The Laws and Economics of Blockholder Disclosure
Lucian A. Bebchuk & Martin Lipton
On Tuesday, November 13, The Conference Board Governance Center is hosting a debate between Lucian Bubchuk from Harvard Law School and Marty Lipton from the law firm Wachtell, Lipton, Rosen & Katz.
The question is whether activist investors should be required to give public companies quicker notice of their accumulation of stock once they have reached a 5% threshold. Current U.S. law requires notice within 10 days of reaching this threshold. Mr. Lipton’s firm has filed a petition with the SEC to shorten this period and Mr. Bebchuk has taken the position that existing evidence does not support SEC adoption of the proposed change. Our guests will lay out their positions and debate the issues.
As the Harvard Law School Forum on Corporate Governance and Financial Regulation noted in its post today, Tuesday’s debate will be the fourth time that Mr. Bebchuk and Mr. Lipton have engaged in the area of Corporate Governance.
In advance of the program, the following materials are being provided:
The Petition:
From Mr. Bebchuk:
From Mr. Lipton:
- Fair Markets and Fair Disclosure: Some Thoughts on the Law and Economics of Blockholder Disclosure, and the Use and Abuse of Shareholder Power
- Beneficial Ownership of Equity Derivatives and Short Positions – A Modest Proposal to Bring the 13D Reporting System into the 21st Century
If you would like to attend the November 13 debate, please register online by close of business on Wednesday, November 7.
The recording from the November 13 debate is now available online at http://www.conferenceboard.org/directorroundtables/blockholder
For a list of upcoming programs, please visit http://www.conferenceboard.org/directorroundtables
Marcel
I hope you will give us a sense of this extraordinary debate after the fact, since some of us won’t be able to attend.