George A. Leet Business Law Symposium
Friday, November 6th, 2020 8:45 AM - 4:45 PM
Sponsored by the CWRU School of Law Center for Business Law
Webcast Archive Content
Join us for the George A. Leet Business Law Symposium, "Equity Holdings in the Three Index Funds: Anti-Competitive Effects, Fiduciary Duties and Environmental, Social and Governance Issues," sponsored by the CWRU School of Law’s Center for Business Law.
The symposium will focus on equity holdings in large index funds and the rise of the "big three" — Blackrock, Vanguard and State Street — which control 25 percent of the vote in the S&P 500 now. This is projected to grow to 34 percent in 10 years and 40 percent in 20 years. The concentration of equity holdings in large index funds is a trending topic in corporate and finance academia—one that appears to be getting on the radar of regulators and legal practitioners.
The rise of Environmental, Social, Governance (ESG) investing and fiduciary responsibility is also a significant development, with asset managers have an increasing inclination to value whether a public company is "doing good," in addition to “doing well." The traditional paradigm of separating ownership from control may be in for profound changes.
Panelists will address several topics, including fiduciary obligations of index fund managers; implications for corporate governance and stockholder activism; potential anti-competitive effects; and the rise of Environmental, Social, Governance (ESG) investing.
The symposium’s keynote address, “For Whom is the Corporation Managed in 2020? The Debate Over Corporate Purpose,” will be provided by Professor Ed Rock.
|8:45 am - 9:00 am||Welcome & Introduction|
|Michael P. Scharf, Co-Dean, Case Western Reserve University School of Law|
|9:00 am - 10:30 am||Fiduciary Obligations of Index Fund Managers|
Jill Fisch, Professor, University of Pennsylvania
Ann Lipton, Professor, Tulane Law School
Darren Rosenblum, Professor, Pace University
Bernard Sharfman, Senior Corporate Governance Fellow, RealClearFoundation
Moderator: Anat Beck, Professor, Case Western Reserve University School of Law
|10:30 am - 10:45 am||Break|
|10:45 am - 12:15 pm||Implications for Corporate Governance and Stockholder Activism|
Cindy Alexander, Senior Financial Economist in the Office of Asset Management, Division of Economic and Risk Analysis, of the Securities and Exchange Commission
Suzanne Hanselmann, Partner, Baker Hostetler
Jennifer C. Lewis, Counsel, Jones Day
David Webber, Professor, Boston University School of Law
Moderator: Charles Korsmo, Professor, Case Western Reserve University School of Law
|12:15 pm - 12:30 pm||Break/Lunch|
|12:30 pm - 1:30 pm||Keynote Address: Corporate Objective and Common Ownership|
|Edward Rock, Professor, New York University School of Law|
|1:30 pm - 1:45 pm||Break|
|1:45 pm – 3:00 pm||Potential Anti-Competitive Effects and Effects on Market Dynamics & Efficiency|
Joshua Mitts, Professor, Columbia Law School
Florian Ederer, Professor, Yale School of Management
Mireia Gine, Professor, Financial Management Department of IESE (Barcelona, Spain)
Moderator: Robert Rapp, Professor, Case Western Reserve University School of Law
|3:00 pm – 3:15 pm||Break|
|3:15 pm – 4:30 pm||The Rise of Environmental, Social, Governance Investing|
Michal Agmon-Gonnen, Judge, District Court of Tel Aviv - Commercial Department I
Eric Chaffee, Professor, University of Toledo College of Law
Madison Condon, Professor, Boston University School of Law
Moderator: Juliet P. Kostritsky, Professor, Case Western Reserve University School of Law
|4:30 pm – 4:45 pm||Closing Remarks|
Moderated by Case Western Reserve University School of Law Professors Anat Alon-Beck, Charles Korsmo, Juliet P. Kostritsky and Robert Rapp.