November 19: Public Aspects of Private Equity
Private equity plays an important role in investment markets and the broader economy. Private equity funds—managed by general partners, or GPs—take stakes in companies, exercise control, and actively seek to improve the performance of their portfolio companies. They do so in pursuit of financial returns for their investors (limited partners, or LPs) higher than the returns available in public markets. Private equity has become a key engine of investment markets, seeking absolute return while driving performance and efficiency in portfolio companies. Private equity is by definition private, and its activities are generally opaque.
This event will explore the public aspects of private equity, including questions such as:
- What public impact does private equity have?
- What ESG (environmental, social, and governance) considerations, if any, should GPs consider in their activities? Does the involvement of public institutions as LPs affect the social responsibilities of a fund?
- What actions do LPs take to align the activities of the funds in which they invest with their own ESG commitments and values? How do these actions compare across asset classes?
- How are pioneer asset managers navigating these complex issues? What best practices can they offer?
- What role, if any, should public institutions—for example, pension funds and endowments—play in seeking public good as LPs in private equity funds?
Chris Cozzone, Principal, Bain Capital Double Impact
Donna Hitscherich, Senior Lecturer in the Discipline of Business and Director, Private Equity Program
Theresa Whitmarsh, Executive Director, Washington State Investment Board
Moderated by Aamir A. Rehman, Senior Fellow, Richman Center
Co-sponsored by the Richard Paul Richman Center for Business, Law, and Public Policy and the Ira M. Millstein Center for Global Markets and Corporate Ownership, in partnership with the Private Equity Program. This event is open to the public and on the record. Registration is required.
November 19, 2019 | Uris Hall, Room 142 | 6:30 p.m.–7:45 p.m.
November 12: Fintech Banking at the Crossroads
Fintech companies still have not cracked the code when it comes to banking. The fintech charter experiment conducted by the Office of the Comptroller of the Currency has gone nowhere, and banking regulators still seem unwilling to embrace the tech-based business models that consumers love. Can innovative fintech companies gain access to consumer deposits and payments, or will banks retain their hold over the system?
Andrei Cherny, Co-founder and CEO of Aspiration
H. Rodgin Cohen, Senior Chairman of Sullivan & Cromwell
Hans Morris, Managing Partner of Nyca Partners
Moderated by Todd H. Baker, Senior Fellow, Richman Center
This event is open to the public and on the record. Registration is required.
November 12, 2019 | Uris Hall, Room 142 | 6:30 p.m.–7:45 p.m.
October 30: The End of Shareholder Primacy? Understanding the Business Roundtable Statement
“Shareholder primacy” has long been at the center of corporate governance, standing for the proposition that the primary responsibility of corporations is to increase value for the company and its shareholders. Recently, the Business Roundtable—an association of leading US CEOs—released a declaration that suggested a different corporate purpose, framed in terms of the need to deliver value to all stakeholders and to drive sustainable growth, a move away from shareholder primacy.
Will this declaration affect the operation and governance of US businesses? Is the statement a sign of a true commitment, or merely empty rhetoric fashioned to respond to the political moment? In this public lecture, panelists will explore the Business Roundtable’s statement through ideological, historical, and political lenses. The panel will also debate the doctrine of shareholder primacy, and whether changing corporate governance is the right approach to solving social problems.
Jeffrey N. Gordon, Richard Paul Richman Professor of Law at Columbia Law School and Co-Director of the Richard Paul Richman Center for Business, Law, and Public Policy
Edward Rock, Martin Lipton Professor of Law at NYU and Director of the Institute for Corporate Governance and Finance
Moderated by Wei Jiang, Arthur F. Burns Professor of Free and Competitive Enterprise at Columbia Business School
Co-sponsored by the Richard Paul Richman Center for Business, Law, and Public Policy and the Ira M. Millstein Center for Global Markets and Corporate Ownership. This event is open to the public and on the record. Registration is required to attend.
October 30, 2019 | Jerome Greene Hall, Room 107 | 6:45 p.m.–8:00 p.m.