After this newsletter went to print last Friday, GPP CEO Steve Lipin moderated the financial media panel at Tulane Law’s 33rd Annual Corporate Law Institute event, which of course was virtual this year.
The panel covered a lot of ground, including M&A trends, material adverse effect cases, and the steep learning curve involved with reporting on the SPAC boom. To read a summary of the panel, click here.
In other news, Carl Icahn’s fund won two seats on FirstEnergy’s board this week, the Wall Street Journal reported. Jesse Lynn and Andrew Teno will join the utility company’s board with the mandate to help the company improve compliance and help it navigate ongoing litigation following a bribery scandal.
Bloomberg this week profiled Bluebell Capital Partners, a relatively small London-based fund, that led a campaign that forced out Danone’s Chairman and CEO Emmanuel Faber. The fund takes a variety of approaches to campaigns, including the formation of so-called “wolfpacks” with other hedge funds and behind-the-scenes government lobbying.
Finally, acting chair of the SEC, Allison Herren Lee, asserted that the current N-PX filed by companies to disclose how funds vote proxies is “difficult to understand” and that it needs to be made “useful in creating needed transparency around the fundamental exercise of shareholder voting.” Lee’s comments echo criticism from activists and environmental groups for more disclosure around how asset managers vote.
Have a great weekend,
Joel
