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U.S. Securities and Exchange Commission

Agenda for Roundtable Discussion on
Proposed Security Holder Director Nominations Rules:
March 10, 2004

9:00 a.m. Opening Remarks
Chairman William H. Donaldson
 
9:10 a.m.Introduction of Issues
Alan L. Beller, Division of Corporation Finance
Martin P. Dunn, Division of Corporation Finance
 
9:15 a.m. Panel One - What problems in the proxy process need to be addressed?
Are there flaws in the proxy process with respect to the nomination and election of directors? If so, do those flaws affect investors' ability to participate in the process?

Moderators
Alan L. Beller, Division of Corporation Finance
Martin P. Dunn, Division of Corporation Finance

Participants
  1. Lucian Arye Bebchuk (Harvard Law School)
  2. Randall S. Kroszner (Graduate School of Business, University of Chicago)
  3. Martin Lipton (Wachtell, Lipton, Rosen & Katz)
  4. Nell Minow (The Corporate Library)
  5. Richard H. Moore (State of North Carolina)
  6. Steve Odland (AutoZone Inc.)
  7. Eric Roiter (Fidelity Management & Research Company)
  8. Damon Silvers (AFL-CIO)
10:30 a.m. Break
 
10:45 a.m. Panel Two - Is the proposal a reasonable solution?
If there are flaws in the proxy process, is the approach of the proposed rule - disclosure of security holder nominees in company proxy materials in certain circumstances - an appropriate way to address them? Are there other approaches, or modifications of the proposed rule, that would be preferable?

Moderators
Alan L. Beller, Division of Corporation Finance
Martin P. Dunn, Division of Corporation Finance

Participants
  1. Richard C. Breeden (Richard C. Breeden & Co.)
  2. Peter C. Clapman (TIAA-CREF)
  3. Thomas J. Donohue (U.S. Chamber of Commerce)
  4. Charles M. Elson (University of Delaware)
  5. Joseph A. Grundfest (Stanford Law School)
  6. Ira M. Millstein (Weil, Gotshal & Manges)
  7. Peter J. Wallison (American Enterprise Institute)
  8. Ralph V. Whitworth (Relational Investors, LLC; Apria Healthcare Group Inc.)
12:00 p.m Lunch Break
 
1:00 p.m. Panel Three - The application of the proposal to companies and investors
Does the proposal limit the application of proposed Rule 14a-11 to the appropriate companies and properly address the potential costs to companies? Does the proposal provide security holders with appropriate opportunities to exercise their rights in the proxy process?

Moderators
Alan L. Beller, Division of Corporation Finance
Martin P. Dunn, Division of Corporation Finance

Participants
  1. Warren L. Batts (National Association of Corporate Directors)
  2. J. Carter Beese, Jr. (Riggs Capital Partners)
  3. Franklin D. Raines (Fannie Mae)
  4. David S. Ruder (Northwestern University School of Law)
  5. Jeffrey A. Sonnenfeld (Yale University School of Management)
  6. Ted White (California Public Employees' Retirement System)
  7. Susan Ellen Wolf (Schering-Plough Corporation)
  8. Ann Yerger (Council of Institutional Investors)
2:30 p.m. Break
 
2:45 p.m. Panel Four - Impact of the proposal on retail and other investors
What are the consequences of the rule for retail and other investors?

Moderator
Martin P. Dunn, Division of Corporation Finance

Participants
  1. Evelyn Y. Davis (Highlights & Lowlights)
  2. Les Greenberg (Committee of Concerned Shareholders)
  3. Lance E. Lindblom (The Nathan Cummings Foundation)
  4. Denise L. Nappier (State of Connecticut)
  5. Paul M. Neuhauser (University of Iowa College of Law - retired)
3:15 p.m. Panel Five - Legal issues
What are the federal law and state law issues raised by the proposal?

Moderators
Alan L. Beller, Division of Corporation Finance
Giovanni P. Prezioso, Office of General Counsel

Participants
  1. John C. Coffee, Jr. (Columbia University Law School)
  2. Jill E. Fisch (Fordham University School of Law)
  3. David A. Katz (Wachtell, Lipton, Rosen & Katz)
  4. Robert Todd Lang (Weil, Gotshal & Manges)
  5. Donald C. Langevoort (Georgetown University Law Center)
  6. E. Norman Veasey (Supreme Court of Delaware)
4:15 p.m. Break
4:30 p.m. Panel Six - Impact of the proposal on proxy voting mechanics
How would the proposal affect voting mechanics, such as clarity of the proxy card and ability to tabulate proxies?

Moderator
Elizabeth Murphy, Division of Corporation Finance

Participants
  1. Richard J. Daly, (Automatic Data Processing Inc.)
  2. James E. Heard (Institutional Shareholder Services)
  3. Gregory P. Taxin (Glass, Lewis & Co.)
  4. John C. Wilcox (Georgeson Shareholder Communications Inc.)
5:15 p.m. Conclusion

 

http://www.sec.gov/spotlight/dir-nominations/dir-nom-agenda.htm

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Modified: 03/10/2004