Shareholder Activism Defenses in a time of Economic Uncertainty
02 November, 2011 | (01 hr)
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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 has extensive experience providing insightful global economic and financial market analysis and forecasts to institutional and retail investors and Fortune 500 business leaders and professionals. She has a deep understanding of U.S. monetary... 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 at Cleary Gottlieb based in the New York office. His practice comprises M&A, public company board of directors and corporate and SEC matters.
Mr. Klingsberg has been named a "BTI Client Service All-Star... Full Bio