Fordham Finance, Securities and Tax Law Forum
Fordham University School of Law | March 13, 1997
* This speech was part of Fordham University School of Law symposium, entitled Reshaping Corporate Governance & Shareholder Activism for the 21st Century.
Jon Lukomnik **
** Jon Lukomnik oversees nearly $70 billion in pension fund assets as the Deputy Comptroller for Pensions for the City of New York. He also serves as a trustee for four major defined benefit pension systems, one major defined contribution system and several smaller systems, with assets of more than $80 billion. He is co-author of ALPHA: THE POSITIVE SIDE OF RISK (Investors Press, 1996) and has written articles in Directorship and Global Investor.
Text: 5,278 words
… It may be peculiar to be at a law forum as a non-lawyer, but I think what Kim [Morrow] had in mind was for me to answer the fundamental question: Why do we care? Why has corporate governance become so mainstream in the last dozen years that, as Professor Katsoris said, enhancing shareholder value has become a virtually meaningless mantra, whispered by every CEO, corporate raider, corporate governance activist, the press and anyone else who cares to comment? I think answering that question is a good idea. … We are very content to be in the dining room asking whether the chef knows what he is cooking, as opposed to cooking ourselves. … What we really try to do is to remove any impediments to good corporate governance, not dictate what corporate strategy should be. … A corporate governance activist, Nell Minow of the Washington, D.C. based Lens Fund puts it a different way, only partially tongue in cheek. … I want to thank the Fordham Finance, Securities and Tax Law Forum and Kim Morrow for this opportunity. …
n32 See Alyssa A. Lappen, “BGI Thinks Big,” INST. INVESTOR, Apr. 1, 1997, at 62 (discussing the analytical strategy of outperforming the S & P in a very risk-controlled manner).
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