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Posted February 6, 2007

Symposium To Examine Effect of Institutional Investors on Corporate Governance

Conference on Public Service and the Law

The Law School will host a symposium investigating the growing impact of institutional investors on corporate governance Feb. 16 in Caplin Pavilion. Sponsored by the Virginia Law & Business Review and the Virginia Law & Business Society, the event features leading business and legal scholars, as well as top executives from the institutional investor community.

About 60 percent of all listed corporate stock in the United States is held by mutual funds, private equity groups, pension funds, and hedge funds. The largest 100 money managers control over half of all U.S. equity. As a result, these institutional investors have a significant effect on U.S. corporations and the global economy. Recently, many of these institutional investor groups have taken a very active approach to investing by pushing for specific changes within individual corporations. 

“Corporate Governance: The Impact of Institutional Investors” includes presentations on the connection between hedge fund activism, governance, and firm performance; board representation; and the relationship between hedge funds and governance targets. The afternoon institutional investor panel features Michael S. Miller ’77, managing director of The Vanguard Group; Paul Stevens ’78, president of the Investment Company Institute; Bill Carmichael ’68, chairman of the board of trustees of the Columbia Nations Funds; and Michael Bills, president of Bluestem Asset Management.

The conference is open to students, practitioners, and the public. Events begin at 9:30 am and run throughout the day. A free lunch will be provided to attendees, and the day will close with a wine-and-cheese reception in Caplin Pavilion.

Schedule | program

All events are located in Caplin Pavilion.

FRIDAY, FEBRUARY 16
9:00 am Continental Breakfast
9:30 am Welcome
Dave Brown, Virginia Law & Business Review
9:40 am Introduction
Michael J. Schill, Darden School of Business
10:15 am Hedge Fund Activism, Corporate Governance, and Firm Performance
Randall S. Thomas, Vanderbilt Law School
11:30 am Mutual Funds/Institutional Investor Board Representation: A Step Toward Improved Board Function
Charles Elson ’85, University of Delaware Weinberg Center for Corporate Governance
12:30 pm Lunch
1:30 pm Hedge Funds and Governance Targets
William W. Bratton, Georgetown Law Center
2:45 pm Institutional Investor Panel
  • Paul Mahoney, Moderator, University of Virginia School of Law
  • Michael Bills, President, Bluestem Asset Management, LLC
  • Paul Stevens ’78, President, Investment Company Institute
  • Michael S. Miller ’77, Managing Director, The Vanguard Group
  • Bill Carmichael ’68, Chairman, Board of Trustees of the Columbia Nations Funds
4:00 pm Reception