Join the Case Western Reserve University School of Law for the George A. Leet Business Law Symposium, “Equity Holdings in the Three Index Funds: Anti-Competitive Effects, Fiduciary Duties and Environmental, Social and Governance Issues,” sponsored by the Center for Business Law.
The symposium will focus on equity holdings in large index funds and the rise of the “big three”—Blackrock, Vanguard and State Street—which control 25% of the vote in the S&P 500 now. This is projected to grow to 34% in 10 years and 40% in 20 years. The concentration of equity holdings in large index funds is a trending topic in corporate and finance academia—one that appears to be getting on the radar of regulators and legal practitioners.
The rise of Environmental, Social, Governance (ESG) investing and fiduciary responsibility is also a significant development, as asset managers have an increasing inclination to value whether a public company is “doing good,” in addition to “doing well.” The traditional paradigm of separating ownership from control may be in for profound changes.
Panelists will address several topics, including fiduciary obligations of index fund managers; implications for corporate governance and stockholder activism; potential anti-competitive effects; and the rise of ESG investing.
The symposium will take place Friday, Nov. 6, from 8:45 a.m. to 4:45 p.m. (ET). The symposium’s keynote address, “For Whom is the Corporation Managed in 2020? The Debate Over Corporate Purpose,” will be provided by Professor Ed Rock.