A free all-day conference under the auspices of the Securities and Exchange Commission (SEC) and the European Commission, organised by the Columbia Law School and the European Corporate Governance Institute

Mary Jo White
Chair, Securities and
Exchange Commission
Daniel M Gallagher
Commissioner, Securities and
Exchange Commission

Session topics include
Activist Shareholders and Shareholder Value: Long Term v. Short Term
Proxy Advisors: Do they wield too much influence? Whether and how to regulate - the lessons from Europe
Say on Pay: Is it working? How far should it go?

In the US and the UK, diffuse public ownership has re-concentrated itself into the hands of institutional investors. The sheer size of the largest companies has meant that institutional investors are, collectively, the dominant shareholders in many of the most important firms.

Does such institutional ownership require a particular engagement with the governance of portfolio companies, what some have called 'stewardship'? What would 'stewardship' entail? How would 'stewardship' change the business model of the institutional investors? Do activist shareholders and proxy advisors retard or advance an appropriate conception of stewardship? Is legislation that empowers shareholders, as exemplified by the spread of 'Say on Pay' an alternative strategy for governance reform?

Confirmed speakers at the Conference include:
Mary Jo White, Chair, U.S. Securities and Exchange Commission
Daniel Gallagher, Commissioner, U.S. Securities and Exchange Commission
Geoffrey Aronow, U.S. Securities and Exchange Commission
Ugo Bassi, DG Internal Market and Services, European Commission
Professor Marco Becht, Université Libre de Bruxelles
Francesco Chiappetta, Pirelli & C. S.p.A.
Donna Dabney, The Conference Board
Laurent Degabriel, European Securities and Markets Authority (ESMA)
Michelle Edkins, BlackRock
Professor Fabrizio Ferri, Columbia Business School
Professor Jill Fisch, University of Pennsylvania Law School
Professor Ronald Gilson, Columbia Law School
Professor Jeffrey Gordon, Columbia Law School
Jörgen Holmquist, European Corporate Governance Institute
Mats Isaksson, Organisation for Economic Co-operation and Development (OECD)
Justice Jack B. Jacobs, Justice of the Delaware Supreme Court
Professor Wei Jiang, Columbia Business School
Professor David Larcker, Graduate School of Business, Stanford University
Dr Tao Li, University of Warwick
Ira M. Millstein, Millstein Center for Global Markets and Corporate Ownership, Columbia Law School
Katherine Rabin, Glass Lewis & Co
Gary Retelny, Institutional Shareholder Services Inc
Professor Randall Thomas, Vanderbilt University Law School and Owen School of Management

With Lithuania holding the Presidency of the Council of the European Union, the organisers are most grateful for the support of the Lithuanian Embassy in Washington and for sponsorship of the 2013 conference by PricewaterhouseCoopers (PwC).

The TCGD was established in 2004 in order to bring together leading academics from law, economics and finance, regulators, judges, lawmakers, corporate leaders, investors, and other corporate constituencies to engage in forward-looking discussions of corporate governance issues that are or will be at the forefront of policymaking on both sides of the Atlantic.
Transcripts of speeches and other remarks at past Dialogue conferences are available at: