Loyalty Shares

Loyalty Shares

Date

07 Dec 2018 - 07 Dec 2018

Location

NYU School of Law

*** Click here to read the event summary report ***

The Roundtable focused on loyalty shares as a legal solution for encouraging long-term ownership, a concept that is gaining traction in Europe with the support of the European Commission, and has also attracted interest in the United States. Loyalty shares that confer additional voting rights have a long tradition in France, were recently introduced in Italy, and are expected to be introduced in an ongoing reform of Belgian company law. In the U.S., loyalty shares with “tenure voting” or “time-phased voting” have appeared in a small number of companies and are included in the listing requirements for the newly proposed “Long Term Stock Exchange” (LTSE). Loyalty shares might also confer additional cash-flow rights to long-term holders rather than votes. This Roundtable critically examined these developments, with the goal of evaluating whether loyalty shares have a future in the U.S. and whether they should.

Location

Lester Pollack Colloquium Room | 9th floor of Furman Hall | 245 Sullivan Street (view campus map)

Organisers

Marco Becht, Solvay Brussels School, ECGI and CEPR

Edward Rock, NYU Law and ECGI

Schedule

09:00: Registration

09:30: Welcome & Introduction

09:45 - 11:15: Session 1

11:15 - 11:30: Coffee break

11:30 – 12:45: Session 2

12:45 - 13:45: Lunch

13:45 – 15:45: Session 3

15:45 - 16:00: Conclusion and Summing Up

Contact

Programme queries should be directed to Marco Becht (Marco.Becht@ecgi.org)

or Edward Rock (edward.rock@nyu.edu)

Practical queries should be directed to Elaine McPartlan (roundtables@ecgi.org)

Programme Outline

The event is structured around presentations which are intended to stimulate further interventions and discussion between all attendees. The use of slides is possible but not necessarily encouraged. The prior distribution of written material is encouraged.

Participants

Mr.	Frederick	Alexander	Head of Legal Policy	B Lab
Prof.	Marco	Becht	Professor	Solvay Brussels School of Economics and Management
Dr.	Anat	Beck	Jacobson Fellow	NYU
Ms.	Allison	Bennington	Chief Legal Officer	ValueAct Capital
Mr.	David J.	Berger	Litigation Partner	Wilson Sonsini Goodrich & Rosati
Prof.	Ilya	Beylin	Acting Assistant Prof.	NYU Law
Mr.	Robert	Bishop	PhD Student	Yale School of Management
Prof.	Alon	Brav	Professor	Duke University
Prof.	Karen	Brenner	Professor	NYU
Prof.	Francois	Brochet	Associate Professor	Boston University
Dr.	Emiliano	Catan	Associate Professor of Law	New York University
Mr.	Federico	Cenzi Venezze	Attorney/Researcher	Cleary Gottlieb Steen & Hamilton LLP
Mr.	Bill	Chandler	Partner	Wilson Sonsini Goodrich & Rosati
Mr.	Casey	Cogut	Retired Partner	Simpson Thacher & Bartlett LLP
Mr.	Isaac	Corre	Chief Executive Officer	Governors Lane
Mr.	Patrick	Corrigan	Wagner Fellow in Law & Business	New York University School of Law
Ms.	Carolyn	Dee		LTSE
Dr.	Marco	Dell'Erba	Post-Doctoral Global Fellow	NYU School of law
Ms.	Michelle	Edkins	Managing Director \| Global Head of BlackRock Investment Stewardship	BlackRock
Prof.	Jill	Fisch	Saul A. Fox Distinguished Professor of Business Law	University of Pennsylvania Law School
Mr.	Stephane	Fisch	Associate	Evercore Partners
Mr.	Stephen	Fraidin	Partner	Cadwalader Wickersham & Taft, LLP
Prof.	Ronald J	Gilson	Stern Professor of Law and Business	Columbia Law School
Ms.	Michelle	Greene	Chief Policy Officer	The Long-Term Stock Exchange
Prof.	Assaf	Hamdani	Associate Professor, Faculty of Law	Tel Aviv University
Mrs.	Petra	Hedengran	General Counsel	Investor AB
Mr.	Henry	Hu	Allan Shivers Chair in Law of Banking & Finance	University of Texas Law School
Prof.	Wei	Jiang	Arthur F. Burns Professor of Free and Competitive Enterprise	Columbia Business School
Mr.	David	Katz	Partner	Wachtell, Lipton, Rosen & Katz
Mr.	Roy	Katzovicz	Managing Member of Saddle Point Management	Saddle Point Management
Mr.	David	Klafter	Senior Counsel	Pershing Square Capital Mgmt
Mr.	Scott	Luftglass	Litigation Partner	Fried Frank
Mr.	Bob	McCormick	Managing Director	PJT Camberview
Mr.	Andrew	McKinley	Research Scholar	New York University School of Law
Ms.	Geeyoung	Min	Adjunct Professor	Columbia Law School
Prof.	Gabriel	Rauterberg	Assistant Professor of Law	University of Michigan Law School
Prof.	Edward	Rock	Professor of Law	NYU Law School
Prof.	Joshua	Ronen	Professor of Accounting	Stern School of Business, NYU
Mr.	Jim	Rossman	Managing Director and Head of Corporate Preparedness	Lazard Ltd.
Mr.	Paul J.	Shim	Partner	Cleary Gottlieb
Prof.	Eric	Talley	Isidor & Seville Sulzbacher Professor of Law	Columbia Law School
Mr.	Tom	Vos	PhD Student	KU Leuven (visiting Harvard)
Mr.	John	Wilcox	Chairman	Morrow Sodali