KICK OFF: * GEORGE STANSFIELD, General Secretary of the AXA Group
SPEAKER:
* ROBERT OPHÈLE, President of AMF
ROUND TABLE 1: FORMS OF CORPORATE CONTROL.
Is it possible to talk about strong majority shareholders and weak
minority shareholders in France and in continental Europe more
globally? To what extent has the Florange law been able to increase
this phenomenon? What are the positive and negative effects of these
types of capital structures? To what extent does this configuration
change the shareholder activism of investment funds and pension funds?
To what extent does the introduction of the broader social purpose
change the situation in terms of shareholder engagement? What about
the latest statements made in the United States on the obsolescence of
the pro shareholder model?
_SPEAKERS:_
* LAURENCE PARISOT, President of Citigroup (TBC)
* THOMAS BOURVEAU, Assistant Professor at Columbia University
* OLIVIER FORTESA, Managing Partner at Amber Capital
ROUND TABLE 2: SHAREHOLDER COLLABORATION:
Increasingly, the insider-shareholder dynamic seems to be
collaborative, not competitive, but do French CEOs agree on this?
Collaboration seemed to originate in the venture capital context and
then moved on in other sectors. Research papers (Fisch, Sepe) have
shown that we now see an expansion of collaboration into public
companies; corporations today face partial information costs that, for
many firms, have grown costlier than agency costs. collaboration
promotes the production and aggregation of the partial information of
insiders and shareholders, adding value that is lost under unilateral
decision-making by either the board or the shareholders. What is the
future of shareholder activism from this perspective?
_SPEAKERS:_
* MICHEL ALBOUY, Professor at the University of Grenoble
* ANGUS MILNE, Director Risk & Compliance at TCI
* PAOLA PEROTTI, CEO at GO Investment Partners
ROUND TABLE 3:THE RISE OF GREEN ACTIVISM.
Environmental activism is on the rise: with pension funds getting more
active and some activist funds incorporating a sustainability agenda,
the potential impact of shareholders over non-financial concerns is a
rather newly acknowledged phenomenon. Yet, this illustrates how
shareholder activism may contribute to the defining of a long-term
value-creating strategy for companies and suggests that their
influence on governance issues is far from being limited to short-term
financial performance. The fact that hedge funds (such as ValueAct
Capital, with the recent creation of ValueAct Spring fund, or other
funds such as BlackRock, who has a special offer for clients willing
to invest in socially and environmentally responsible companies),
environmental activism is no longer a marginal aspect of shareholder
activism. How can we explain such a growing importance of
environmental shareholder activism? How will ESG risks and
sustainability concerns predictably impact the governance of French
and European companies in the near future?
_SPEAKERS: _
* ALEXIS MASSE, Strategic advisor at GRDF and President of the
responsible investment forum
* EDOUARD DUBOIS, Director at Blackrock
* Pierre-Yves Gauthier, Founder of AlphaValue
* CEDRIC LAVERIE, Head of FRANCE GOVERNANCE RESEARCH AT ISS
(Institutional Shareholder Services)
The conference is organized by Droit & Croissance / Rules for Growth
with the the support of
culture
243
Views
19/10/2019 Last update