perspective and how this approach may be supplemented when activists, with a special focus on acceleration of growth and returning cash to shareholders through extraordinary buybacks and dividends, enter the scene.
Kathy Bostjancic is director for macroeconomic analysis at The Conference Board. A specialist in the U.S. economy and financial markets, she is a member of the team that produces the U.S. economic forecast and global outlook for The Conference Boa... Full Bio
Glenn A. Eisenberg, 49, is executive vice president, finance and administration of The Timken Company, a diversified industrial manufacturer of innovative materials, products and services providing friction management and power transmission soluti... Full Bio
Timothy Ingrassia is co-chairman of Global Mergers & Acquisitions in the Investment Banking Division (IBD). He serves on the IBD Client and Business Standards Committee.
Prior to assuming his current role in 2011, Tim served as head of... Full Bio
Ethan A. Klingsberg is a partner based in the New York office of Cleary, Gottlieb, Steen & Hamilton. His practice focuses on mergers and acquisitions, leveraged buy-outs and corporate and SEC matters. He regularly advises public co... Full Bio