Shareholder activism: results and prospects

8th Annual Conference
10,11,12 December 2003
Bournemouth
Shareholder activism
Results and prospects
LAPFF 8th Annual Conference
10,11,12 December 2003. Bournemouth Highcliff Marriott Hotel
Shareholder activism
Results and prospects
The influence of shareholder
activism has been the top story
of the UK’s 2003 proxy season
and local authority pension
funds have played a key part.
Other new players have emerged
during the year and pressure
on companies has grown particularly over remuneration.
But what advantages does such
activism provide for shareholders, and how have companies responded? As such
activism becomes global, what
strategies will shareholder
active pension funds devise to
become effective across global
capital markets?
This year’s LAPF Forum annual
conference will provide some
of the answers to these questions as well as providing an
update on the key policies
local authority pension
funds will be promoting
for 2004.
Speakers on the first day of the conference include
Keith Jones, CEO at Morley Fund Management who will
make a presentation entitled “Shareholder Activism:
Results and Prospects”. A panel of trade union representatives including Dave Prentis, General Secretary of UNISON
will discuss their approach to governance activism.
Three workshops will run concurrently during the afternoon of 11 December. Two of the workshops are current
LAPFF campaign areas. The Carbon Gas Emissions workshop will include speakers from CERES, Ariane van Buren
and Cllr John Saunders, LB Newham, Vice Chair of LAPFF.
The Directors’ Pay workshop speakers include Iain Richards,
Head of Corporate Governance Policy at Morley Fund
Management and Brian Bailey, of Wolverhampton CC.
The afternoon session will include a keynote
speech from the former chairman of Northern Foods,
Lord Christopher Haskins who will discuss “Institutional
investors and companies: the future”.
The morning session on Friday, will also feature two
concurrent workshops. One workshop tackles Overseas
Employment Standards (a long running LAPFF campaign)
has Dr Alan Knight, Head of Social Responsibility at
Kingfisher plc, presenting a company perspective on
strategy implemention. The second looks at the Local
Government Pension Scheme and stakeholder involvement,
with Terry Crossley from the Office of the Deputy Prime
Minister alongside Stuart Imeson, of the West Yorkshire
Pension Fund .
Two plenary sessions end the second day of the conference: Gavin Grant, Director, Global Corporate Governance
Research, Deutsche Bank, New York will present new research that Deutsche Bank has published linking corporate
governance with corporate performance.
Our closing session of the day is a panel responding to
the challenge that “Corporate Social Responsibility adds
value”. Speakers include Juliet Altham, Head of CSR,
Co-operative Insurance Society and Dr Craig
Mackenzie, Head of Investor Responsibility,
Insight Investment.
Conference programme
Wednesday 10 December
2.00pm
Annual General Meeting
of the Local Authority
Pension Fund Forum
Thursday 11 December
9.00am
Registration
9.40am
Welcome
Business Meeting of the
Local Authority Pension
Fund Forum
9.45am
7.30pm
Drinks reception
at Sommerley House,
Ringwood, Hampshire,
in the Drawing Room and
East Library.
Sponsored by
Morley Fund
Management
(Transport will be provided to
and from Sommerley House
from the Bournemouth Highcliff
Marriott Hotel, leaving at 7pm)
8.30pm
Conference dinner
in the Picture Gallery
at Sommerley House,
Ringwood,
Hampshire.
Sponsored by
Insight Investment
10.15am
Questions
10.25am
Refreshments
workshop 2: Local
Government Pension
Scheme
Refreshments throughout the conference are
sponsored by Deutsche Asset Management
10.45am
Workshops
workshop 1: Overseas
employment standards
Cllr John Saunders
Vice Chair, LAPFF
Peter Southwood
Research Executive, PIRC Ltd
Dr Alan Knight
Head of Social Responsibility,
Kingfisher plc
Shareholder Activism
results and prospects
keynote speaker
Keith Jones CEO, Morley Fund Management
(members only)
EVENING PROGRAMME
9.45am
Cllr Bob Sowman
Chair, Local Authority Pension Fund Forum
(members only)
2.30pm
Friday 12 December
Terry Crossley Office of the
Deputy Prime Minister
Stuart Imeson Hon Secretary
LAPFF, Bradford City Council
Alan MacDougall
Managing Director, PIRC Ltd
The corporate experience of shareholder activism: embrace or repulse
Robert Lamm Corporate Secretary,
Computer Associates Inc
Bill Lerach Milberg Weiss
11.35am
Questions
10.45am
Refreshments
11.40am
Union governance activism:
new kids on the block
11.00am
Welcome back to
the conference
Cllr Don Yates Lancashire CC
11.05am
Corporate governance:
beyond the numbers
keynote speaker
Malcolm Wing National Secretary, Unison
Damon Silvers Deputy Chief Counsel, AFL-CIO
David Coats Head of Policy, TUC
12.45pm
Questions
1.00pm
Lunch
2.30pm
Gavin Grant Director, Global
Corporate Governance Research,
Deutsche Bank, New York
keynote address
11.20am
Institutional investors and companies:
the future
Questions
11.30am
Corporate social
responsibility adds value:
discuss
Lord Christopher Haskins
3.00pm
Questions
3.15pm
Refreshments
3.30pm
Workshops
workshop 1: Carbon gas emissions
Ariane van Buren CERES
Cllr Dan Wickstead Worcestershire CC
Dr Ian Emsley Manager, Health & Environment
Anglo American plc
12.45pm
Questions
workshop 2: Directors’ pay
1.00pm
Conference end
Iain Richards Head of Corporate Governance
Policy, Morley Fund Management
Brian Bailey Wolverhampton CC,
Hon Treasurer, LAPFF
Louise Fluker Company Secretary, De La Rue plc
Ian Fraser Group Vice President
Human Resources, BHP Billiton plc
workshop 3: Shareholder litigation
Patrick Daniels Milberg Weiss
Bill Lerach Milberg Weiss
Amanda Walker Chief Financial Officer,
London Pension Funds Authority
5.00pm
Ariane Van Buren CERES
Juliet Altham Head of CSR,
Co-operative Insurance Society
Dr Craig MacKenzie
Head of Investor Responsibility
Insight Investment
Philippe Spicher
Managing Director, SiRi Co
Close of Thursday sessions
EVENING PROGRAMME
7.30pm
Drinks reception, Dorchester Suite,
Bournemouth Highcliff Hotel
8.30pm
Dinner, Dorchester Suite,
Bournemouth Highcliff Hotel
Sponsored by Milberg Weiss
Buffet lunch
I would like to attend the following social events at the LAPFF
8th Annual Conference on 10, 11, 12 December 2003.
LAPFF Eighth Annual Conference
Shareholder activism:
results and prospects
10, 11, 12 December 2003
Bournemouth Highcliff Marriott Hotel
St Michael’s Road, Westcliff, Bournemouth bh2 5du
■
LAPFF members receive two complimentary delegate places
Drinks reception on Wednesday 10 December, 7.30pm
at Sommerley House, Ringwood, Hampshire in the Drawing
Room and East Library. Transport will be provided between
Sommerley House and the Highcliff Marriott Hotel.
Conference dinner on Wednesday 10 December, 8.30pm
at Sommerley House, Ringwood, Hampshire in the Picture
Gallery. This event is limited to 130 guests and will be allocated
on a first come, first served basis.
■
Local Authority delegates, non-LAPFF members and
‘not for profit’ organisations: £450 +vat = £528.75
I would like transport to and from Sommerley House on
Wednesday 10 December from the Highcliff Marriott Hotel.
■
Delegates not in above categories, full delegate rate:
£795 +vat= £934.13
Drinks reception on Thursday 11 December at 7.30pm in the
Dorchester Suite, Bournemouth Highcliff Marriott Hotel.
Please register the following for the Local Authority Pension Fund
Forum Eighth Annual Conference on 10, 11, 12 December 2003 at the
Bournemouth Highcliff Marriott Hotel.
Conference dinner on Thursday 11 December at 8.30pm in
the Dorchester Suite, Bournemouth Highcliff Marriott Hotel.
If you would like to make a reservation at the Bournemouth Highcliff
Marriott Hotel, rooms have been reserved at a preferential rate for
the LAPFF Conference at £100 per night including breakfast.
NAME
POSITION
Indicate below if you wish a room to be reserved. Please note that all
delegates’ hotel accounts will be payable to the Highcliff Marriott
Hotel and will be settled directly with the hotel.
O R G A N I S AT I O N
Reserve a room at the Highcliff Marriott Hotel on
Wednesday 10 December 2003. I understand that I will be
liable for any hotel charges incurred and that my account will
be payable directly to the hotel.
ADDRESS
Reserve a room at the Highcliff Marriott Hotel on
Thursday 11 December 2003. I understand that I will be liable
for any hotel charges incurred and that my account will be
payable directly to the hotel.
POSTCODE
TELEPHONE
All rooms will be allocated on first come, first served basis. Please
note that if you wish to cancel this reservation the cancellation
should be notified to the LAPFF Secretariat by Friday 21 November
2003, otherwise a charge may be incurred.
FA X
E -M A I L
Please specify any dietary requirements
Please specify if you require induction loop facilities
or need details of the venue’s disabled access and facilities
LAPFF member booking
Non-LAPFF member local authority, or
‘not for profit’ organisation rate:
Please invoice my organisation
Cheque made payable to ‘PIRC Ltd’ enclosed
Please charge my credit card
Please return the completed form to:
Janice Hayward, LAPFF Secretariat
c/o PIRC Ltd
4th floor, Cityside
40 Adler Street
London e1 1ee
Tel: 020 7247 2323
Fax: 020 7247 2457
Email: JaniceH@ pirc.co.uk
Full delegate rate:
Please invoice my organisation
Cheque made payable to ‘PIRC Ltd’ enclosed
Please charge my credit card
I cannot attend but I would like to order the conference
papers at £150.
Type of card: Visa / Switch / Mastercard / JCB
Card no.
Expiry date
Name of card holder
Signed
Date
Please note that payment must be received by PIRC before the conference date in
order to guarantee your registration. Cancellations up to 21 days before the event
will be accepted subject to 30% administration charge. Cancellations received less
than 21 days prior to the event receive no refund of fees. Substitute delegates are
welcome with prior notification.
LAPFF 8th Annual Conference
10,11,12 December 2003. Bournemouth Highcliff Marriott Hotel
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Shareholder activism
Results and prospects
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The Highcliff Marriott Hotel is in St Michael’s Road, Bournemouth.
BY R OA D, F R O M T H E N O RT H A N D E A S T: from the m3 take the m27 to the end of the motorway
following signs for Bournemouth (a31). Turn left onto the a338 (Wessex Way) at Ashley Heath roundabout,
following signs for Bournemouth International Centre (BIC) and Westcliff.
At Westcliff Road take the second turning on your right (past pedestrian crossing) into St Michael’s Road.
The hotel is at the end of the road on the right.
F R O M T H E W E S T: from the a35 follow the signs for Bournemouth Town Centre (BIC / Westcliff).
When you reach Westcliff Road follow directions as above.
The LAPFF Conference 2003 gratefully acknowledges the sponsorship of the following organisations