Shareholder Engagement:
What is 'Appropriate'?

European Corporate Governance Institute
Thursday, 15th December 2011
Securities and Exchange Commission
Washington DC

The Polish Presidency of the Council of the European Union
A free all-day conference under the auspices of the Securities and Exchange Commission (SEC) and the European Commission, organised by the European Corporate Governance Institute and the Columbia Law School. With Poland holding the Presidency of the Council of the European Union, the organisers are most grateful for the support of the Polish Embassy in Washington and for the sponsorship of the 2011 conference by PricewaterhouseCoopers (PwC).
PricewaterhouseCoopers (PwC)
Programme | Presentations | Video recording | Continuing Legal Education | List of attendees | Background to the Dialogue
Continuing Legal Education (CLE)
Columbia Law School has been certified by the New York State Continuing Legal Education (CLE) Board as an Accredited Provider of CLE programs.

Under New York State CLE regulations, this transitional and non-transitional CLE program will provide in aggregate a maximum of 4.5 credit hours which can be applied toward the Areas of Professional Practice requirement as follows:

Session 1 - Keynote Speech NYS CLE: 0.5 credit hours, Areas of Professional Practice
Session 2 - Policy Implications NYS CLE: 0.5 credit hours, Areas of Professional Practice
Session 4 - Hedge Fund Activism and 'Paitent Capital' NYS CLE: 1.5 credit hours, Areas of Professional Practice
Session 5 - Barriers to Institutional Investor Engagement NYS CLE: 1.5 credit hours, Areas of Professional Practice
Session 6 - Summing Up, Assessment, and the Way Ahead NYS CLE: 0.5 credit hours, Areas of Professional Practice
CLE Eligibility: (NYS) CLE credit will be offered only to attorneys in attendance for entire sessions, as reflected in the Conference register. Attorneys seeking credit must sign in and out of the register, with both entrance and exit times, prior to and following their attending program sessions. Please note there are separate registers for the morning and afternoon sessions, and sign-out and sign-in are required for the luncheon period. Attorneys attending only part of a session are not eligible for partial credit for it, although they are most welcome to attend it. On exiting sessions and otherwise on departure, attorneys seeking credit should submit their completed Evaluation Form, provided at the Conference.

Jurisdictions, outside New York State: Please be aware that individual attorneys may request accreditation from other jurisdictions, or in some cases may simply report, credits earned from a CLE program that was given by an out-of-state Accredited Provider. Each jurisdiction has its own procedure for the accrediting or reporting of such credits, and attorneys should refer to the specific jurisdiction's rules governing this procedure.
Reading list

Required Reading List
Corporate governance in financial institutions and remuneration policies
Green paper published by the EU Commission
on 2 June 2010
The EU corporate governance framework
Green Paper published by the EU Commission
on 5 April 2011
Report on corporate governance in financial institutions
Committee on Economic and Monetary Affairs of the European Parliament
dated 24 March 2011
The Green Papers and the ECGI's Research Agenda
Report of the meeting which took place
on 8 September 2011
Feedback statement and Received Responses
Summary and details of responses to the Commission Green Paper published by the EU Commission
15 November 2011

Hedge Funds in Corporate Governance and Corporate Control
Article in the Pennsylvania Law Review
by Marcel Kahan and Edward Rock

The Rise and Fall (?) of Shareholder Activism by Hedge Funds
ECGI Law Working Paper 136/2009 September 2009
by John Armour and Brian Cheffins
Hedge Fund Activism in Europe
ECGI Finance Working Paper 283/2010 May 2010
by Marco Becht, Julian Franks and Jeremy Grant

The Insignificance of Proxy Access
Virginia Law Review October 2011
by Marcel Kahan and Edward Rock

One fundamental corporate governance question we face: can corporations be managed for the long term unless their powerful electorates also act and think long term?
Business Lawyer November 2010
by Leo E Strine

Human Freedom and Two Friedmen: Musings on the Implications of Globalization for the Effective Regulation of Corporate Behaviour
University of Toronto Law Journal Summer 2008
by Leo E Strine

Further information
For further information and any questions regarding CLE, please contact: Sallie C. Locke at Columbia Law School. Email: