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This issue discusses the SEC’s recently issued final rule Pay Ratio Disclosure. Under the final rule, a registrant must annually disclose (1) the median of the annual total compensation of all its employees (excluding the individual that the SEC describes as the principal executive officer and that is referred to herein as the chief executive officer (CEO)), (2) the annual total compensation of its CEO, and (3) the ratio of the median of the annual total compensation of all its employees to the 
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Shareholders need information that enables them to understand an organization’s governance policies, performance, business objectives, and key risks. Good engagement practices with shareholders not only strengthens the trust and credibility with the company by keeping them informed, it also provides the board valuable feedback about shareholders priorities and concerns.
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The Wall Street Journal studied 71 activism campaigns. The results: Activism often improves corporate performance but definitely not always.
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Forest Laboratories was one of Carl Icahn’s most-successful investments, but not until after a boardroom battle that lasted several years.
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Instead of launching ugly boardroom battles, activist investors ValueAct Capital and Relational Investors typically work with company management—and with better results to show for it.
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The Conference Board Employment Trends Index™ (ETI) increased slightly in September. The index now stands at 128.76, up from 128.66 in August (a downward revision). The change represents a 4.6 percent gain in the ETI compared to a year ago.
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The decades-long conflict that is currently raging over short-termism and activist hedge funds strikes me as analogous to the Thirty Years’ War of the 17th Century, albeit fought with statistics (“empirical evidence”), op-eds and journal articles rather than cannon, pike and sword.
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PARIS - Union activists protesting nearly 3,000 proposed layoffs at Air France stormed the headquarters during a meeting Monday, zeroing in on two managers who had their shirts torn from their bodies, scaled a fence and fled under police protection.
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Investors rushed back into the Canadian oilpatch in hopes of picking up the next merger target, after Suncor announced its unsolicited $4.3B takeover bid for Canadian Oil Sands
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Two years ago, the U.S. banking industry was a rare exception to the trend of increased shareholder activism that was prevalent across industries. At the time, Skadden partners Brian...
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Public-pension fund shareholder-proposal activism is associated with lower stock returns. Fortune 250 companies targeted
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Companies should review their investor base now for signs that activists may be accumulating stock. Latham & Watkins’ Activism Team helps companies navigate through activist tactics and campaigns. We have assembled the following guides and related content to help you strategically prepare for the 2016 annual proxy season and any possibility of activism.
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After markets closed on August 6, 2015, one of the most significant events in the history of the closed-end mutual fund (CEF) market took place, yet it garnered no attention from financial media. On that day, Alliance Bernstein announced that they were “open-ending” the Alliance Bernstein Income Fund (NYSE: ACG), a CEF, in Q1 2016.
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The Wall Street Journal examined 71 cases in which an activist investor went after a large U.S. corporate to see how companies and shareholders fared. Here is the methodology.
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Do activist investors help or hurt companies? Well, it depends, according to new analysis by The Wall Street Journal.
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The enforcement program at the Securities and Exchange Commission has been the subject of severe criticism in recent years, and occasional changes to the system have not begun to root out the deepe...
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In the paper, The Effect of Relative Performance Evaluation on Investment Efficiency and Firm Performance, which was recently made publicly available on SSRN, I examine the effect of explicit relative performance evaluation (RPE) on managers’ investment decisions and firm performance. Principal-agent theory suggests that firms can motivate managers to act in shareholders’ interest by linking their compensation to firm performance. However, firm performance is often affected by exogenous factors, and as a result, performance-based compensation may expose managers to common risk that they cannot directly control.
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The chief justice of one of the most important courts for corporate law says there are so many shareholder proposals that even some socially responsible funds vote against proposals that they would seemingly support.
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A lack of new orders is hurting Bombardier’s cash flow, and Scotiabank analysts believe the company will need to raise more money by mid-2016 at this rate
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Armored Wolf LLC, the global macro hedge fund run by former Pimco Managing Director John Brynjolfsson, will be shuttering in the coming months and will become a small family office, Brynjolfsson said on Monday.
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Over the past two decades, Japanese corporations have moved away from an outdated governance model rooted in keiretsu relationships and “main bank” financing toward a more shareholder-oriented system. Amid this ongoing shift, economist Hanazaki Masaharu calls for a new emphasis on social responsibility and sustainability through wide-ranging dialogue with internal and external stakeholder groups.
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Thus far your writer’s reportage on matters related to so-called “religious” shareholder activism has focused mainly on the Interfaith Center on Corporate
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Ethos acknowledged that the worst excesses of inflated executive pay have been largely eliminated. But it also noted that the average
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