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Passive Investing and Corporate Governance

Friday, November 9 | 11:30 AM – 2:30 PM



Free For Members and Nonmembers

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120 Park Avenue,
New York, NY 10016. 22nd Fl

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Financial Reporting and Analysis Group
CFA Society of New York is hoping to bring a program in the fall of 2018 discussing the interaction of passive investing and corporate governance. Increasingly companies, especially those considered high tech, are limiting governance rights of shareholders purchasing shares after the company has become public.

Corporate management is attempting to both take advantage of public market capital and liquidity while keeping tight control over the company’s governance. This especially leaves passive index-oriented investors in a bind: is it appropriate to invest in companies where most shareholders have at best limited governance rights?

  • Corporate management: How much control should they be permitted to keep, for how long and at what cost?
  • Bankers: What is the appropriate role of bankers mediating between current management and future shareholders?
  • States and Regulators: Who should states represent in setting the ground rules for corporate management? What rules are and are not acceptable? What is the proper role of the Securities and Exchange Commission in this situation?
  • Stock Exchanges: Is the role of the exchange to enforce minimum listing requirements for corporate governance and what should they be?
  • Index providers: Should companies with abusive corporate governance be excluded or limited from inclusion in market indices tracked by passive investors?
  • Index fund managers: What role should they play in this drama as they represent the ultimate investors.

Learning Outcome Statements

  • Learn experts’ opinions about actions that could be taken when corporations have abusive corporate governance.

  • Participants will hear opinions on if exchanges should enforce minimum listing requirements for corporate governance.
  • Participants will hear from governance experts on corporate managements who do not give normal voting rights to all shareholders.



Introduction of Keynote Speaker

Andrew Auslander, CFA, FRM


Commissioner Robert J. Jackson Jr.
Securities and Exchange Commission (SEC)


Arthur Fliegelman, CFA, Chair, CFA Society New York’s Financial Reporting and Analysis Group



Rachel Evans, Bloomberg


Matt Orsagh, CFA,CIPM, Director, Capital Markets Policy, CFA Institute
Ken Bertsch, JD, Executive Director, Council of Institutional Investors
Craig Feldman, Executive Director, Global Head of Index management Research, MSCI
Professor John Coffee, Adolf A. Berle Professor of Law and director of the Center on Corporate Governance at Columbia Law School
Emiliano Rabinovich, CFA, Vice President, State Street Global Advisors
Fiona Bassett, Global Co-Head, Passive Asset Management & Product group for DWS Group

2:45 PM | Networking

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